This Week's Dallas-Fort Worth Deal Sheet
The 7920 Belt Line Road office tower in Dallas landed in the hands of a new owner after 13 years under the control of Pillar Commercial and Blue Vista Capital Management.
The companies sold the 191K SF asset, which is located at Belt Line Road and Coit, to Uhalt Investments for an undisclosed sum.
Built 37 years ago and featuring $2.3M in recent cosmetic and mechanical upgrades, the asset comes with both structured and surface parking along with an on-site conference center.
Colliers International's Creighton Stark and Chris Boyd helped negotiate the terms of the sale. The transaction included an adjacent, but separate, medical pad for future development.
ACQUISITIONS
The three-story, 228-unit Veridian Place apartment complex in North Dallas has changed hands.
The property at 4849 Haverwood Lane was built in 1984 and underwent extensive renovation four years ago. The new owner, Orion Multifamily Investments, purchased the asset with the help of financing from Fannie Mae's Green Rewards Program.
Newmark's Brian Murphy and Brian O'Boyle Jr. represented the seller, American Landmark, while Newmark's Matthew Mense, Henry Stimler, Bill Weber and Osman Baig helped the buyer secure Fannie Mae financing.
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The Estate of Paul M. Dvorak offloaded 39K SF at 5900 Old Hemphill Road in Fort Worth. The asset landed in the hands of buyer HWP Investments LLC. Mercer Co.'s Jeremy Mercer and Turner Petersen handled negotiations for the seller.
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Military Mercer Properties LLC announced the sale of 1301 Texas Star Parkway in Euless, a 64K SF asset. The buyer is an LLC listed as 1301 Texas Star Parkway LLC. Mercer Co.'s Corby Hodgkiss and Dylan Neal represented the seller.
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Vecta Properties LLC acquired 21K SF at 4529-4500 Gold Road in Dallas from seller Sharon Pittman. Mercer Co.'s Jeremy Mercer and Evan Webb represented the buyer, while Brett McMillan represented the seller.
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109th Mercer Properties sold 93K SF at 1170 109th St. in Grand Prairie to Eleven Seventy 109th Street LLC.
Mercer Co.'s Corby Hodgkiss represented the seller.
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CEC Shepherd Partners LLC purchased 25K SF at 527 and 529 Shepherd Drive in Garland from Lodene McNabb. Mercer Co.'s Tucker Cason represented the buyer while the seller relied on Judy Wang.
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An affiliate of Astra Development sold 145 acres in North Denton to homebuilder D.R. Horton for the creation of Stuart Ridge, a $150M neighborhood development that will eventually have 561 single-family homes. The development site is at the intersection of Stuart Road and Long Road. Davey Davis represented Astra Development during the land sale. The land planner and civil engineer on the neighborhood development project is Kimley-Horn & Associates.
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A 24K SF Spec's Wine, Spirits & Finer Foods store in Rowlett sold to a Dallas investor.
The property, which is a former Albertson's grocery store building, sits at the corner of Lakeview Parkway and Dalrock Road in Rowlett and also houses a Dollar Tree store.
STRIVE's Adam Gottschalk represented the seller and the buyer.
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Fairfield Residential acquired the 320-unit, five-story The Huntington apartment complex in Plano.
Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond with Marcus & Millichap's Institutional Property Advisors division represented the seller, Catalyst Urban Development. The same team also procured the buyer.
LEASES
Southwestern Health Resources inked a long-term 150K SF lease inside Browning Place at Mercer Crossing, an office destination at 1601 and 1603 LBJ Freeway in Farmers Branch.
Transwestern principal Duane Henley handled lease negotiations for the landlord, while tenant Southwestern Health Resources relied on JLL's Paul Whitman and Pat McDowell.
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Motion Industries signed a lease renewal for 32K SF with Gyant Bethlehem LLC at 2589 Northeast 33rd St. in Fort Worth. Transwestern's Jeff Givens and Todd Hawpe represented the landlord.
THIS OR THAT
A flexible office leasing platform launched by Dallas-based Stream Realty Partners is expanding across the U.S. The product known as Rapid Offices is designed to streamline leasing, occupancy and rental payment processing. Launched in August with locations in Atlanta, Dallas and Washington, D.C., the concept recently added locations in Chicago and San Diego.
