This Week's Dallas-Fort Worth Deal Sheet
The 378K SF Parkside Tower in Dallas signed 32K SF of leases in the past six months.
The 18-story building is located at 3500 Maple Ave. and managed by Lincoln Property Co., which executed the recent lease deals.
The property was acquired by the Illinois Teachers Retirement System in 2017 and underwent $10M worth of renovations soon after. Gensler also was hired recently to make improvements to the building's lounge, fitness center and garage.
Lincoln Property Co.'s Chris Axley, Worthey Wiles and Jake Young represented the landlord in the following leases:
- Scottish Rite renewed a 21K SF lease. Graham Investments' Joe Graham represented the tenant.
- LiveNation signed a 6K SF lease and was represented by Newmark Knight Frank's Jim Graham and Tyler Howarth.
- GlassRatner signed a nearly 4K SF lease with the help of CBRE’s Layne Mayfield.
ACQUISITIONS AND SALES
A circa 1970 Oak Lawn-area apartment complex is about to get a makeover as part of a strategic value-add play. The 137-unit Oak Lawn Heights community, located at 2600 Arroyo Ave., is now in the hands of a joint venture of investor Realty Capital Partners and apartment operator BKE Capital LLC.
The JV purchased the site to modernize the apartments and raise the value of the rental units. It envisions the property, with its strategic access to the North Dallas Tollway, as a prominent value-add play in a key neighborhood. Millions of dollars will be spent to update the interiors and exteriors.
The apartments will be renamed The Maverick at Oak Lawn, and marketed to the young business community.
“Due to a fast-growing economy, there has been a lot of new upscale apartments built in the Metroplex resulting in a shortage of affordable apartments in the most desirable neighborhoods of Dallas,” Realty Capital Partners President Blake Lugash said in a statement. “While developers have been tearing down older apartments to build expensive new project, The Maverick at Oak Lawn will offer a more affordable option.”
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Vending machine and private label coffee retailer Vending Concepts purchased a property with two buildings for its new headquarters and distribution center in Fort Worth.
The company in total bought nearly 30K SF on 2 acres at 1001 Miller Ave. in East Fort Worth.
Bradford Commercial’s Erik Blais represented the buyer, while Morrow Hill’s Christopher Fleeger and David Jimenez represented the seller, Graco Supply Co.
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PrattCo Creekway Industrial acquired a 42K SF industrial warehouse at 8400 Ambassador Row in Dallas. At the time of the purchase, the property was 100% leased to two tenants.
Stream Realty Partners’ Jamie Jennings, Jason Moser and Andrew Rabinovich represented the seller.
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The 69K SF Fossil Creek Plaza retail center in Fort Worth sold to a local Dallas investor, commercial real estate firm STRIVE said.
The plaza, at Western Center Boulevard and North Beach Street, has a loyal tenant base, with 80% of the center’s tenants having spent at least five years inside the complex. Another 20% have been at the site for 15 years.
The retail development largely focuses on restaurants and local shops.
STRIVE handled negotiations for the seller, a Los Angeles-based investor, and STRIVE’s Sam House is credited for finding a local Dallas buyer.
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Single-tenant retail shops with pharmaceutical and grocery tenants remain in play and highly desirable in today’s commercial real estate space.
SRS Real Estate Partners’ national net lease group finalized the sale of a single-tenant retail property leased by a Walgreens store in Garland.
Located at 2614 Lavon Drive, the site has been home to Walgreens for 23 years and the chain just signed a new 15-year, triple-net lease extension.
The seller, a Chicago-based investor and developer, hired SRS’ Michael Walseth to handle negotiations while the California-based buyer relied on Kidder Mathews’ Paul Danker.
“Nationally recognized pharmacy brands are highly sought after by capital as they present a cash-flowing, stabilized retail investment with no landlord responsibilities,” Walseth. “This particular location is within a densely populated and growing suburb of Dallas that has approximately 286,000 residents and 80,000 employees within a 5-mile radius.”
EXECS
Infrastructure firm AECOM appointed Dev Rastogi vice president. She will lead the company’s North Texas business strategy and growth plans, and brings more than three decades of experience in providing guidance on massive transportation projects for both the private and public sector.
LEASES
LMT Imports leased 51K SF of industrial space at 2920 North State Highway 360 in Grand Prairie. NAI Robert Lynn’s Michael Stanzel represented the tenant.
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Restoration Specialists signed a lease for 16K SF at 4808 Simonton Road in Dallas. The landlord, Billingsley, negotiated the deal with the tenant rep, Transwestern's Timothy Veler.
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Heart to Heart agreed to lease 10K SF at 6940 River Park Circle in Fort Worth from TCS South Main. FNA Consultants' Justin Henry and Transwestern's Grant Huff handled negotiations.
