The Deal Sheet; Groovy Specialty Grocers Rage On
Specialty grocers continue to grow their market share in North Texas with Spouts opening a new location in Hurst a few weeks ago and another set to open in South Arlington this week. (It's an embarrassment of riches for organic lettuce lovers.)
Last year, specialty grocers made up almost one-quarter of all grocers in the Dallas market. This percentage is expected to rise as Millennials become young professionals and people change the way they think about food products, says UCR partner Karla Smith, who repped Sprouts in both deals along with Jean Smith. The Hurst location, at Cheek Sparger and Hwy 26 in an old Stein Mart, opened Aug 22. The South Arlington location will open later this week at I-20 and Green Oaks. Both locations are about 28k SF, Karla tells us.
Grocery retailers are very active right now from Walmart to large conventional grocers, and now specialty grocers, Karla says. Specialty grocers are taking the place of conventional grocers because of consumer desire for healthier high-quality food options (including organic), she tells us. Sprouts is still looking for new locations across North Texas, especially in densely populated areas with higher incomes and education. Karla also closed on a site earlier this year for Target in the Presidio Development at I-35W and North Tarrant Parkway in North Fort Worth with an October 2015 opening. Karla’s literal moment in the sun: she took a week-long Cozumel family vacation at the end of the summer.
LEASES
Dykema inked a 24k SF lease at 1717 Main St, but will expand its space and move within the building. Cushman & Wakefield’s Mike Wyatt, Matt Heidelbaugh, and Emily Hoffman repped the tenant. CBRE’s Dennis Barnes, Celeste Fowden, and Hunter Lee repped the landlord, M&M Properties.
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Hein & Associates leased 19k SF at 13727 Noel Rd in Dallas. The tenant was repped by Mohr Partners managing director Rob Pipkin, who worked with the tenant’s Wayne Gray, Megan McFarland, and Duane Snyder on the deal. CBRE’s Dennis Barnes, Celeste Fowden, and Hunter Lee repped the landlord.
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CenturyLink Communications leased 11k SF at 12001 N Central Expy in Dallas. Transwestern’s Nathan Durham and Duane Henley repped the landlord.
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Merchant Payment Network leased 10k SF at 6509 Windcrest in Plano. Transwestern’s Justin Miller and Kim Brooks repped the landlord.
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Minarik leased 28k SF at 801 Klein Rd in Plano. Stream Realty’s Seth Koschak and Ryan Wolcott repped the owner, DRA Advisors. The duo also repped DRA Advisors in a 19k SF lease at 801 Jupiter Rd in Plano to Gemaire.
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Innovative Signal Analysis inked a 16k SF lease at 3311 E Renner Rd in Richardson from JG Heritage TBC. Lee & Associates directors George Tanghongs and Brett Lewis repped the landlord. The Weitzman Group’s Larry Denisoff repped the tenant.
EXECUTIVE PEOPLE
Marcus & Millichap named Chris Gomes as VP investments in the Dallas office. He joined the firm in 2009 and specializes in hospitality investments and is a director in Marcus & Millichap’s National Hospitality Group.
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Dan Arnold has taken over as president and COO of the Henry S. Miller Brokerage group after the departure of Sam Kartalis, Robert Grunnah, and Greg Trout, who left HSM before Labor Day.
GROUNDBREAKING
Encore Office (a subsidiary of Encore Enterprises) in conjunction with the City of Frisco, Gearbox Software, and Wolverine Interests broke ground on The Tower at Frisco Square, a mid-rise, 166k SF office building in Frisco. Here’s Encore Enterprises prez and CEO Pat Barber, Frisco Mayor Maher Maso, Encore Office prez Mark Cypert, Wolverine Interests managing partner Jim Leslie, and Gearbox Software prez Randy Pitchford. The mixed-use building will serve as the Gearbox Software HQ with additional office, retail, and restaurant space including the XP Bar and Restaurant. Andres Construction is handling the construction, which should wrap up by Q2 ’15.
SALES
Bassham Foods purchased 40k SF at 6800 Snowden Rd in Fort Worth. Transwestern’s Todd Hawpe and Jeff Givens repped the buyer and Kyle Poulson repped the seller, Chicken Express Realty Partners.
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A California partnership sold the 263-unit Valencia Palms apartment property at 7301 Ederville Rd in Fort Worth to a private investor. Marcus & Millichap senior director Al Silva repped both buyer and seller.
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Alder Limited Partners sold 20k SF at 10810 Alder Circle in Dallas. Stream’s Ryan Wolcott and Hanes Chatham represented the seller. Corby Hodgkiss repped eTrade Supply in the purchase.
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CRP Holdings Kingsley sold 55k SF at 2601 W Kingsley Rd. Stream’s Ryan Wolcott and Seth Koschak repped the buyer. CBRE’s Corbin Crews repped the seller.
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The Colliers International multifamily team of Bob Helterbran and Mark Freeman sold two properties through Auction.com. Each property sold for an undisclosed amount to two separate buyers. The properties are the 216-unit Oakwood Apartments at 6351 Vega Dr in Fort Worth and the 100-unit Hacienda Villa Apartments at 1600 Joe Ramsey Blvd North in Greenville.
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A special servicer sold the Fielder Crossing condo complex at 1727 Westview Terrace in Arlington. SVN|TJF Investments’ Todd Franks repped the seller. The buyer was a local investor in a 1031 Exchange.
COMING SOON
Alamo Drafthouse announced its third North Texas location in the new Music Factory at Las Colinas at Hwy 114 and Fuller Drive, immediately south of the Irving Convention Center at Las Colinas. The development broke ground just before Labor Day and should open to the public in spring 2016.
GRAND OPENING
The 299-room Hilton Dallas/Plano Granite Park opened as the latest addition to the 90-acre mixed-used Granite Park development at the Sam Rayburn Tollway and the Dallas North Tollway. The hotel includes a pedestrian bridge, which links to the neighboring office buildings, including the new 300k SF Granite Park IV. Granite Properties is the owner and developer of the hotel, and BOKA Powell provided full design services, including shell building design, interior design, and FF&E. Austin Commercial is the general contractor.
