This Week's Dallas-Fort Worth Deal Sheet
Mark Gordon, most recently of Chuck E. Cheese's, is JLL South Central Region's new lead on the project and development services team for restaurant, retail and entertainment.
Gordon will lead JLL's development strategies for restaurant, retail and entertainment clients, providing oversight for site feasibility studies, rebranding and reinvestment strategies, plus design and construction for Texas, Oklahoma, Arkansas and Kansas.
For over three decades, Gordon has grown, operated and marketed restaurant, retail and entertainment brands, opening over 1,940 corporate, franchise and licensed locations in 42 states and 66 countries.
For the last eight years, Gordon served as the senior vice president and chief operating officer of CEC Entertainment Inc., where he started the international division of Chuck E. Cheese’s. His work grew the business to 63 locations in 13 countries. That included an expansion of franchises into Mexico.
Prior to CEC Entertainment, Gordon served in various executive positions developing other popular restaurant and retail brands globally, including Applebee’s, TGI Friday’s, Italianni’s, Hollywood Video and I Can’t Believe It’s Yogurt! Gordon is a graduate of Texas Tech University.
EXECS
Transwestern's Fort Worth office promoted Grant Huff to vice president. Huff focuses on tenant advisory and investment sales in the Fort Worth office market, and has executed 150 transactions totaling more than $41M since joining Transwestern in 2008.
SALES
Japan-based MDI LLC purchased Magnolia at Lakewood from MPC Lakewood LLC for an undisclosed price. The 105-unit, Class-A multifamily community is in Dallas near White Rock Lake. It totals 90K SF at 2175 Tucker St. and was built in 2017. CBRE's Chris Deuillet and Chandler Sims represented the seller.
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Greysteel's Ari Firoozabadi, Doug Banerjee, Boyan Radic, Andrew Mueller, John Marshall Doss and Andrew Hanson arranged the sale of Artisan Ridge in Dallas. The 264-unit affordable multifamily asset was constructed in 2004 and is spread across 14.7 acres adjacent to Dallas National Golf Club.
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Carter Validus Mission Critical REIT II acquired a Class-A multi-tenant medical office building for approximately $8.5M. Built in 2015, the Carrollton Healthcare Facility is a 22K rentable SF medical office building in Carrollton. The building is 100% leased by two tenants: USMD PPM LLC and PDP of Texas.
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Ahmad Abdo purchased a 16K SF industrial space at 9100-9109 Diplomacy Road in Dallas. Lee & Associates Dallas/Fort Worth's Stephen Williamson represented the buyer, and seller Unico Carpet Co. was represented by Mercer Co.'s Jeremy Mercer.
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Greysteel's Doug Banerjee, Bovan Radic, Andrew Mueller and Andrew Hansen arranged the sale of Villa Gardens, a 142-unit workforce housing multifamily property in Farmers Branch. Villa Gardens, at 2730 Fryke Road, was built in 1969 and consists of 17 buildings across 5.9 acres.
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StoneDome Real Estate purchased a 41K SF industrial space at 4500 Westgrove Drive in Addison. Lee & Associates Dallas/Fort Worth's Nathan Denton handled the transaction. The seller was Key Development.
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Lee & Associates Dallas/Fort Worth's Taylor Stell, Brett Lewis and George Tanghongs represented the seller, Stivers Living Trust, in a 4.3-acre land sale transaction at 418 Industrial Blvd. in McKinney. The buyer, First American Exchange Co., was represented by Lee & Associates DFW's Mark Graybill and Colton Rhodes.
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An undisclosed investor purchased a 61K SF showroom/warehouse facility at 4901 Alpha Road in Farmers Branch. NAI Robert Lynn's Chad Albert brokered the sale.
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HFF arranged the $99.4M sale of, and the $69.2M acquisition financing for, an 11-asset, 52-building industrial portfolio totaling 1.6M SF in infill, established industrial submarkets in the Dallas-Fort Worth and Atlanta metropolitan areas.
A partnership led by Circle Industrial with the FREO Group purchased the assets. HFF's Adam Herrin, Stephen Bailey, Chris Norvell and Ralph Smalley represented seller Berkeley Partners.
HFF's Kevin MacKenzie, Jeff Sause, Michael Cosby and Spencer Richley arranged financing for the new owner, placing the three-year, floating-rate acquisition loan with two one-year extension options with CIBC.
LEASES
CBRE's Jackie Marshall, Ben Davis and Fletcher Cordell signed nearly 33K SF of deals on behalf of Quadrant Investment Properties at Saint Paul Place. The leases follow the substantial completion of the repositioning of the 273K SF building, including a new tenant community space, an outdoor lounge, conferencing facilities and two phases of creative spec suites.
The recently completed leases include:
- Bestow Inc., a digital life insurance solutions company, leased 10K SF. Alt + Co.'s Hal Penchan and Jon Altschuler represented the tenant.
- Velo IT Group, a managed IT services company, leased 6,042 SF. David Ditchman with Peloton represented the tenant.
- Copperbeck Energy Partners, an energy investment company, leased 4,312 SF. JLL's Brooke Armstrong represented the tenant.
- Haas Petroleum Engineering Services, an oil and gas and drilling production company, leased 4,263 SF. NAI Robert Lynn's Jayson Montoya and Jeremy Brubaker represented the tenant.
