The Deal Sheet
AREA Property Partners' Value Enhancement Fund II soldNorthpark Central office tower in Dallas for $64.4M to pension fund advisor Cornerstone Advisers on behalf of an institutional client. | |
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The almost 492k SF building along North Central Expressway was91% leased at the time of sale. JLL?s Evan Stone, John Alvarado, and Jack Crews marketed the property for AREA. US Value Enhancement Funds partner and head of portfolio managementSteven Wolf tells us proceeds of the sale will go to the investors of the fund. The timing is the result of having a well-stabilized asset andpositive fundamentals in the market, he adds. Last week, you may recall we told you Transwestern's Dallas office was selected to lease and manage the building. | |
LEASES | |
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KDC leased 535k SF of office space to Fossil Partners at 901 Central in Richardson, Fossil is consolidating employees from its two Richardson corporate offices and is moving its distributionoperations into the space. KDC will purchase all three Fossilbuildings, once the properties are vacated. Fossil employees will occupy 901 Central (in two buildings on 26 acres at the SEC of Central Expressway and Spring Valley in Richardson) later this year, once the interior renovations are complete. *** Greiner Purtec signed a 40k SF industrial lease renewal at 7621 Pebble Dr in Fort Worth. Lee & Associates? Tyler Baucom, Nick Holbeck, and Rob Riner repped landlord S&K Management. *** The first new Black-eyed Pea restaurant to open in 10 years inked a5,000 SF deal in Uptown Village at Cedar Hill with an April targeted opening. It'll be located across from Dillard?s and is owned and operated by restaurant entrepreneurs Bob Langford and Craig Barber. *** Jones Lang LaSalle secured a 10k SF space for BL Restaurantoperations in Addison Park Place at 4550 Beltway in Addison. The company, which owns the Bar Louie restaurant concept, will move its corporate HQ there today from Glenview, Ill. JLL?s Larry Toonand Rachel Brown represented Bar Louie. Mark Tharp with Harkinson Co represented the landlord, Addison Park and The Gibby Family Living Trust. Started in 1991 in Chicago, Bar Louie is a neighborhood restaurant and bar concept that's grown to almost 50 locations nationwide. Its expansion plan calls for 20 new locations open by the end of 2011, including up to 10 new franchises. JLL's corporate retail solutions practice, led by Greg Ferrante, repped Bar Louie. *** AccentCare is relocating its corporate HQ from Irvine, Calif., to Dallas, inking a deal for nearly 33k SF at Briargrove Place, a Class-A property owned and managed by Crown Sterling Properties at 17855 N Dallas Pkwy. AccentCare is expected to move in on May 1. Crown Sterling general partners Brian Griggs and Tom Dyer handled the transaction with JLL EVP Steve Jarvie repping AccentCare. *** Atlas REO Services leased almost 13k SF of office space at 4500 Fuller in Irving from TR Atrium (Thompson Realty Corp). CBRE'sChris Herrmann and Harlan Davis represented the tenant. Thompson Realty's Barbara Bennett represented the landlord. *** Jones Lang LaSalle has completed the following transactions in the Dallas area:
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Stream Realty Partners' Kyle Jacobs and John Pope inked more than 80k SF of office leases for Cartus, a global relocation firm. Two separate leases were executed: a 62k SF long-term renewal at 8081 Royal Ridge in Irving and a 18k SF sublease at 5800 Granite Pkwy in Plano. The catalyst for the long-term renewal at the Irving location (which was two years away from expiration) was to procure a subtenant for the Plano location. Kyle and John were able to dispose of the unwanted space in Plano within a fraction of the time that comparable space gets absorbed. Cassidy Turley's Chris Taylor andWard Eastman repped the landlord at 8081 Royal Ridge. | |
NEW BUSINESS Courtyard Houston I-10 West is now managed by Huntington Hospitality Management, an affiliate of the Huntington Hotel Group, and was chosen by the property owner, an affiliate of Archon Group. SALES Henry S. Miller Brokerage SVP Daniel Harris represented DeSoto Economic Development Corp in the acquisition of 18 acres in DeSoto. The raw land is located at the SWC of East Danieldale Road and Kestrel Avenue south of the I-20 and Hampton Road intersection. The City of DeSoto/DeSoto EDC acquired the land for the development of a brand new heliport for private and commercial helicopters. Initial construction and opening date are TBD. Seller Mahan Investment was repped by NAI Robert Lynn's Jim Struble. *** Commercial Investments acquired the property at 8615 Freeport Pkwy in Irving, from Illinois Mutual Life Insurance Co. The 52k SFtwo-story Class-B office building is on 3.5 acres and was constructed in 1983. The price wasn't disclosed. *** Marcus & Millichap Real Estate Investment Services announced the sale of The Shops at Green Oaks, a 10k SF retail property in Arlington. Marcus & Millichap?s Bill Jordan had the exclusive listing to market the property for the seller, a developer. He also repped the buyer, an LLC. The Shops at Green Oaks (built in 2007) is at 4200 South West Green Oaks Blvd and is 61% occupied. *** Custom Floor Service purchased a 93k SF industrial building at 11160 Denton Dr in Dallas from RSW Dallas. Lee & Associates?Nathan Denton, Trey Fricke and Reid Bassinger repped the seller. Transwestern's Clint Riley repped the buyer. *** | |
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The 18k SF Mansfield Highlands Shopping Center at 26 East Debbie Lane in Mansfield was bought by an individual/personal trust that was secured and represented by Marcus & Millichap's Jason Vitorino and Philip Levy.
