W Secures $120M; The Deal Sheet
| You thought there was no money to rework deals? HFF's Dallas office just secured a $120M recap for W Hotel & Residences in Austin. | |
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Here's the nitty gritty: Working for Stratus Properties and the Canyon-Johnson Urban Fund, HFF senior managing director Whitaker Johnson placed a new 5-year construction loan originated by CLG Hedge Fund affiliated with Beal Bank Nevada. This replaces an original $165M construction financing through Corus Bank that HFF secured on behalf of the borrowers in 2008. As part of the recap, Stratus and Canyon-Johnson are also contributing $45 million to the project. The 252-room W hotel (with another 159 swanky residences) should open in downtown Austin in December 2010. | |
The Deal Sheet | |
Sales Transactions Pinkerton Sales Inc. acquired a 15,000 SF flex building at 11531 Chairman Dr. in Garland from Steedly Sotsky. Chris Stout, director of Bradford Cos., represented the buyer. Jerry Smith of Capital Property Advisors represented the seller. *** Shanaa & Chanaa Sales, LLC purchased a 16,465 SF warehouse at 818 Metro Media Place in Dallas for distribution of dry goods and equipment for Ali Baba’s restaurants. Matt Thompson and Phil Rosenfeld of Colliers Ownership Advisory Group represented the purchaser and Tom Storbehn of Grubb & Ellis represented the seller, Williams Consolidated I, Ltd of Daytona Beach, FL Lease Transactions Moco Enterprises LLC leased 20,946 SF of R&D space at 1600 Capital Ave. in Plano from RREEF, asset manager for Cabot Industrial Trust. Chris Stout, director of Bradford Cos., represented the landlord. The Michael Group represented the tenant. Also, Stonetex renewed a 6,720 SF warehouse lease at 11455 Newkirk St. in Dallas with ML Capital Ltd. Jason Miller, market director for Bradford Cos., represented the landlord. *** Transwestern’s Dallas Industrial Investment Team represented Stephens Pipe & Steel, LLC. in a 12.35 acre (538,053 SF) land lease deal at 10851 Miller Road in Dallas. Greg Cannon and Curtis Parker of Transwestern represented the Landlord, Stephens Pipe & Steel, LLC., and John Aldrich of The Aldrich Company represented the Tenant, Secure Trailer Depot. *** The Flotec Corporation inked a 7.5-year renewal lease of 23,499 SF of industrial space in the Union Bower Business Park at 200 Union Bower in Irving. Kevin Brookmole, Matt Thompson, Phil Rosenfeld of Colliers International represented The Hayman Company. The net tenant - Ducor, Inc. dba Flotec Corporation - was represented by Jeff Mercer of the Mercer Company. *** Total Transportation Services LLC signed a seven-year lease for 15,884 SF at Hall Office Park at 2595 Dallas Parkway in Frisco for its corporate HQ. Move-in is scheduled for January. Jean C. Farris, director of leasing, handled negotiations on behalf of owner and landlord, Hall Financial Group. Jones Lang LaSalle’s Scott Collier and Andy Leatherman negotiated the transaction on behalf of Total Transportation Services. Construction & Development Henry S. Miller brokerage office/industrial division SVP Jerry Averyt negotiated the acquisition of 49 acres for the development of a new Templo Betania Evangelistic Center. At 700 W. Wheatland Road in Dallas; the site is between Interstate 20 and Wheatland Road. Bill Reese of Reese Commercial Realty represented the seller, Southwest Hampton Oaks, LLC and Jerry Averyt represented the buyer, Templo Betania Evangelistic Center.
Exec Moves Gary Millington joined Jones Lang LaSalle as VP of property management in Fort Worth. Gary specializes in property management, coming from CB Richard Ellis, where he was an associate director. He has also worked for Regis Property Management and Brandywine Realty Trust (formerly Prentiss Properties LTD). He also serves on the Fort Worth BOMA Board of Directors. | |
