The Week in Deals
SALES
Tug Hill Real Estate Partners sold the 32k SF St. Michael’s Shopping Center at 2900 Hwy 121 in Bedford. Marcus & Millichap’s Philip Levy and Chris Gainey repped the seller.
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Structure Commercial worked two sales including the sale of the 66k SF III Hillcrest Green at 12740 Hillcrest Rd in Dallas to a local investor. Structure’s Eric Deuillet repped the seller, LAB Holdings. Trinity Interests’ Beverly Heflin represented the buyer. In another deal, Structure’s Troy Morgan negotiated the sale of 9840 Ferguson in Dallas to T&N Star Enterprises.
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Axle Capital Group and a partner purchased the 227-guestroom DoubleTree Market Center in Dallas. The seller, Rolf Tweeten, principal with Alliance Hospitality Management in Raleigh, NC, will continue to manage the property. HREC Investment Advisors VP Hank Wolpert and prez/senior principal Geoff Davis represented the seller.
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A private investor purchased three Merryhill Schools, totaling 28k SF, from a fund manager. Marcus & Millichap’s Chris Gainey and Philip Levy repped both buyer and seller. The sale includes two 7,800 SF net-leased properties in McKinney and Keller, and one 12k SF net-leased property in Trophy Club. Each of the properties has a triple-net lease with a corporate guarantee from Nobel Learning Communities. More than nine years remain on the primary term with three, five-year options for renewal. The lease has scheduled rent bumps every five years including option periods based on the lesser of CPI or 10%.
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Bharat Enterprises sold 19 acres at the northwest quadrant of La Prada and I-30 in Mesquite to the Amvest Corp. Henry S. Miller Brokerage’s Grant Brodeur and Renzo Cella represented the seller.
LEASES
Petroleum consulting company DeGolyer and MacNaughton inked an almost 70k SF lease renewal at Providence Towers at the corner of the North Dallas Tollway and Spring Valley Road in Dallas from KBS Realty Advisors.
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Worksoft inked a 13k SF HQ lease renewal at 15851 N Dallas Pkwy in Addison. JLL VP Andy Leatherman represented the tenant. Granite Properties leasing manager Mark Harrison represented the landlord.
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Wick Phillips signed a 13k SF lease at 3131 McKinney from landlord, Velocis. JLL’s Jeff Staubach and Andy Leatherman represented the tenant. JLL’s James Esquivel, Jay Bailey, and Clint Coe repped the landlord.
KUDOS
Commercial real estate’s most enduring members climbed 52 flights (that’s 1,040 steps) of downtown’s Fountain Place (which is officially for sale now, call HFF if you wanna buy it) on Saturday as part of the sixth annual Big D Climb, which raises money for The Leukemia & Lymphoma Society. Here’s the fifth place team from Henry S Miller featuring Aimee Robinson, John Bielamowicz, Andrew Doster, Grant Brodeur, Monica James, Tonia Stevens, and Doug Prude. Team CBRE finished first and Hopkins Commercial’s Zack Istre finished first overall followed by CBRE’s Patrick Benoist.
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Cassidy Turley raised more than $100k for Children's Medical Center of Dallas, surpassed its fundraising commitment to the hospital. Cassidy Turley partnered with Children’s in celebration of the hospital’s centennial year. Cassidy Turley regional managing director Bret Bunnett and senior managing director John Patterson, along with marketing VP Ashley Kosatka worked with the firm’s property management team to raise the money, which exceeded its goal. Here’s Cassidy Turley VP Andrew Jones, his wife Jill, VP Amanda Green, Ashley, Children’s Medical Center’s Catherine Evans, and Cassidy Turley executive managing director Beth Lambert-Saul.
FINANCING
The LaSalle Group closed on a national, memory-care portfolio through a JV with a private equity real estate firm. The assets include four communities in the Dallas market and two communities in the Chicago area. Cassidy Turley’s structured finance team of executive managing director Beth Lambert-Saul and SVP Diego Arroyave represented The LaSalle Group.
EXECUTIVE PEOPLE
Michael Allen joined CBRE’s facilities management group as senior managing director for the Americas Central Region. He will provide leadership for all aspects of the Americas central region’s facilities management group, including service delivery, client satisfaction, financial performance and business growth, and will report to CBRE’s global director of facilities management Maureen Ehrenberg. He joins the firm from Cushman & Wakefield, where he was a senior managing director.
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Jones Lang LaSalle hired Jorg Mast and Richard Furr as SVPs in the firm’s Dallas office. The two will work under the direction of managing director Jeff Price. Jorg comes from PegasusAblon Properties where he was a managing director responsible for multifamily investments both acquisition of existing properties and ground-up development opportunities. Ricahrd joins the firm after spending the past three years at a competing brokerage, where he specialized in multifamily investment sales.
