The Week in Deals
SALES
Gaedeke Group acquired the 98% occupied, 352k SF Millennium Tower from KBS Realty Advisors in an all-cash transaction. CBRE vice chairman Gary Carr, SVPs John Alvarado and Eric Mackey, and senior financial analyst Robert Hill repped KBS. Since 2009, KBS has invested $1.6M into capital improvements at Millennium Tower. Leasing will be handled by Gaedeke VP Belinda Dabliz; on-site property management will be by Debra Spears. At 3.4 acres at 15455 N Dallas Pkwy in Addison, Millennium Tower has been institutionally owned since its completion in 2000 by Dallas developer Wynn Jackson. KBS acquired the property in June 2008 from RREEF.
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Dr. Erick Menegazzo purchased a 40k SF tract at the northeast quadrant of Preston Road and Wade Boulevard in Frisco from Mohr Partners to build a new medical and dental facility. UCR Dallas' Thurston Witt Jr repped Mohr Partners. Tenant Real Estate Advisors' Ruben Reynoso represented the buyer.
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400 Division, a subsidiary of The Van Tuyl Group, sold the former Luke Honda Dealership. It included multiple buildings totaling approximately 60k SF on more than five acres along Division Street, East Street, and Front Street in downtown Arlington. Dodson Development's Ryan Dodson and fellow Arlington investors Alan Petsche and Victor Erwin acquired the property as Urban Union for an undisclosed amount. Henry S. Miller Brokerage's Bill Bledsoe handled the transaction. Ryan and Alan plan to redevelop the property with restaurants and entertainment venues along with unique office spaces, executive suites, and co-working space designed to attract start-ups, entrepreneurs, and established businesses.
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Bradford worked two sales transactions with Dominion Enterprises, including a 36k SF office/warehouse on two acres at 925 111th St in Arlington to Duratile Natural Stone. Bradford CEO Kevin Santaularia, SVP Michael Spain, and market director Joe Santaularia represented the seller, while NAI Robert Lynn Co's Michael Stanzel represented the buyer. In another deal, Luby's Restaurants sold an 11k SF retail building on two acres at 1551 S Cherry Ln in Fort Worth to RLB Assets. Bradford managing partner Karen Simon and market director Erik Blais represented the seller. Coldwell Banker Commercial's Nathan Vasseur of represented the buyer.
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Performance Properties acquired the 416-unit Vista Buena Apartment Homes at 13350 Maham Rd in Dallas from Santa Maria. This is the first asset in the partnership's efforts to target value-add multifamily assets from $10M to $20M. Principals David McQuaid and Todd White represented the new investment group, which is seeking to acquire 750 to 1,000 units per year during the next five to 10 years. HFF's Steve Heldenfels and De'on Collins represented the lender, ViewPoint Bank. Multifamily Advisory Partners' Tom Flood represented the seller. Performance Properties is Vista Buena's new property manager.
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The Woodmont Co, in partnership with a publicly traded REIT, started development on the 190k SF Park Village specialty retail center on 22 acres in Southlake. It's targeted for a fall 2014 completion. Park Village is more than 50% pre-leased to several retailers and restaurants. The Woodmont Co VP Peter Jacobsen is handling the leasing. The project was designed by Herschman Architects.
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Carol Wilbur Barnest GST Trust acquired a 25k SF warehouse at 250 Roberts Cut Off Rd in Fort Worth from Brenda Crow Miller. SCM Real Estate Services' Theron Bryant repped the buyer. McKinney Commercial Real Estate's Paul McKinney repped the local seller. In another SCM deal, Choice ATM Enterprises acquired the 18k SF Lamar Plaza at 1630 E Lamar Blvd in Arlington from Sterling Properties JV. SCM's Darrel Higginbotham repped the seller. Tom Ritter represented the retail buyer.
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Transwestern Dallas Multifamily Group sold the 440-unit Regal Commons Apartments in Arlington. Taylor Snoddy and Philip Wiegand represented the seller. In another Transwestern deal, National Place Investment Group purchased 30k SF at 2602 National Place in Garland. Joe Whitmer represented the purchaser.
