This Week's Dallas-Fort Worth Deal Sheet
LA-based Regent Properties acquired Legacy Central at Legacy Drive and Central Expressway in Plano from Texas Instruments with plans for a $100M rehab starting this spring.
Regent Properties president Eric Fleiss tells us Regent has been working on this deal for a year, assembling a best-in-class project team and working on conceptual designs to create a unique sense of place. TI has owned the site since the 1980s and built the four office buildings and fitness center for its own use. TI will lease back two of the buildings through 2016, finalizing a phase-out from the campus. The first of two phases will start this spring with targeted completion by year-end. Phase 2 (related to TI’s lease-back premises) will start January 2017, with targeted completion in fall 2017. Building interiors will be gutted up front, with interior tenant build-outs occurring pursuant to leasing velocity, Eric tells us. The campus renovation will accommodate office tenants ranging from 25k SF to 1M SF in four existing buildings on 84 acres. Those buildings will be retrofitted while prime, undeveloped land will be readied for complementary uses, such as restaurants, a hotel and retail, as well as additional mid-rise office buildings. The site is entitled for up to 3.7M SF, allowing large office tenants unique expansion opportunities via additional office buildings on a build-to-suit basis. Groundbreaking is planned for Q2 '16. Transwestern’s Duane Henley and Nathan Durham will be leasing the project.
LEASES
Adeptus Health renewed its 80k SF lease at 2941 South Lake Vista Dr in Lewisville. JLL’s Steve Thelen, Doug Carignan, Greg Baxendale and Melissa John negotiated the renewal with Founders Properties’ Jim Montalbano.
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Weaver will move its Dallas office to approximately 58k SF on two floors in The Union Dallas, RED Development’s mixed-use project at Field Street and Cedar Springs Road in Uptown Dallas. The project is expected to open in 2017. Citadel Partners’ Scott Morse and Scott Jessen repped Weaver. Peloton’s John Brownlee and Sarah Hinkley repped the landlord, along with Paul Rowsey of RED Development. Weaver will make the move in 2018.
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Dental One expanded 18k SF at 17300 N Dallas Pkwy in Dallas. Jessica Cyphers self-repped the landlord, Hartman Income REIT Management. Jessica also repped Hartman in a 14k SF lease to WNC Insurance Services at 14110 & 14114 N Dallas Pkwy in Dallas.
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Wilson OI inked a 15k SF lease at 455 Airline in Coppell from Bennche. JLL’s Elizabeth Jones repped the tenant. Kent Realty’s Bob Kent repped the landlord in the sublease.
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The Crosby Group signed an 86k SF lease at 2101 Exchange Dr in Arlington from GLP. Lee & Associates’ Mark Graybill repped the landlord. CBRE’s Michael Chiocca and Mike Cleary repped the tenant.
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American Crane & Tractor renewed 24k SF at 5110-5112 Mercantile in Dallas from Fain Properties. Mercer Co’s Jeremy Mercer repped the tenant. TexGlobal Capital Real Estate’s Thomas Lucas repped the landlord.
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XTO Energy extended its 33k SF lease at 777 Main St in Fort Worth with F7 SSSM. Transwestern principal Whit Kelly repped the landlord.
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AA Trucker Sleeper signed a 26k SF industrial lease at 301 Risinger Rd in Fort Worth with 301 Risinger. Transwestern VP Todd Hawpe repped the tenant.
SALES
Stanton Road Capital, through its affiliate, SRC Waterview Owner, acquired the 203k SF Class-A 3400 Waterview Pkwy in Richardson. Known as The Points at Waterview, the property was 94% leased at the time of acquisition. The acquisition represents SRC’s sixth investment in Texas since 2014. Developed in '98, the four-story property is a six-time TOBY award winner. The property, along SH 190, includes additional acreage for future development. Cushman & Wakefield’s Clint Madison and Meredith Ford will serve as leasing agents. The firm will also provide property management.
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An undisclosed buyer purchased the 206-unit Summer Glen Apartment complex at 9624 Rolling Rock Ln in Dallas. The apartment community was built in 1972 and renovated in 2000. Wellington Realty’s David Shaffer, Kirby Hall Jackson III and Caleb Jones sold the asset.
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FW 50 Partners sold 79 acres at the northwest corner of Risinger Road and Summer Creek Drive in Fort Worth to Life Covenant Church. Transwestern principal Lester Day repped the seller.
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Everett-Petrie Development sold about seven acres to BBCAT at 276 & 302 Northwest Pkwy in Fort Worth. Transwestern VP Sarah LanCarte repped the seller.
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Wedge Energy Service sold a 48k SF industrial building at 461 N Broadway in Joshua to West Texas Automation. Transwestern VP Todd Hawpe and principal Jeff Givens repped the buyer.
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America’s Capital Partners entered the Texas office market with the opening of a Dallas office at 14755 Preston Rd and the acquisition of Signature Exchange. This purchase is the first in a multi-building expansion platform planned. Signature Exchange is a 460k SF Class-A asset (on 10 acres) with two adjoining office towers and a four-level parking garage. Recent capital improvements totaling more than $6.8M include renovated lobbies, common area corridors, elevator modernization, HVAC updates and new roofs. Occupancy is 92%.
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A private investor sold the 16k SF Shoppes at Camp Bowie shopping center at 6370 Camp Bowie Blvd in Fort Worth to a personal trust. Marcus & Millichap’s Philip Levy repped both buyer and seller. The fully occupied center was built in 2011 on almost two acres.
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Gigantic Color purchased a 40k SF building at 415 Regal Row in Dallas from RIG Properties. Stream’s Jason Moser repped the seller, and Mercer Co’s Jeff Mercer and Jeremy Mercer repped the buyer.
THIS & THAT
Cushman & Wakefield’s Future Leaders annual white elephant Christmas party grew this year with additional folks from DTZ on board. An elf on the shelf shared this holiday photo with us. (We're not sure we want the details after seeing the blackmail, er, photo.)
EXECUTIVE PEOPLE
Daniel Taylor was appointed managing director of retail for CBRE Group’s Texas/Oklahoma division. He'll lead CBRE’s retail brokerage platform throughout the region. With Daniel in place, Mickey Ashmore will continue to focus on growing CBRE’s national retail service offering while enhancing the retail brand and marketing efforts.
