The Deal Sheet
| A Southern California private investor bought a single-tenant bank branch at the intersection of Inwood Road and Lemmon Avenue for about $5.4M (which is $1,200/SF) from a local investment company. Can you even fit that much cash in a pneumatic tube? | |
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| At closing, there were about 14 years remaining on the site?s primary lease term with 10% rental increases every five years. The property was built in 2008 and was ground-leased to Bank of America on an absolute triple-net basis for 15 years. Pegasus Investments EVP David Chasin, who repped the buyer with colleague Ken Chasin in LA and Benjamin Cherney of May Realty Advisors, says their client acquired the property for all cash in a 1031 exchange and was looking for a long-term, generational investment with minimal management.The property sold at a cap rate of 6.67%. Post closing, the buyer was able to place 15-year debt on the asset at a rate of 5.95% fixed for 10 years and amortized over 30 years. The 65% LTV life insurance company loan was arranged by James Deal of The Alison Co in Newport Beach. The seller was represented by Brandon Duff of Stan Johnson Co in Chicago. | |
| FINANCING 1st Service Solutions provided advisory services resulting in the purchase of a $5M CMBS loan secured by a distressed apartmentproperty within 45 days of engagement. The purchase price was at a discount to the outstanding balance of the note. 1st Service Solutions director Bill Stuckeman handled the sale, repping the borrower and purchaser. | |
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| Plano ISD selected Cadence McShane Construction Co to complete two elementary schools, including the new single-story, 77k SF Memorial Elementary to replace an existing school. The second assignment consists of the renovation of 65k SF at Weatherford Elementary in addition to more than 3,000 SF of new construction. | |
| SALES Broadstone Net Lease acquired five triple net-leased medical office properties for a combined purchase price of $18.4M. Among the deals are four radiology centers in the greater Tampa Bay area in a sale and leaseback transaction. The four sites comprise more than50k SF and are leased to Tower Radiology Centers for 15 years. BNL also completed a sale and leaseback transaction for the Plastic and Cosmetic Surgery Center of Texas. The 11k SF site is located in Plano and is leased for an initial term of 15 years. *** Lee & Associates has completed an almost 53k SF industrial building sale at 14105 Inwood Rd in Dallas. Nathan Denton repped seller 14105 Inwood in the transaction. CBRE's Dave Andersonrepped the buyer, FR Warehouse Project. *** FD Development of Arlington purchased almost 79k SF of retail space at 2175 E. Arkansas Ln. Transwestern's Jennifer Purselleynegotiated the sale between the buyer and the seller, Khanh Phamand Thu Tran. LEASES Hisun Motors Corp leased 57k SF of industrial space at 1434 Patton Place in Carrollton. Structure Commercial's Bob Kent repped the tenant and Duke Realty's Randy Wood repped the landlord. Structure?s brokers also repped another 18k SF spread across seven deals. *** | |
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| Houston-based accessory boutique Charming Charlie will open an8,000 SF space at Town East Mall this summer on the lower level between JCPenney and Macy's, joining several other merchants including Pacuigo Gelato, Rue 21, and T-Mobile. Additionally, the mall (owned and managed by General Growth Properties) plansimprovements and upgrades this fall including new lighting poles and fixtures in the parking lots. New landscaping, which includes the use of indigenous plants that require less maintenance and water, is also being installed. *** Panasonic Avionics renewed and expanded its lease at 1405 S. Beltline in Coppell for a total of 24k SF. Lone Star Realty Advisors?Todd Jones represented Panasonic and RREEF?s John Fulton andBrett Owens represented the owner. *** Carrier Enterprises leased almost 31k SF of industrial space at 2450 Merritt Dr in Garland from Riverbend DFW Industrial. CBRE'sTravis Sapaugh, Seth Kelly, Ann Huntington, Nathan Lawrence,and Ryan Keiser represented the tenant. *** Encore Operating subleased 23k SF of office space at 777 Main St in Fort Worth from Denbury Onshore. CBRE's Jeff Ellermanrepresented the SLL. Another 33k SF in office deals was signed in about a dozen deals by CBRE. | |
| KUDOS The Wounded Warrior Barracks at Marine Corps Base Camp Pendleton, Calif., received a LEED Platinum cert from the USGBC and the Green Building Certification Institute, the folks at Barnhart Balfour Beatty tell us. This is the first Marine Corps? project to be awarded LEED Platinum. The project was managed under the direction of Naval Facilities Engineering Command Southwest. The$24M project was completed in March 2010. *** | |
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| Archon Group hosted one of the highest-grossing charity golf tournaments in Dallas on Feb. 21 with its 14th Annual Archon Presidents' Day Golf Classic; it gave $600k to Dallas Court Appointed Special Advocates, Archon's corporate charity. This year's tournament brings the company's total CASA contributions to more than $7M in just 14 years. Archon Group CEO Jim Lozierpresented the $600k to Beverly Levy, executive director of Dallas CASA, during the luncheon portion of the golf tournament. The Archon President's Day Golf Classic was conducted at the Tournament Players Course and the Cottonwood Course at the Four Seasons Resort and Club in Las Colinas. PEOPLE IN THE NEWS Stream Realty Partners named Chris Jackson as managing partner of Stream?s DFW office. Chris joined the firm in 2003 to launch Stream?s industrial division. Since that time, he's been instrumental in growing Stream?s industrial leasing and management business to more than 28M SF and expanding Stream?s tenant rep business. *** Downtown Dallas Inc. inducted its 2011 board of directors, including new chairman David Lind of Corgan, at its annual meeting and luncheon on Feb. 16. David has served on the DDI board of directors for six years, and has played a role on the capital improvements committee, chaired past DDI annual meetings, and served on several task forces and focus groups. He began his career at Corgan in 1977and has been involved in countless projects here at home and abroad. In 2010, he assumed the role of Corgan?s chairman of the board. *** The US Green Building Council elected Gary Gene Olp, founder and prez of GGOArchitects, as chairman of the North Texas Green Council chapter, which has more than 900 members and serves as a resource for information and education on sustainable practices across North Texas. *** CB Richard Ellis named Blair Oden the managing director of occupier services, which includes oversight of its local global corporate services and tenant rep brokerage service business lines. In addition, Chris Hipps has re-joined CBRE as managing directorof institutional services, which includes its agency leasing, asset services and capital markets business lines. Both positions will be located at 2100 McKinney in Dallas. *** Ben Appleby has been promoted to SVP of leasing for the PM Realty Group's Dallas office. In this role, he will continue to be responsible for leasing PMRG?s existing office product as well as growing the leasing portfolio in the DFW market. Prior to joining PMRG in 2010, he led Duke Realty Corp?s office leasing and development efforts where he was involved in more than 1.75M SF of transactions from 2003 to 2009. |
