This Week's Dallas-Fort Worth Deal Sheet
Looking to capitalize on Uptown’s reputation as the place for office for up-and-coming young professionals, Florida-based Accesso Partners (formerly Beacon Investment Properties), brought on JLL to lease its 121k SF 2626 Cole with plans to reposition the boutique property within the highly competitive Uptown market, Bisnow learned first.
Accesso Partners Dallas asset manager Abbey Rowsey (who joined Accesso from Cushman & Wakefield in August, when Accesso changed its name) tells us the building is 96% leased, but the rent roll is coming up and the firm is hoping to retain or attract the right tenant base. Accesso selected JLL SVP Jay Bailey and associate Ahnie Gampper to exclusively rep the building because of their Uptown landlord rep experience. 2626 Cole will see some upgrades.
Here’s Abbey’s 3-year-old Collins and 9-month-old Paul V with Santa. Abbey tells us her wish list includes upgrading Accesso’s profile throughout Dallas and looking for more large Class-A institutional grade products to expand the portfolio and improve existing assets. The firm already owns 1.2M SF across 10 buildings including 500k SF in Freeport in Las Colinas and 400k SF in Legacy across three buildings, in addition to the Uptown property (which was acquired from TA two years ago) and a couple of smaller buildings in Richardson and Dallas. (A little Rowsey family history: Abbey tells us her husband is RED Development VP Paul Rowsey IV and her father-in-law is Compatriot Capital CEO Paul Rowsey III. The family is staying home for Christmas this year.)
JLL’s Ahnie and Jay (sporting their Christmas sweaters) tell us that educated, young professionals want to work, live, socialize and play in the center of the action and not waste time commuting or sitting in traffic. Jay tells us that 45% of Uptown Dallas consisted of 25- to 34-year-olds in 2012, according to Demographics Now. If you’re a midsized to large law firm and your growth is driven by attracting 26- to 29-year-old law school grads, having office space they can walk to or within a short commute gives you a big advantage, he tells us. Additionally, Uptown Dallas officials report households in the submarket have more than doubled from 4,394 in 2000 to 8,862 in 2012 with 11,497 households forecast for 2017.
LEASES
Venture Commercial Real Estate’s John Zikos and Jonathan Cooper repped Fitness International in a 38k SF lease for a new LA Fitness in the Frisco Market Center at the northwest corner of Main Street and the Dallas North Tollway in Frisco. John and Jonathan repped the tenant along with Diversified Partners’ Walt Brown Jr and Tim Dollander (master brokers for LA Fitness in the southern US). UCR’s Darrell Hernandez repped the landlord, Hermansen Land Development.
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Shackelford, McKinley, Melton & Norton signed a 51k SF lease at the Pyramids Office Tower at 9201 N Central Expy from Healthcare Realty Trust. Hudson Peters Commercial’s Cincha Kostman and Sanober Syed repped the landlord. The Amend Group repped the tenant.
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Morgan Stanley Smith Barney Financing renewed 14k SF in Preston Park Financial Center at 4965 Preston Park Blvd in Plano from Griffin Partners. Newmark Grubb Knight Frank’s Joe Siglin repped the tenant. Cassidy Turley’s Clint Madison and Rodney Helm repped the landlord.
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Semiconductor Components Industries leased 13k SF in Park Center at 2400 Dallas Pkwy in Plano from TA Associates Realty. Colliers International’s Noel Hutcheson along with Cassidy Turley’s Lauren Napper and Trey Smith repped the landlord.
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Power Engineers leased 22k SF at Overton Centre II at 4100 International Plaza in Fort Worth. Cushman & Wakefield’s Dean Collins, Mark Collins, Douglas Deurwaarder, Thomas Usher, Mark Carnese, Matthew Johnson and Janet Ball repped the tenant.
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JDC Healthcare Management leased 11k SF at TriWest Plaza at 3030 LBJ Freeway in Dallas. Cushman & Wakefield’s Dean Collins, Mark Collins and Cribb Altman repped the tenant.
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Nurtur Health signed a 24k SF lease at 4001 McEwen in Farmers Branch from Boxer Property. Boxer’s Gil Engelhardt, Jillian Brody and Mark Dowdle repped the landlord. Cassidy Turley repped the tenant.
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Gray Reed & McGraw renewed its 58k SF lease at Thanksgiving Tower in Downtown. Altshuler & Co’s Jon Altschuler, Sam Meginnis and Mike Dement repped the landlord, Woods Capital. Transwestern’s Sanders Thompson repped the tenant. The Altschuler team also repped the landlord in an 18k SF lease to Vincent Lopez Serafino Jenevein, at Thanksgiving Tower.
FINANCING
HFF’s Mona Carlton, DJ Meagher and Chad Russell arranged acquisition financing for The Lancaster and White Buffalo, two Class-A multifamily properties in Fort Worth. HFF repped the borrower, Bell Partners, to secure the seven-year, fixed-rate acquisition loan through New York Life Insurance Co. The Lancaster (built in 2013) has 253 units. White Buffalo (built in 2012) has 63 units.
EXECUTIVE PEOPLE
E Smith Realty Partners added Michael Rareshide and David Stack to its Dallas office as EVP and SVP, respectively. Michael will focus on national corporate accounts while adding mission critical and data center services. David will work in project and development services and be responsible for generating project management and development business. Michael comes from Partners National and David comes from JLL.
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Lee & Associates promoted George Tanghongs and Reid Bassinger to principals. George has been with Lee & Associates since 2009 and has been involved in marketing more than 12.5M SF. Reid has also been with the firm since 2009 and specializes in industrial markets of the Southern Region of the US.
SALES
HS Spring Hill sold the 606-unit Spring Hill Apartments at 13750 Maham Rd in Dallas to Spring Hill Investors. The Cantrell Co's Sam Pettigrew repped the seller in the direct deal. He also repped Oak Creek Holdings (the seller) in the sale of the 108-unit Oak Creek Apartments at 2710 W Walnut St in Garland to LHS Oak Creek.
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Hong Rajavong sold an office/warehouse space on 4.5 acres at 1732 E Hicks Field Rd in Fort Worth to North American Carriers Properties. Transwestern’s Sarah LanCarte and Todd Hawpe repped the seller. Providential Realty Partners’ Kevin Archer and Max Schwartzstein repped the buyer.
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Trustees Durward Moore, Lauren Butler, C.M. Edwards and David P. O’Connor sold almost 19 acres at Hwy 161 and January Lane in Grand Prairie to Avera Development. Transwestern’s Joe Rudd repped the seller.
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SRMT Parkwood Crossing purchased 52k SF of land at the southeast corner of Parkwood and SH 121 in Plano from USL Frisco. The Retail Connection’s Mitch Traub repped the buyer. Pegasus Ablon’s Jim Ziegler repped the seller.
