The Deal Sheet
Carrolton-based Standridge Cos, led by principals Stacy Standridge and Tommy Crowell, purchased the 87k SF Windhaven Park neighborhood retail center at the northwest corner of Windhaven Parkway and the Dallas North Tollway for $16M. (Spray tans for everyone!)
Metropolitan Capital Advisors arranged the financing package, which included a senior mortgage, mezz loan, and JV equity partner. Currently 60% leased to various medical and retail tenants, the property was purchased in an off-market transaction by the Carrolton-based firm. Standridge has hired both Venture Commercial and Search Commercial to co-list the leasing of the center for both retail and medical tenants. MCA senior directors Sunny Sajnani, Todd McNeill, along with principal Scott Lynn arranged the senior mortgage through a local bank, a mezz loan through a private fund, and JV equity through a local family office.
NEW BUSINESS
Realty Capital Management selected United Commercial Realty to market more than 53k SF of Phase 1 space in the 150-acre mixed-use LakesideDFW in Flower Mound. The first phasefeatures six mixed-use buildings alongLakeside Parkway, just off FM 2499. UCR plans to target restaurants offering a dining experience with a warm and welcoming ambiance. UCRs Chris Young and Pete Podesta will handle the leasing.
KUDOS
Colliers International EVP Allen Gump (right, with CBRE first VP Steve Berger, who was named NAIOP Industrial Broker of the Year this morning) was elected to a four-year term on SIOR's national executive committee as VP in 14, president-elect in 15, prez in 16, and immediate past prez in 17. Hes previously served as a member of the board of directors and the executive committee, speaker of the council of chapter presidents, and 2011 SIOR Foundation prez. The last national officer for SIOR from the North Texas area was in 94, when The Baldwin Co (later becoming Colliers International) founder Peter Baldwin served in that role.
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CREW Fort Worth selected its 2013 future leaders executive council members: Niketa Dennis, Frost Bank; Priya Acharya, Wier & Associates; Cheryl McGlothlin, Empire Roofing; Sarah Ward, Republic Title; Sarah Everett, Transwestern; Natalie Moore, CBRE; and Natalie Funk, Dunaway Associates.Not pictured:Hunter Baird, Southwest Bank. CFL members include Anita Beard, Kami Bedford, Shonnah Black, Kimberly Cole, Lauren Cornelius, Adrianne Huff Holland, and Melissa Tucker.
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CREW Fort Worth also named its Legacy of Leadership Committee (former board members/past presidents who have committed their time and efforts to the mentoring of the CFL-EC members). They include co-chairs:Cynthia Bailey, WindStar Properties and Barbara Fife, Development Management Services. Committee members include Marlene Beckman, Kensington Properties; Diann Brewer, Community Bank; Norma Crow, Rattikin Title; Ginger Johnson, Legacy Texas Bank; Joy Norton, Southwest Bank; and Allison J.H. Thompson, EDC - City of Cedar Hill.
SALES
Hines purchased 77 acres in Irving, including almost 40 acres at Hwy 114 and Beltline Road and 30.7 acres at Hwy 114 and Cabell Road. JLL EVP Larry McCorkle and SVP Michael Swaldi repped the seller. In another deal, an undisclosed investor purchased two tracts, totaling about seven acres, at 1903 W Diplomat and 2001 W Diplomat Dr in Farmers Branch.The buyer was represented by JLL VP Michael Haggar.
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Lyden Investments purchased a 12k SF industrial building at 3225/3233 Main St in Fort Worth. Transwesterns Jeff Givens and Amy Baker represented the buyer.
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TheWilliam L Thunnell Family Trust sold 12k SF on three-quarters of an acre at 3811 Halifax St in Dallas to KP Argon for an undisclosed amount. Mercer Cos Jeremy Mercer and Brent Landfried repped the seller. CBREs Brian Gilchrist and John Brewer repped the buyer.
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Two private investors purchased the fully occupied 10k SF industrial property at 701 Bear Cat in Aledo. Marcus & Millichap's Philip Levy and Chris Gainey had the exclusive listing to market the property for the seller.The buyers were represented by Kelly Smith, from Marcus & Millichaps Austin office.
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California-based investment group Marque Enterprises purchased The Village at Eldorado, a 60k SF neighborhood center at 2831 W Eldorado Pkwy, on the border of Frisco and Little Elm. The Weitzman Groups Greg McDonald repped the purchaser in cooperation with Joe Wojdowski of Epsteen & Associates of San Diego. The transaction was negotiated through the Retail Brokers Network. The seller, CMC,was repped by Sperry Van NessIHancock managing director James Hancock.
