The Deal Sheet
Need to sound smart at your next cocktail party? Tell people that a value-add component still pulls in the bids for older multifamily properties. If they need examples, here are three recent ones:
Fielder Crossing Condominiums (1727 Westview Terrace in Arlington) was sold for a special servicer to a local investor as part of a 1031 exchange. Sperry Van Ness | TJF Investments managing director Todd Franks (right, with colleague, Sean Reynolds) repped the seller. Todd and Sean also repped a private investor in the sale of Miller Glenn Apartments (1221 West Miller Rd in Garland) to a local investor. In both deals, the buyer plans to make capital improvements to the interiors, Todd tells us. He also repped the seller (a local developer) in the disposition of an independent living center (1600 Lake Bardwell Dr in Ennis). A New York-based partnership purchased the property with plans to add more units.
LEASES
Exco Resources signed a 155k SF lease at 12377 Merit Dr in Dallas from Ypi Park Central Properties. The tenant is repped by CBRE’s Kacy Jones and Celeste Fowden and JLL’s Steve Thelen and Jeff Staubach. CBRE’s Ben Davis and Burson Holman repped the landlord.
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Ducky Bob’s renewed its 101k SF lease at 3200 Belmeade Dr in Carrollton. JLL’s Forshey Hoobler and Michael Haggar repped the tenant. Liberty Property Trust is the landlord.
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General Motors Corp leased 22k SF at 545 E. John Carpenter Frwy in Irving. JLL’s Alan Wood and Larry Toon repped the tenant. Rosemont Realty Services’ Kirby White repped the landlord, Rosemont.
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Munilla Construction Management leased 2.38 acres at 26790 E Hwy 380 in Little Elm. Hudson Peters Commercial’s Cincha Kostman repped the landlord, Cindy Cohn.
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NNR Global Logistics USA leased 24k SF at 1160 Mustang in Grapevine. NAI Robert Lynn’s Rick Medinis repped the tenant.
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Cassidy Turley’s Blake Anderson and David Eseke repped the tenants in two deals including the 65k SF Bedz King lease at 816 111th St in Arlington and the 92k SF lease to Streamline Packaging at 15124 Grand River Rd at in Fort Worth.
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Hirschbach Motor Lines inked a 21k SF lease at 4501 N Elm St. Axis Realty Group’s Rebacca Barnell repped the landlord and the tenant.
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Texoma Tire Co leased a 22k SF building at 1020 Shady Oaks. Axis’ Rebacca Barnell repped the landlord and tenant.
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Senior Care Centers inked a 30k SF lease at 700 Pearl St in Dallas from Peloton. CBRE’s Josh White, Chelby Sanders, and Neal Puckett repped the tenant.
KUDOS
NTCAR named its four Stemmons Service Award finalists with three repeats from the 2013 nominee list and a newcomer. For the second year in a row, UCR prez/CEO Mickey Ashmore, Transwestern principal Nora Hogan, and Hall Financial Group director of leasing Kim Butler were nominated. The new name to the list is Colliers International EVP Greg Cannon. The 2013 winner was Colliers EVP Allen Gump. Each year NTCAR recognizes one of its members with the award presented to the member who best exemplifies the highest professional standards of a CRE broker.
NEW CONSTRUCTION
Presbyterian Village North breaks ground tomorrow on the first phase of a $93M expansion project, which includes two independent living buildings, assisted living units, memory care apartments and services, a lifestyle fitness center, a transitional care unit, a chapel, and a central park with a water feature and a pavilion.
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Christian Care Centers started construction last month on a 72k SF two-story senior center, which will include 22 independent living cottages near Hwy 5 and Bethany in Allen. Adolfson & Peterson is the GC and REES Architects is designing the project, which should open next August.
SALES
Henry S. Miller Multifamily Development purchased four acres near the intersection of Sylvan and Fort Worth Avenue in West Dallas for a new development called CliffView. HSM’s Tom Grunnah and Kyle Ward repped the buyer. The development group plans to build apartments and townhomes under the guidance of HSM multifamily development’s managing director Bill Bush. The project should be completed in 2016.
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Alibaba Investments purchased a 40k SF shopping center at 2851 Matlock in Arlington, from PD Matlock. Structure Commercial’s Bob Kent negotiated the sale.
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Providence/380 Partners sold two pad sites on the northeast quadrant of Hwy 380 and Providence Boulevard in Little Elm. Venture Commercial’s Clay Mote and David Davidson Jr. repped the seller. One of the sites (about one acre) will be developed for an automotive business. KW Commercial’s Moore Matthews repped the buyer. The other site, also about one acre, will be an emergency care clinic. Scott Brown Commercial’s John Withers repped the buyer. Clay and David are marketing the remaining pad sites at the intersection.
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A local investor sold the 160-unit Toscana Villas at 1325 Tennis Dr in Bedford to a Texas LLC. Marcus & Millichap’s Al Silva and Chase Patterson repped both buyer and seller. The transaction closed within 20 days after an agreement was reached between buyer and seller.
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A private investor sold the 58k SF All Star Self Storage at 786 FM 1187 East in Crowley to an LLC. Marcus & Millichap’s Brandon Karr repped both buyer and seller.
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Western Metal Service acquired a 30k SF building at 1450 N 1st St in Garland. NAI Robert Lynn’s Rick Medinis repped the buyer. Henry S. Miller’s Dan Spika repped the seller.
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CNL Healthcare Properties acquired a portfolio of two specialty hospitals and three inpatient rehab hospitals for approximately $131M. Located in four states, the properties combined have approximately 297k SF of rentable space including a 58k SF specialty hospital in Hurst (leased to Victory Medical Center Mid-Cities). Lincoln Harris CSG, and Holladay Properties Services Midwest will manage the hospitals for CNL.
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A group of tenant-in-common owners, repped by First Guardian Group, sold a three-building industrial portfolio in Plano to Cobalt Capital Partners. Two of the buildings are located at 3301 and 3501 E Plano Pkwy, while the remaining building is nearby on 1100 Klein Rd. The property is collectively known as Plano Tech Center and totals 258k SF. Colliers International’s Lizzy Blake and the capital markets team at Colliers negotiated the deal.
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Brennan Investment Group acquired the three-building Woodlands Business Park in Grand Prairie in a JV with Origin Capital Fund II, advised by Original Capital Partners, Chicago. Transwestern’s Steve Rowland assisted in the transaction.
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Southwestern RV Rentals purchased 8.5 acres at 6060 S. Stemmons. Lowery Property Advisors’ Mitchell Austin negotiated the sale with Capstone Commercial’s Larry Robbins.
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Levon Leasing purchased 151k SF at 1301 Forum Way in Fort Worth. NAI Robert Lynn’s Todd Hubbard repped the seller. E Smith Realty Partners’ Jim Hazard repped the buyer.
EXECUTIVE MOVES
Lisa Ross has been elected as chief financial officer of Behringer Harvard Opportunity REIT I by the company’s board of directors. She will continue to serve as SVP and treasurer of Behringer Harvard Opportunity REIT I. She has been the company’s principal accounting officer since January 2012. She began her tenure with the company in January 2011 as senior controller and director of financial reporting.
