This Week's Dallas-Fort Worth Deal Sheet
Private equity firm Balfour Pacific Capital and Cawley Partners purchased the 150K SF Westpoint I office building at 1255 Corporate Drive in Las Colinas.
The building, which is 91% leased, offers six stories on a 5.3-acre site near the Dallas-Fort Worth International Airport.
The new owners plan to build out common areas on the first and second floors, add a new grab-and-go food service on-site and renovate the restrooms.
Cawley Partners' Addie Ludwig is handling leasing for the asset. The seller of the asset, Highbrook Investors, relied on JLL's Parker McCormack and Andrew Levy during negotiations.
EXECS
Two former Berkadia executives have joined Marcus & Millichap's Institutional Property Advisors team to focus on multifamily sales.
Investment specialist Taylor Hill worked on more than $3B in multifamily transactions in his five years at Berkadia. He has experience in the marketing and disposition of multifamily properties.
Michael Ware, who specializes in investment underwriting, strategic marketing and negotiations, launched his brokerage career at Marcus & Millichap and holds an MBA from Southern Methodist University.
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Workspace firm Vari added Kevin Wierenga to its Dallas team as senior vice president of sales. Wierenga will handle the firm's overall sales strategy as the company moves into several new U.S. markets.
ACQUISITIONS
Community retail center Shiloh Crossing in Plano has been purchased by a local limited liability company.
Located on East Park Boulevard, the shopping center is anchored by a Walmart, a Domino's Pizza, Farmers Insurance and a mix of beauty, service and medical tenants. The surrounding population has an average household income exceeding $103K per year.
Weitzman's Derek Schuster and Kevin Butkus negotiated terms of the sale.
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Sequin Court Plaza LP purchased the 65K SF Story Business Center, which sits on 3.87 acres at 3010 Story Road in West Irving. The asset was acquired from seller Americo Story LP. The transaction was executed as a direct deal with Bradford Commercial Real Estate Services' Michael Spain and Jason Finch representing the buyer.
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E & R Artecona Family LP bought two tracts in Venus, Texas: 153 acres at 512 County Road 615 and another 130 acres at 625 County Road 615. NAI Robert Lynn's Tom Heraty represented the buyer in both transactions.
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The 270-unit multifamily property known as Plum Meadow in Dallas has been sold by an affiliate of the Iliad Realty Group to buyer EB Real Estate Group. The deal closed on Dec. 15.
The seller relied on Berkadia's Jay Gunn and William Jarnagin during negotiations. Berkadia's Josh Finley out of Atlanta also helped the parties obtain acquisition financing through Freddie Mac.
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The 60K SF 2021 Lakeside office building located on the east side of U.S. Highway 75 in Richardson has been sold to International Leadership of Texas. The previous owner, California-based BH Properties, sold the asset just a year after acquiring the vacant property, according to the facilitator of the sale, Colliers International.
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Greystone | Investment Sales Group announced the sale of the two-property Rishon workforce housing portfolio in Dallas-Fort Worth. The multifamily assets sold are a 180-unit complex at 2010 Estrada Parkway in Irving and Centera Crossing at 2727 West Jefferson Blvd. in Dallas.
The buyer is Dallas-based The ValCap Group LLC.
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Commercial real estate brokerage Marcus & Millichap announced the sale of the two-property, 408-unit The Falls and Oak Village assets in Fort Worth.
LEASES
Pre-leasing activity has begun on the 643K SF Sunnyvale Business Center industrial hub that broke ground this week off Collins Road in Sunnyvale. The complex sits 4 miles from LBJ Freeway and is a speculative development under the umbrella of Paladin Partners and developers Brian Flaherty and Eric Langford.
Paladin Partners' Greg Nelson and Conrad Madsen will oversee leasing efforts.
The two-building asset with cross-dock buildings and 36-foot clear heights is expected to deliver later this year.
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ZSW Products Inc. signed a lease for 21K SF at 601 Shepherd Drive in Garland from landlord Stonehendge Garland Properties LLC. The listed broker for the transaction is TIG Real Estate Services' Matt Spellman.
THIS OR THAT
Materials provider Locke Supply Co. is expanding into Mesquite this month. The firm, which has 180 stores in seven states, will move into 4414 Gus Thomasson Road, a former grocery store asset.
“Their reuse of this existing building will continue to generate economic development in this part of our community. The City of Mesquite has already contributed significantly in the improvement of infrastructure, transportation and quality of life amenities in this section of Gus Thomasson Road," Council Member Sherry Wisdom said in a statement.