- Arup, a design and engineering firm, leased 3,400 SF. Colliers' Travis Ewert and John Peloza represented the tenant.
- Merewether Investment Management, an energy-focused investment management firm, leased 2,957 SF. Briggs Freeman Sotheby’s John Scoggins represented the tenant.
- Saltstone Capital Management, a hedge fund company, leased 1,508 SF. Barrett Jones with Cushman & Wakefield represented the tenant.
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Mercer Co.'s David Wilganowski represented Lake City Investments in a 10K SF lease at 4155 Billy Mitchell Drive in Addison.
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Mercer Co.'s Turner Peterson represented Assist LLC in an 11K SF lease at 747 Port America Place in Grapevine. Landlord Stockbridge Port America was represented by Gil Stroube at Lincoln Property Co.
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Husqvarna Construction Products renewed its 16K SF industrial lease at 2933 Eisenhower St. in Carrollton. Lee & Associates Dallas/Fort Worth's Adam Graham and Corbin Blount represented landlord DCT Industrial. The tenant was represented by Savills Studley's Frank McCafferty.
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Lone Star Holdings renewed its 49K SF lease at Dallas Commerce Center. Holt Lunsford Commercial's Canon Shoults represented the landlord, TA Realty, and Fischer Commercial's Jackson Hill represented the tenant.
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Southern Wood Flooring & Supply leased 40K SF at 10425 Plano Road in Dallas. Josh Barnes and Ben Wallace of Holt Lunsford Commercial represented the landlord, Prologis. NGKF's Sarah Fredericks represented the tenant.
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Mercer Co.'s Jeremy Mercer represented TD Industries in leasing 51K SF at 1908 Exchange Drive in Arlington. Colliers International's Greg Cannon represented landlord Futerfas Family L.P. Mercer also represented Mama Lycha Foods in a 22K SF lease at 3100 State Highway 161 in Grand Prairie. Luke Davis and Sarah Ozanne of Stream Realty represented landlord Colfin 2017-14 Industrial Owner LLC in that deal.
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Securus Technologies Holdings leased 29K SF of office-flex space at 3220 Keller Springs in Carrollton. NAI Robert Lynn's Chad Albert and Cole Horowitz represented the landlord, and Avison Young's Bret Hefton represented the tenant.
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Lee & Associates Dallas/Fort Worth's Adam Graham and Ken Wesson represented landlord EastGroup in a 22K SF industrial lease renewal at 1624 West Crosby Road in Carrollton. The tenant, Infosend, was represented by Tyson Erwin of NAI Robert Lynn.
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RCG LLC leased 12K SF of industrial space at 319 North Country Club Road in Garland. Lee & Associates Dallas/Fort Worth's Taylor Stell, Brett Lewis and George Tanghongs represented the landlord, Elegant Cabinets LLC. Lestor Advisors' Chas Lester represented the tenant.
FINANCING
Technology-enabled commercial real estate brokerage firm TenantBase has raised an oversubscribed $10.7M funding round to simplify the process of finding and leasing office space for small to midsize businesses. The round is led by Stonecutter TenantBase Investors, an affiliate of New York-based Stonecutter Capital, and includes follow-on investments from existing investors. TenantBase is headquartered in Santa Monica, with additional brokerage offices in Atlanta, Dallas, Nashville and Newport Beach.
DEVELOPMENT
Baylor Scott & White Health Sports Therapy Research Complex, a 300K SF complex in The Star, has delivered. It includes a retractable glass facade that opens to an indoor/outdoor football field and a light-filled strength training room surrounded by glass walls, designed by Perkins+Will to put human health and sports performance on public display for visitors to the Dallas Cowboys' campus.
“The complex is designed to showcase the link between active lifestyles and physical health so that every visitor leaves feeling more informed and inspired,” Perkins+Will lead designer Ron Stelmarski said.
Its primary purpose is as a one-stop-shop for sports medicine and rehabilitation services, including sports nutrition, sports psychology, orthopedics, physical therapy, occupational therapy, neuropsychology, urgent care, surgery, a brain injury program, cardiology, outpatient imaging and a pharmacy.
THIS AND THAT
Kimpton Hotel & Restaurants has signed on to operate the hotel that will be part of The Epic, the mixed-use gateway project in Deep Ellum.
The Kimpton Pittman Hotel is scheduled to open in mid-2020. Westdale broke ground on the 8-acre The Epic in 2017, with a goal to open in late 2019. Developers under the Westdale umbrella include Westdale, KDC, Streetlights Residential and Vine Street Ventures.
The Kimpton Pittman hotel is the adaptive reuse of the Knights of Pythias Temple. The building, subsequently known as the Union Bankers Trust Building, was designed in 1916 by architect William Sidney Pittman. The hotel will have 165 rooms with 5K SF of meeting space.
The design will retain the original Beaux Arts structure and the integrity of the fourth-floor ballroom where celebrated blues musicians such as "Blind Lemon" Jefferson, Robert Johnson and "Lead Belly" Ledbetter performed.
Kimpton Global Senior Vice President of Design Ave Bradley will spearhead the interior design and architecture for the hotel, in partnership with Busta Studios and Perkins+Will Architects.