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M3 Equity purchased the 50-unit Greenhill Apartments at 403 Small Hill Dr in Grand Prairie from an out-of-state owner. The Cantrell Co & Partners Sean Reynolds repped both the buyer and seller. Sean says the asset garnered 13 offers. M3 Equity is a local investment group, which owns several hundred units in the Metroplex. The seller will redistribute his capital closer to home, Sean says.
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Cowart Properties purchased 40k SF at 1201 & 1225 Forum Way South in Fort Worth. NAI Robert Lynns Michael Newsome represented the buyer. Colliers Internationals Noel Hutcheson represented the seller.
EXECUTIVE MOVES
Rosemont Realty appointed Helen Rivero as regional principal for Texas and Oklahoma and added Jason Kuester as asset manager and Clay Young as operations manager. Jason comes to Rosemont from Crescent Real Estates asset management team. Clay was the chief operating engineer at Cassidy Turley.
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Doug Hanna joined TIG Real Estate Services corporate and brokerage services team as an associate.
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Tony Chron rejoined Trademark Property Co as chief development officer. Tony was previously with Trademark as development EVP from 1997-2009. Tony joins from Weingarten Realty, where he was regional director of development.
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Kyle Griffith joined Cassidy Turley as senior project manager in project and development services. He will provide development and project management services for Cassidy Turleys occupier, investor, corporate, and industrial clients. He comes from JLL, where he led a 1M SF campus consolidation and revitalization program for Bell Helicopter.
THIS & THAT
Better than Baskin Robbins 32 flavors: the management serving up free ice cream on the job. Thats what Colliers Internationals Steve Berlin, David Pinsel, and Ralph Valliere did recently at the firms annual staff appreciation week. The week of events ranged from the bosses dishing up delights at the ice cream social to a tour of the Perot Museum of Nature and Science. Dinosaur fossils and butter pecan are better than a service pin any day.
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Dallas First Lady of Real Estate Ebby Halliday may have been celebrating her 102nd birthday, but she still goes to work. Okpa Co principal Edward Okpa and his wife helped Ebby celebrate at a party hosted by the Chester W Nimitiz Squadron of Texas Navy (of which, both Ebby and Edward are admirals). Its a fairly small club; the Governor make the appointments for Texans who have performed a service to the state.
FINANCING
Velocis Fund successfully closed Fund I, which has equity commitments exceeding $135M. The fund is 40% invested and is sourcing new assets for purchase, targeting US real estate assets in demand driven/supply constrained markets in the $10M to $50M range. The focus: core-plus office, medical office, and retail. The fund is specifically sized to acquire a diversified portfolio of assets that may be too large for individual investors but too small for many large institutional investors. The funds most recent acquisitions were two shopping centers in Austin: West Woods Shopping Center and Springdale Shopping Center.
LEASES
Transwestern worked a pair of deals, including the 19k SF lease for Tempest Telecom Solutions in Valwood Park Centreport in Carrollton. John Fulton repped the landlord. Colleague Joe Whitmer repped the landlord in a 13k SF lease to Arch Metals at 10990 Petal St in Dallas.
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CARCON Industries and STL Engineers relocated their HQ to Spire Realty Groups Mockingbird Towers at 1341 W Mockingbird Ln last month. Spires Andrew Schendle and Allison Johnston repped the landlord. Henry S. Millers John Bielamowicz repped the tenant. Centrus Auto Finance also relocated to Mockingbird Towers this month. Andrew and Allison repped Spire and CNL Commercial Real Estates Henry Campbell repped the tenant.
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CSL Plasma inked a 23k SF lease at 5015 Catron in Dallas from Eastpoint Business Center. UGL Equis Stuart Smith repped the tenant and CBREs John Hendricks repped the landlord in the new long-term lease.
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Harris, Finley & Bogle leased 23k SF in Carter Burgess Plaza in Dallas. Transwesterns Kyle Poulson represented the tenant. Colleagues Bill De La Chapelle, Jim Hazard, and Sharon Cramer repped Sunbelt Marketing Investment Corp in a 50k SF lease at 445 S Royal Ln in Coppell.
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Gerdau Ameristeel US leased 12k SF in 114 Business Center at 6440 N Belt Line Rd in Irving from Summit Realty Ventures. Bradfords Joe Santaularia and Brian Pafford repped the landlord. JLLs Conor McCarthy and Steve Holley represented the tenant.
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CBRE brokers inked a pair of leases:
- Cox Smith Matthews renewed a 31k SF lease at 1201 Elm St in Dallas from Binyan Realty. CBREs Clay Gilbert, Dennis Barnes, and Shannon Brown repped the landlord.
- Gemmy Industries Corp inked an 82k SF lease at 117 Wrangler Dr in Coppell from Buckhead-Coppell Industrial. NAI Robert Lynns Mark Miller repped the tenant. CBREs Adam Hammack and Steve Trese repped the landlord.
"You can observe a lot by watching." - Yogi Berra tonie@bisnow.com