*** Franklin Street Properties Corp acquired a 214k SF office building within the Legacy Town Center at 7500 Dallas Pkwy in Plano for$54M. Completed in 2008, the building is 90% leased. This acquisition brings Franklin Street?s total portfolio of directly owned properties to 35 with 6.8M SF. *** The Retail Connection repped an undisclosed seller in the acquisition of almost 55k SF on 1.25 acres at the SEC of MacArthur and SH 114 in Irving. TRC?s Jordan Cluff and Scott Rose repped the sellter. Chaltas Co's Steve Chaltas repped the undisclosed buyer. No price was given. *** HFF secured $44M in financing for Two City Place, a 315k SFrecently renovated office tower in Fort Worth. Working exclusively on behalf of Spire Realty Group, HFF placed the five-year, 5.72% fixed-rate loan with JP Morgan Chase Bank. Loan proceeds were used to acquire the property. HFF will also service the loan. The Class-A office tower is 82% leased. The HFF team representing Spire Realty Group included senior managing director Wally Reid, director Travis Anderson, and real estate analyst Corby Chaffin. *** Johnson Capital managing director Jason Pumpelly arranged an almost $16M acquisition loan secured by a portfolio of warehouse buildings with 569k SF in Oklahoma City. The properties were recently acquired by the sponsor, a partnership of Dallas-based Atlas Advisors Commercial Real Estate in association with Barton Creek Capital. Atlas is led by principals P.J. Brady and Brad Hannagan. The funds from the variable-rate, non-recourse debt were used to acquire the asset, perform capital improvements and fund the leasing costs to stabilize the properties, which are 85% occupancy. The debt was provided by NXT Capital. | |
KUDOS McCarthy Building Cos was recently selected as an Associated General Contractors of America/Aon Build America Award winner in the design-build renovation category for its construction of the expansion of The University of Texas MD Anderson Cancer Center Albert B. and Margaret M. Alkek Hospital project. McCarthy was hired in early 2007 to deliver preconstruction and construction services for the 12-story vertical expansion to the existing 12-story Alkek Hospital. Working with design partner HKS, the team completed this $240M design-build project ahead of schedule and on budget. | |
COMPLETIONS | |
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Cadence McShane Construction Co completed a 328k SF tenant improvement assignment for Pratt Industries within Building 700 of the RiverPark Business Center. Pratt Industries now occupies the entire facility that includes 318k SF dedicated to manufacturing purposes and 10k SF of office. The building was built by Cadence McShane as a spec industrial building for developer Seefried Properties. Alliance Architects provided the architectural services. PEOPLE IN THE NEWS Jack Clark was promoted from director of leasing and operations to president of Red Oak Realty. He succeeds James Eagle, who co-founded the firm in 2003 with the Darden family of Fort Worth. James will become an advisor to the firm through year-end, and then he will focus on acquisition and development for ROR and others. He will remain a partner with Red Oak on projects in its current real estate portfolio and retain an interest in the firm going forward. The Darden family will continue to own a majority interest in the firm. *** Satterfield & Pontikes Construction named Audie Tarpley as national business development manager. Audie has more than 30 years of experience managing progressively more complex development and construction projects. *** Hill & Wilkinson promoted Jacob Riney to director of preconstruction services for healthcare/seniors living. Among Jacob's healthcare and seniors living projects: The 57k SF Baylor Orthopedic & Spine Hospital in Arlington; Reliant Rehabilitation Hospital in Dallas; andWylie Senior Care in Wylie. The almost 43k SF single-story facility will accomodate 120 patients, and have dining facilities, two physical therapy facilities, a salon, offices, and meeting spaces. | |
