This Week's Dallas-Fort Worth Deal Sheet
The 166K SF Bent Tree Tower II office building in Addison has new ownership.
Los Angeles-based Regent Properties sold the building to a partnership formed by Dallas-based Hudson Peters Commercial for an undisclosed amount.
Prior to offloading the property, Regent Properties spent $4.7M on building renovations. The prior landlord remodeled the entrance, the lobby and common areas and updated the property’s systems.
The building, located at 16479 Dallas Parkway, is anchored by energy firm Forney Corp.
Colliers International brokered the sale.
EXECS
Arlington-based Bob Moore Construction President Ed McGuire was inducted into the Tilt-Up Concrete Association College of Fellows in Atlanta.
McGuire has been in the tilt-up industry for two decades and has served on the TCA board as a past president.
The College of Fellows, which is three years old, raises awareness among those in the industry about elevating the level of service across the entire industry.
***
Greystone | Investment Sales Group hired Jeff Burgfechtel as associate director.
Burgfechtel is a trial attorney and owner and operator of multifamily and light commercial real estate properties. He will provide expert analysis to the team on acquisitions and sales. He brings 20 years of real estate portfolio management experience.
SALES/ACQUISITIONS
Innovatus Capital Partners made its second substantial real estate play in the North Dallas suburbs this month with the acquisition of the five-story Park Center office building at 2400 North Dallas Parkway in West Plano.
The asset is the company’s second major purchase in the Platinum Corridor with Innovatus previously buying Frisco Bridges, a site 5 miles north of Park Center.
The West Plano building is 95% occupied and home to tenants such as Learfield IMG College, QBE America, Forescout Technologies and Capital Title of Texas.
Cushman & Wakefield’s Jonathan Napper and Katy Jane Halpin represented the seller. Lincoln Property Co. was retained to handle leasing and management services for the property.
***
SRH Hospitality obtained a long-term ground sale-leaseback with a Florida-based hedge fund for the 261-room Westin in Southlake situated at Highway 114 and Carroll Avenue.
The deal is credited with enhancing SRH Hospitality’s capital stack, resulting in lower equity needs and enhanced investor returns. CBRE’s Nate Sahn, Robert Brennan and Pravin Boteju represented SRH Hospitality.
***
Developer Dodson Cos. purchased an industrial property at 2531 Weisenberger St. in Fort Worth’s artsy The Foundry District — a former industrial area that has been redeveloped into cool office and retail properties.
The developer said the purchase is part of a long-term redevelopment plan to offer more modern concepts and adaptive retail spaces in this emerging part of town.
***
A Waco-based investor sold the Westover Village - Omni Building in Fort Worth, a five-tenant retail strip center anchored by a Target store.
Located on Texas State Highway 183, just north of Interstate 30, the center was sold with the help of commercial real estate firm STRIVE. STRIVE represented the seller and also sourced the buyer, an undisclosed Dallas-area investor.
LEASES
A major industrial lease in Plano finalized last week.
Oxygen therapy solutions manufacturer Inogen inked a deal for 154K SF of industrial and office space at 600 Shiloh Road in Plano. The company is consolidating all of its Texas facilities into one facility to plan for future growth.
The company has two industrial buildings and one call center in Richardson, but intends to move all North Texas employees to the Plano location. The new facility will host its 90K SF manufacturing operation, with the remainder serving as a call center.
CBRE’s Baron Aldrine, Campbell Puckett, Dennis Hearst and Bryan Bazzi represented Inogen, while the landlord, Trident Capital Group, was represented by CBRE’s John Hendricks.
***
NAPCO Bag & Film inked a lease for 81K SF at 2908 Commodore Drive in Carrollton.
The recycling firm chose the site for its recycling facility and is a new tenant on the site. Paladin’s Greg Nelson represented NAPCO, while Hudson Peters Commercial’s Michelle Hudson and Tom Hudson represented landlord ML Realty Partners.
***
Bullymake has secured a 10K SF space for lease in a Richardson warehouse. WhiteBox’s David Harris, Evan Hammer and Jade Scott helped Bullymake find the location at 990 Security Row in Richardson.
***
Cloud location service software startup Polte Corp. relocated its office from Richardson to a Class-A office building in Addison, The Colonnade at 15301 Dallas Parkway. The company subleased nearly 7K SF at the site.
Cushman & Wakefield’s Ryan Hoopes represented Polte, while Cushman’s Matt Heidelbaugh and Cribb Altman represented sublessor RMG Enterprise Solutions Inc.
***
Fidelity Information Services renewed a 25K SF lease at One Hanover Park, 16633 Dallas Parkway in Addison. Madison Marquette’s Kurt Cherry represented the landlord and building owner, One Hanover Park Investors L.P., and CBRE’s Baron Aldrine represented the tenant.
***
Action Behavior Centers signed a new 12K SF lease at Park Ventura Office Park, 5085 West Park Blvd. in Plano. Starwood Property Trust owns the building. Madison Marquette’s Kurt Cherry and Michael Carmichael represented the landlord, while GreyHawk Advisors’ Stephen Coffey represented the tenant.
***
Precision Siding & Construction renewed a 13K SF lease at 2002 North State Highway 360 in Grand Prairie from Chapald-BC LLC. Mercer Co.’s Corby Hodgkiss represented the landlord.
***
SynQor leased 18K SF at Jupiter/190 Business Park in Plano at 2701 East Plano Parkway. Stream Realty Partners' Ryan Wolcott, James Mantzuranis and Matt Dornak represented the landlord, Link Industrial, while CBRE’s Krista Raymond represented the tenant.
***
Barron Manufacturing (dba Performance Specialty Service) leased 21K SF at 1195 Empire Central Drive in Dallas from the landlord, Prologis. Mercer Co.’s Jeremy Mercer and Turner Peterson represented the tenant.
***
Upbring leased 10K SF at Addison Preschool, 14450 Marsh Lane in Addison. Retail Solutions' Brian Sladek and Chris Flesner represented the landlord, while NAI Robert Lynn’s Leslie Wood represented the tenant.
THIS OR THAT
A new landmark hotel has come to Fort Worth.
Downtown Fort Worth is home to the recently opened The Sinclair hotel, part of the Autograph Collection. The hotel opened near Sundance Town Square, close to destinations such as Bass Performance Hall, The Sid Richardson Museum and the Fort Worth Convention Center.
***
B/K Multifamily Services, a part of multifamily operator B/K Multifamily, has entered into a strategic partnership with Roscoe Property Management.
For 21 years, B/K Multifamily Service has managed more than 40,000 units. The integration of the two firms allows B/K Multifamily, the parent company, to focus on its core mission of acquiring and managing assets with RPM now backing up and leading its property management operations.