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Quadrant Investment Properties acquired the 122k SF Preston Trail Atrium at 17330 Preston Rd in North Dallas. It's the third acquisition in the last 12 months. Cawley Partners' Jeremy Duggins and Addie Ludwig will continue to lease the property.
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Legacy AG Credit Bank sold a 322-acre tract just south of I-30 in Royse City fronting FM 548. The land was purchased as an investment property and the new owner will hold the land for future sale or development, but anticipates it will eventually be developed for single-family homes. The buyer was represented by Fountain Capital's Stephen Swann. Henry S. Miller Brokerage SVP Tom Grunnah and associate Grant Brodeur represented the seller.
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Encore Land (a division of Encore Enterprises) purchased 15 acres at 2011 Callender Rd in Mansfield just north of Debbie Road at Hwy 287 for development of a new residential community to be labeled The Villages of Park Hill. The single-family homes will be built by Dunhill Homes, with a targeted opening in late spring or early summer.
LEASING
Fitness Connection inked a 52k SF lease at the southeast corner of Shiloh and Buckingham in Garland from AVG Partners, SW Buckingham. The Retail Connection's Sherman Hinkebein and Wyatt Russo repped the tenant. CBRE's Bob Ginsberg and Amy Nott repped the landlord.
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Ingersoll-Rand Co renewed 27k SF in Pinnacle Business Center, Building II at 4310 Adler Rd in Dallas. Bradford managing partner Brian Pafford and VP Jason Miller represented the landlord, Anford Pinnacle, in the direct deal.
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Invesco leased 43k SF in the Trammell Crow Center at 2001 Ross Ave with plans to take of the 33rd and 34th floors in fall 2014. Stream Realty Partners' Ramsey March and Sarah Erickson repped the landlord. CBRE's Jeff Ellerman, Robert Blount, and Bailey Anderson repped the tenant.
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UPS Supply Chain Solutions leased 141k SF at Valwood Business Center in Carrollton. Transwestern's Brett Owens and John Fulton represented the landlord, DCT Industrial. In another Transwestern deal, Electric Sun leased 21k SF at 7500 Jack Newell in Fort Worth. Transwestern's Amy Baker and Jeff Givens represented the landlord.
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Evergreen Shipping inked a 21k SF lease at 16000 Dallas Pkwy. Rubicon Representation's Chad Hennings and Alexis Martinez represented the tenant. CBRE's Shannon Brown and Tatum Waughtal represented the landlord. In another Rubicon deal, NuVision signed a 13k SF deal at 4100 McEwen. Alexis represented the tenant, and CASE Commercial's Seth Thatcher represented the landlord. And, finally, Midlands Management executed a 15k SF lease at 5050 Quorum from the Billingsley Co. Alexis and colleague Kyle Jacobs represented the tenant. JLL's Jeff Eckert represented the landlord.
NEW BUSINESS
The 880k SF Restoration Hardware built-to-suit on a 50-acre site in Grand Prairie was recently completed. Weeks Robinson Properties was the developer; The Conlan Co provided GC services; Alliance Architects designed the project; civil engineering design services were provided by Pacheco Koch Consulting Engineers; Hunt & Joiner Consulting Structural Engineers provided structural design services; and AOS Engineering provided MEP design services.
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SCM Real Estate Services secured the office leasing assignment for the 67k SF Campus Circle complex at 6301, 6321 and 6341 Campus Circle Dr East in Irving. Monika Guzman-Perez will lease the newly acquired project for the landlord, Hangover Opportunity Fund. SkyWalker's in-house acquisitions director Clint Holland secured the property in an auction conducted by LNR Partners. Cushman & Wakefield's Tom Strohbehn represented the seller.
KUDOS
Conifer Health Solutions was honored by the Dallas Regional Chamber at the 2013 Blueprint Awards in the corporate HQ location category for its HQ under construction at the northeast corner of Warren Parkway and Dallas Parkway. The 200k SF, four-story building is expected to be completed in March. The Blueprint Awards celebrate companies that make a positive impact on the economy. The Frisco Economic Development Corporation nominated Conifer.
