This Week's Dallas-Fort Worth Deal Sheet
The longtime home of the Mesquite Championship Rodeo is about to undergo $2M in renovations as new owner Centurion American Development Group moves forward with plans to create a modern mixed-use real estate development with the Mesquite Arena as its centerpiece.
The Mesquite Arena, opened in 1985, will continue to be the home of the Mesquite Championship Rodeo along with the Major Arena Soccer League’s Mesquite Outlaws team.
“The Mesquite Arena is one of the most iconic buildings in the area, and we’re excited to bring it into the 21st century while respecting the history and traditions of the space,” Centurion American CEO Mehrdad Moayedi said in a statement. “We want it to be a place where fans can take in the rodeo, a game, a concert or event, and we hope to have entertainment in the venue year-round.”
Centurion American has big plans for the property surrounding the arena, but first the developer intends to rejuvenate the sports venue itself with new interior and exterior paint, suite upgrades, roof repairs, decorative masonry to replace an existing chain link fence and a complete redesign/resurfacing project for the parking lot.
The renovation also includes placement of a removable turf surface for the Mesquite Outlaws soccer team.
The facility’s renovation should be completed later this year.
ACQUISITION
Midway Crowne Center, a 47K SF office building at 14240 Midway Road in Farmers Branch has been sold to Twinrose Investments. A California partnership sold the property. NAI Robert Lynn’s Jim Hancock and Chad Albert handled the sale with Dickey Property Co.’s Cullen Dickey.
JLL’s Steve Heldenfels arranged the financing with Robert Campbell of Credit Union of Texas.
LEASES
The newest building in HALL Park in Frisco is now 100% leased, with Redwood Software agreeing to lease up to 8K SF at 3201 Dallas Parkway. The company intends to move into an eighth floor space in January.
“Redwood Software perfectly complements our innovative, growing group of companies at HALL Park,” HALL Group Director of Leasing Kim Butler said. “As we continue to expand and diversify the park, we are excited to welcome companies like Redwood that offer unique, cutting-edge services.”
3201 Dallas Parkway is a 12-story building with 300K SF of office space filled with a signature staircase in the lobby and insightful art and sculptures from the Hall Collection. The building also comes with a full-service fitness studio and a conference center.
The exterior space includes an LED water feature, an outdoor kitchen and dining area, a beanbag toss court and a putting green.
HALL Group’s Kim Butler, Brad Gibson and Cynthia Cowen represented HALL Park during lease negotiations.
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Construction software company Bluebeam Inc. is setting up a regional office in Uptown Dallas with a 20K SF lease at One McKinney located at 3232 McKinney Ave.
The Pasadena, Calif.-based company sees Dallas as the perfect spot to anchor the firm as part of its regional expansion efforts, Cushman & Wakefield Executive Director Robbie Baty said.
Baty and colleagues Shannon Nehrig, Shaun Stiles and Katie Cowan represented Bluebeam.
The property’s landlord, Gaedeke Group, handled lease negotiations in-house through Elliot Prieur and Allison Johnston Frizzo.
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Long Term Care Group inked a nearly 32K SF lease inside Royal Tech 12 at 7880 Bent Branch Drive in Irving. Cushman & Wakefield’s Robbie Baty, Travis Boothe and Shannon Nehrig represented the tenant, while the owner, PS Business Parks L.P., represented itself.
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4c2 Electrical Associates signed a 29K SF lease at 1621 West Crosby Road in Carrollton. Cushman & Wakefield’s Adam Curran represented the tenant, while CBRE’s Wilson Brown represented the landlord, CI DAL I-V LLC.
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Unify HR LLC renewed an 18K SF lease in Crestview Tower at 105 Decker Court in Irving. Cushman & Wakefield’s Steve Wentz represented the tenant, while Stream Realty Partner’s Tim Terrell and Rhett Miller represented the landlord, CP II Crestview L.pilotP.
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Lennar Multifamily Communities agreed to renew a lease for 14K SF inside Waterway Tower at 433 East Las Colinas Blvd. in Irving. Cushman & Wakefield’s Dan Harris represented the tenant, while Hoctor Commercial’s John Hoctor represented the landlord, Sun Life Assurance Company of Canada.
