This Week's Dallas-Fort Worth Deal Sheet

Centurion American Development Group sold off 8.4 acres in Farmers Branch to Panattoni Development Co., which plans to develop a 159K SF Class-A distribution center at the site at 1701 Valley View Lane. 

Biel Partners Commercial represented Panattoni in the acquisition. The new owner is expected to deliver a distribution center at the site by the second quarter of 2020. 

“The continued job growth and ongoing relocations to North Texas is severely limiting the supply of infill sites available for development,” Biel Partners’ Alex Perry said. “This transaction was an excellent one for Panattoni, and will provide an ideal location for supply chain and warehouse tenants, when the facility delivers.”

The land is near Interstate 35 East and I-635 and is one of only a few remaining sites for industrial builds available in the Northwest Dallas suburb of Farmers Branch. 

EXECS

David Mason joined HOK’s Aviation and Transportation practice as a regional leader in Dallas. Mason brings three decades of experience leading complex aviation projects, including renovations and new passenger terminals. He will lead regional aviation projects and expand HOK’s aviation and transportation practice group throughout Texas and the South Central U.S. 

SALES AND ACQUISITIONS

An 88K SF KeepIt Mini Storage facility in Mineola has been sold to a Dallas-based storage owner and operator who entered the transaction as part of a 1031 exchange. 

Marcus & Millichap’s Brandon Karr and Danny Cunningham marketed the property for the seller. The facility is located at 1113 County Road 2220 in Mineola. The site has 116 climate-controlled units, 393 non-climate-controlled drive-up units, four uncovered parking spots and a 1.8K SF business center. 

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Retail brokerage Venture Commercial Real Estate finalized the sale of a former Albertson’s grocery store site at 4126 South Carrier Parkway in Grand Prairie. The 58K SF building sits on 5.35 acres. Venture’s John Zikos and Charlotte Cooper handled negotiations for the seller, while Capstone Commercial Real Estate Group’s Sean Porter represented the buyer. 

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RBI Properties sold a 47K SF building at 17000 Dallas Parkway to Twinrose Investments. The sale was handled with the help of Fults Commercial’s David Dees and Dickey Property Co.’s Cullen Dickey. JLL’s Steve Heldenfels arranged the acquisition financing with the Credit Union of Texas’ Robert Campbell. 

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Venture’s John Zikos, Don Miller and Jonathan Cooper represented the seller of a multi-tenant building at 2131 State Highway 121 in Euless. The 5K SF building sits on 1.02 acres. CoSol Commercial Real Estate’s Bowen Cardoza represented the buyer. 

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The 152-unit Antiqua Village Apartments in southeast Fort Worth has been sold by a Canadian investment group. At the time of sale, occupancy was 93.5% for the facility at 5320 East Rosedale Street. 

Cantrell Co. & Partners’ Sam Pettigrew represented the seller, Republic Antiqua Village L.P., while the buyer of record is a Texas-based entity, M&D Antiqua Village LLC. 

LEASES

After acquiring the 2626 Cole office building in Dallas, Accesso lifted the site’s occupancy by 35%, with the building now 95% occupied upon the signing of a major lease. 

Accesso, an investment manager and operator of office buildings, acquired the 121K SF building in the Uptown/Turtle Creek area in 2014 and launched a renovation program to improve the asset’s lobby, exterior, common areas and HVAC systems. Accesso also launched an amenities program called the Accesso Club and added spec suites throughout the building to provide tenants with more office flexibility. 

WorkSuites helped the building secure its new occupancy rate by signing a lease for 26K SF this year, making it the property’s largest tenant. 

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Outdoor lifestyle brand Orvis is opening its first store in Fort Worth. The retailer signed a lease to occupy a little over 6K SF at 4601 West Freeway in Chapel Hill Shopping Center. Venture Commercial Real Estate’s Benjamin Hines helped Orvis find the location, while Kite Realty Group’s Karly Kilroy represented the landlord. 

THIS OR THAT 

The Realm At Castle Hills has signed its first restaurant tenant, El Patio, a casual dining concept created by Chef Salvador Hernandez. Bright Realty brokered the lease for the restaurant, which will sit inside Phase 1 of the Office at The Realm project. 

The restaurant will offer patrons a mix of Mexican cuisine and Texas barbecue and is set for a spring 2020 opening.