The Week in Deals
It was raining bankers at the Fort Worth CREW luncheon Wednesday. We snapped Community Bank's Diann Brewer, Legacy Texas Bank's Susan Cheyne, Kroh & Associates' Karen Kroh, and Legacy Texas Bank's Ginger Johnson. Diann tells us she's working lots of deals for doctors and dental offices. Good news for the Fort Worth CREW chapter: they won the Texas Challenge with the highest percentage of members attending the CREW national convention in Dallas last month.
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A small group of Vance Miller Sr's closest friends and corporate staff gathered to play a round of golf in celebration of his life. Vance, former CEO and chief catalyst to growth at Henry S. Miller since 1970, passed away earlier this year. In honor of his life and the impact he left on his friends and the DFW commercial real estate market; his son Greg Miller, now CEO and president, and wife Tincy Miller, chair lady, hosted the tournament. Greg plans to host the celebration tournament every year around Vance's birthday (Oct. 19); they tell us next year's tournament will be a big one, celebrating Vance and 100 years!
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In the pursuit of forging new international connections, the Frisco Economic Development Corp partnered with the Frisco Chamber of Commerce International Business Council and Frisco Sister Cities International hosted a delegation from the Canadian government. One stop on a recent tour was Frisco ISD's Career and Technology Education Center where the delegation dined courtesy of the CTE Center's culinary arts program with students preparing and serving lunch.
NEW BUSINESS
KDC started commenced construction on a 260k SF office and warehouse facility for AdvoCare International. The project is slated for completion in July. KDC is developing and managing construction on AdvoCare's 35 acres at 2800 Telecom Pkwy in Richardson. It will include 235k SF of single-story warehouse space and 25k SF of two-story office space. Surface parking and campus style landscape will surround the facility. Azimuth: Architecture is the project designer for the new facility and McFadden & Miller is the GC. CBRE's Kacy Jones represented Advocare.
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The Retail Connection and Oakridge Investments partnered to build the Crossroads at Terrell regional shopping center at I-20 and US Hwy 80 in Terrell. National and regional retailers, restaurants, and entertainment uses are planned for a Phase 1 development of more than 225k SF to begin in late 2014. Adjacent to this proposed regional power center will be a 20-acre 60k SF Buc-ee's flagship travel center. The Crossroads project will be co-listed by The Retail Connection and Princeton Partners.
LEASES
Structure Commercial was involved in more than 95k SF of deals in October including a 15k SF lease for the Five Star Cafe at 970 N Coit in Richardson. Structure's Eric Deuillet and Jeremy Cummings negotiated the lease. In a 10k SF lease, Boultinghouse at 2636 Freewood in Dallas, Structure's Bob Kent negotiated the lease.
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Stelfast leased 60k SF at 2750 113th St in Grand Prairie. Cassidy Turley's Blake Anderson and David Eseke repped the tenant. Cassidy Turley's Chris Taylor and Trey Smith also worked two more deals, repping the landlords in the 49k SF lease to Fiserv at 4055 Valley View Ln in Dallas. Transwestern's Alan Harrington repped the tenant, with the duo repping the landlord, CREA/MacFarlan. They also repped landlord, Franklin Street Properties in a 25k SF lease to DealerTrack at 13737 Noel Rd in Dallas. The tenant was repped by Corporate Realty Consultants' Donald Catalano.
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Breitling Energy Co signed a 22k SF at 1910 Pacific Place Ave. Boxer Property's Mark Dowdle repped landlord, Boxer Property.
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LA Fitness just opened its 50th Texas location with a 45k SF facility at 5500 Greenville Ave. in Dallas with a 15-year lease. LA Fitness was represented by Venture Commercial Real Estate's Jon Zikos. The landlord was represented by the Weitzman Group.
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Supreme Custom Fabrications inked a 19k SF lease at 11470 Hillguard Rd in Dallas from IndCor Properties. Lee & Associates' Brett Lewis and Tom Walrich represented the tenant. CBRE's John Hendricks represented the landlord.
SALES
Creative Wood Concepts sold its 25k SF facility at 1000 Spinks Rd in Flower Mound to Solinski Enterprises, which was represented by Weaver Commercial Real Estate's Todd Weaver. Henry S. Miller Brokerage's Dan Spika represented the seller.
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CBRE Capital Markets arranged the financing for the acquisition of 16 shopping centers with 417k SF across the country with each asset positioned adjacent to a Walmart Supercenter. CBRE worked for the borrower, a partnership between Fountain Capital and Cheney & Mathes Properties, to obtain a 10-year, $41M fixed-rate, non-recourse loan through Goldman Sachs Mortgage Co. CBRE's Scott Lewis, Jay Wagley, Matt Ballard, and Patrick Benoist originated and secured the financing. The retail centers are all Wal-Mart shadow-anchored projects and involve market-leading, high-profile centers in secondary markets in Texas including Lubbock, Bay City, Uvalde, Alice, and in nine other states. CBRE's Scott Lewis and Jay Wagley will advise the partnership on capital structure. Goldman Sachs Mortgage Co provided the project debt. Kane Russell Coleman & Logan and Geary Porter & Donovan advised on the transaction. Hayes, Alford & Johnson Lawyers Title Dallas HAJ handled the closing. The new ownership group, Fountain Mathes will handle the property management in-house and has retained The Retail Connection to oversee leasing for the portfolio.
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Boxer Property acquired 153k SF 4100 Spring Valley Rd in North Dallas for an undisclosed amount.
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Realty Capital Management sold the Meadows Creek Plaza building at 8190 Precinct Line Rd in Colleyville to Standard Insurance Agency Corp, which plans to relocate its corporate HQ from Hurst and occupy the two-story, 20k SF building.
