This Week's Dallas-Fort Worth Deal Sheet
A mixed-use megadevelopment is coming to the quiet bedroom community of Princeton, Texas.
Real estate investment firm and asset management company Walton purchased 129 acres at the southeast corner of Princeton Road and County Road 490 in Princeton for future development that's expected to include single-family, multifamily and various commercial uses.
“We are excited to celebrate our first entry into the Princeton area, offering a growing community and an affordable lifestyle with a neighborhood feel," Walton Senior Land Acquisition Manager Brad Wiley said in a statement. "Just northwest of this property, the city is building a new City Hall Town Center, to be the epicenter of activities, restaurants and entertainment.”
The parcels acquired will eventually be annexed for various uses, with Walton in the process of finding a top homebuilder to handle the residential development portion.
EXECS
Newmark hired Ran Holman as executive vice president and market leader for Texas operations in a move that pulls a 30-year commercial real estate industry veteran into a rapidly expanding firm.
Holman most recently served Cushman & Wakefield's DFW office as managing principal, overseeing all CRE services across Texas. He arrives at Newmark as the firm deals with the aftermath of six years of explosive growth in which its footprint grew 160%.
“Today, the state continues to see breakneck growth thanks to a thriving office sector, skyrocketing demand for data centers and other industrial facilities, and its emergence as a rising life sciences hub,” Newmark CEO Barry Gosin said in a statement.
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Daniel Taylor joined Colliers this month as executive managing director and market leader for brokerage in DFW. Taylor will oversee all brokerage operations and service lines in the market, as well as business development, recruiting and talent retention.
Taylor has been in the industry for more than 20 years, most recently serving CBRE's South-Central Division as managing director of retail. He also spent time at The Staubach Co. before it merged into JLL.
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CBRE has hired a three-person leasing team from Cushman & Wakefield.
The firm hired Lauren Napper, Trey Smith and Ward Eastman to serve as part of the brokerage's advisory and transaction services group with a specialization in investor leasing. Napper and Eastman are joining as senior vice presidents, while Smith is an executive vice president.
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Real estate firm and builder Suffolk hired John B. Hood as vice president for Dallas this month. Hood will oversee the process of developing Suffolk's network and expanding its reach and brand name throughout North Texas.
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Berkadia hired Tim Leonhard to the position of senior managing director within the affordable housing platform.
Leonhard brings more than 20 years of experience to his new position, including his past experience in closing more than $12B in affordable housing finance transactions to date.
Leonhard comes from JLL, where he served as senior managing director and leader of the affordable housing group.
ACQUISITIONS/SALES
In the midst of a coronavirus pandemic that has severely crippled the financial stability of U.S. hotels, a Hyatt Place hotel 14 miles south of DFW Airport just sold through an online auction.
CBRE Hotels' Michael Yu, Rahul Bijlani and Agrama Mannapperuma handled the sale along with Ten-X Commercial. The CBRE team represented the asset's seller.
CBRE Hotels also announced the sale of two other Hyatt Place hotels in Texas.
“With very low occupancy post-COVID and non-functional hotel debt market, it is an extremely difficult market to sell hotels like this,” Yu said in a statement. “However, we were able to create a very competitive market with TEN-X on this asset. We have over 20 full qualified bidders and created a bidding war to really push the value. The winning bidder is an all-cash buyer and closed the transaction in 31 days.”
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Furniture store Havertys sold one of its iconic assets in North Texas. A local LLC acquired Havertys' 95K SF retail showroom and warehouse facility at 4504 LBJ Freeway. The longtime Havertys location enjoys direct access to Interstate 635 and sits on 1.91 acres.
Weitzman's David Zoller negotiated on behalf of the seller, while Westin Co.'s Joe Doye represented the buyer.
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The 160-unit Monterey Apartments in Irving just sold to Beazworkz Investing. Located at 700 South Story Road, the apartments previously belonged to Plano-based Elmstone Group, a firm that acquired the 49-year-old units in 2016. At the time of the sale, the complex was 73% occupied.
CBRE's Chris Deuillet and William Hubbard represented the apartment's seller.
LEASES
The Ridglea Village retail center at 6100 and 6040 Camp Bowie Blvd. in Fort Worth is now in the hands of a new leasing broker.
Vision Commercial Real Estate's Tracy Gray will be handling all leasing efforts for the two-story complex, which has retail outlets and office product throughout the facility.
So far, Gray has procured four office leases and one retail lease.
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Mentor Texas renewed a 40K SF lease at 555 Airline Drive in Coppell from landlord Link Industrial Properties. Stream Realty Partners' Blake Kendrick, Jeremy Kelly and Sarah Ozanne represented the landlord, while CBRE represented the tenant.
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Branson Machinery leased 58K SF at 3010 East Front Street in Tyler from landlord Drake Candy Park LLC. Drake Real Estate & Investment's Becky McCord represented the landlord, while Stream Realty Partners' Matt Dornak and Adam Jones represented the tenant.
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The Atrium at Collins office asset is now being leased by Younger Partners. Located at 1701 North Collins in Richardson, the 109K SF office asset has an upgraded conference room, Foodsby delivery service and access to nearby restaurants and retail.
Younger's Kathy Permenter, Garrett Marler and Masen Stamp are leading leasing.