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BKD signed a 13K SF lease at 777 Main St. in Fort Worth. Cushman & Wakefield’s Matt Heidelbaugh and Emily Hoffman represented the tenant, while Transwestern’s Whit Kelly represented the landlord, F7 SSSM LLC.
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Pilot Flying J renewed an 11K SF lease at 6100 West Plano Parkway in Plano. Cushman & Wakefield’s Robbie Baty and Mike Wyatt represented the tenant, while Peloton’s Trevor Franke and Gini Rounsaville represented the landlord, IBP XV LTD.
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Wood Environment & Infrastructure Solutions renewed an 11K SF lease at 4801 Spring Valley in Farmers Branch. Cushman & Wakefield’s Matt Heidelbaugh represented the tenant, while Vista Holdings’ Sam Welles represented the landlord, RCF Spring Valley LLC.
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Momentum Solar signed a nearly 15K SF lease at 725 North Royal Lane in Irving. Cushman & Wakefield’s David Eseke and Chris Hillman represented the tenant, while CBRE’s Steve Trese, Steve Koldyke and Wilson Brown represented the landlord, EastGroup Properties L.P.
CONSTRUCTION
The 240K SF Irving Towne Center retail center in Irving is about to undergo a major facelift.
Weitzman’s management division said an extensive renovation designed to modernize the retail center should be completed by the second half of 2020. The property is at 3401 West Airport Freeway at North Belt Line Road.
Weitzman will upgrade the center’s exterior facade, color scheme, signage and landscaping along with its parking and lighting.
When finished the shopping center will offer seating for shoppers, arbors, green spaces and pedestrian-friendly amenities.
Architect Hodges & Associates is overseeing the remodel with Weitzman’s Jennifer Chandler overseeing renovations on behalf of the facility’s owner. Weitzman’s Kathy Detrick will oversee construction while Weitzman's Lynn Van Amburgh and Javier Menendez continue handling leasing for the center.
FINANCING
Berkadia’s Dallas office secured $39M in financing on four fixed-rate, CMBS loans tied to retail properties in Texas and Louisiana.
Berkadia Dallas Managing Director Joseph Hevey Jr. originated the loans on behalf of the borrowers. The four properties tied to the financing are Duck Creek Community Shopping Center in Garland, a property owned by an affiliate of Retail Plazas Inc.; MedVet Veterinary Specialty Hospital in Dallas; Courtyard Plaza, a retail strip mall in New Braunfels; and Copperstill Marketplace, a grocery-anchored retail center in Covington, Louisiana.
“All four of these properties were fully stabilized in strong, proven retail locations,” Hevey said. “Berkadia will service each of these loans post-closing, a point which was extremely important to the various borrowers.”
On the two DFW-area properties, Duck Creek Community Shopping Center and MedVet Veterinary Specialty Hospital, Hevey originated a $3.5M, 10-year loan from Wells Fargo Bank and a $10.5M, 10-year loan from Goldman Sachs, respectively. Berkadia Senior Managing Director John Koeijmans co-originated the MedVet Veterinary Specialty Hospital loan.
THIS OR THAT
To combat the plight of the working poor and struggling Dallas families, Interfaith Family Services is set to open a holistic Family Empowerment Center, which will offer a career training center, a professional clothing boutique, a kitchen, a food pantry and a gym within the footprint of two, three-story buildings at 1651 Matilda St. in Dallas.
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Colliers International is continuing its DFW expansion with the hiring of a new Dallas-Fort Worth and Chicago-based investment sales team, led by recently hired Executive Vice President Geoff Ficke. Ficke previously served Marcus & Millichap as senior vice president.
The team also includes Vice President Zack Ficke, Senior Associate Debra Vander Weit, Associates Nicolas Elwood and Jack France, Senior Client Services Specialist Sydney Gonzales and Client Services Coordinator Swarren O’Barr.
The team brings extensive experience in government-leased properties, retail, office, medical and industrial.
The investment sales team hiring comes on the heels of two other major expansions at Colliers in DFW, with the firm previously acquiring advisory firm Deverick & Associates and expanding its Fort Worth investment sales team this past summer. In totality, the firm added 20 professionals to its DFW ranks in recent months.
