This Week's Dallas-Fort Worth Deal Sheet
The value-add office building hunt has begun near Beck Ventures’ Dallas Midtown project at the old Valley View Mall site.
Private equity investment firm MoxieBridge acquired Midtown Office Center, a two-building campus on the 5700 block of LBJ Freeway near Valley View Mall.
The 170K SF building, located across from the Dallas Midtown project, will undergo numerous tenant improvements to add a modern fitness facility, on-site wine lockers, an executive conference room, a lounge and bar and improved on-site operations.
Paladin Partners is managing and leasing Midtown Office Center. MoxieBridge targeted the building as an off-market property with high value-add potential.
The sale occurred in May and since then MoxieBridge has announced 50K SF of pre-leasing activity despite the building offering only a 10% occupancy rate at the time of purchase.
“With the acquisition of Midtown Office Center, MoxieBridge owns more than 700,000 square feet of office space in North Texas,” MoxieBridge co-founder KC Kronbach said in a release. “We are actively looking for value-add office opportunities in strong markets, like the Midtown area, throughout the North Texas and Houston regions.”
MoxieBridge launched in 2018 and previously acquired two Plano-based office properties, Central 500 and City View Corporate Center.
Experts expect more activity in Class-B buildings around Valley View Mall as major redevelopment happens there, bringing high-end mixed-use to the area.
EXECS
Bradford Commercial Real Estate Services promoted two executives to leadership positions.
David Simpson was named executive vice president of Bradford Management Co., and Julie Santaularia was promoted to director of marketing and client services.
Simpson started his property management career at Vantage Management Co. in 1985 and has been with Bradford since 1989. He oversees strategic client relationships with institutional clients and manages a portfolio of retail and industrial properties.
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Hotel fund manager Phoenix American Hospitality appointed Conan Porter regional vice president, wholesaler Southwest, and Melissa Sanders vice president of business development overseeing national accounts and West Coast sales.
Conan has spent three decades in the financial industry and previously held positions at NorthStar Securities, Nationwide Financial, Legg Mason and American Century Investments.
Sanders joined the firm from E*Trade, where she served as vice president of regional sales.
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Architectural and interior design firm Looney Ricks Kiss welcomed two architects to its Dallas-Fort Worth location. Amanda Eggers joined as an architectural designer; she has bachelor’s degrees in architecture and interior architecture and serves as a member of the Greater Dallas Planning Council.
Ronnie Santos was named project manager. He is a graduate of National University in Manila, Philippines, and has 23 years of architectural project management, technical design and architectural experience. His work includes the 29-story Legacy Tower in Plano and time spent as senior technical designer on the Dallas Cowboys headquarters project in Frisco.
SALES
The CONTI Organization purchased Waterford on the Meadow, a 350-unit apartment complex at 1414 Shiloh Road in Plano.
This is the firm’s 40th acquisition since it was founded in 2008. CONTI now owns 29 properties and a total of 8,180 apartment units in the Dallas-Fort Worth area.
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A private investor purchased Trane's 536K SF industrial distribution center in Tyler. Marcus & Millichap’s Adam Abushagur handled the listing and sale on behalf of a private-investor seller. Abushagur also procured a buyer. The property is at 1710 East Duncan St. in Tyler and sits on 36.9 acres.
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An anonymous buyer acquired 2.51 acres in Prosper to build and operate Ace Montessori, a school for children between 1 and 6 years old. The school site is at 4770 West University Drive in Prosper behind a Kroger Marketplace at the intersection of U.S. Highway 380 and Farm-to-Market 423.
Henry S. Miller Vice President Natalia Singer represented the buyer, while Venture Commercial’s Amy Pjetrovic represented the seller, UCD. The school is expected to open in the fall.
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A former 2K SF house on 2.3 acres south on State Highway 121 in Lewisville sold as light industrial property. The three-bedroom home at 528 Barfknecht Lane underwent a rezoning initiative, changing the house and its surrounding land to industrial property. Bright Realty’s Nick Miller sold the property on behalf of DFW Turnkey Remodeling, while Ebby Halliday’s John Cox represented the buyer.
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A 58K SF industrial building at 2300 South Main St. in Fort Worth changed hands. The building, which sits on 1.57 acres, was sold by a private investor represented by Marcus & Millichap’s Cody Payne and Ross Meisner. The building comes with an existing tenant, Industrial Refractory Services.
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A private buyer nabbed a 71-room Fairfield Inn & Suites hotel in Lewisville, at 2697 Lake Vista Drive. Marcus & Millichap’s Chris Gomes, Joseph Jaques and Allan Miller handled the sale on behalf of the seller, a Dallas-based limited liability company. The same team also procured the buyer.
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The Storeroom in Temple, a 20K SF self-storage facility, sold to a Texas-based privately held partnership. Marcus & Millichap’s Mark McCoy, Brandon Carr and Danny Cunningham handled the sale on behalf of a private-investor seller. The Storeroom is at 405 Fryers Creek Drive in Temple.
LEASES
MODE Transportation inked a lease that will move its corporate headquarters from Preston Trail Atrium in Dallas to Signature Exchange, an office property at 14785 Preston Road in Dallas.
JLL’s Conor McCarthy and Chris Stout found the new office headquarters for MODE Transportation, while landlord America’s Capital Partners hired Cushman & Wakefield’s Chris Taylor, Doug Jones and John Fancher to handle negotiations on its behalf.
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Medspeed leased 12K SF at 1207 Round Table Drive in Dallas from landlord Cantex Round Table LLC. Citadel Partners’ Mac Morse represented the tenant, while Mercer’s Turner Petersen and Jeremy Mercer represented the landlord. The same tenant and landlord reps also executed a lease for Medspeed on a little less than 1 acre at 1123 Round Table in Dallas from landlord 1539 Round Table Associates LLC.
THIS OR THAT
The Real Estate Council’s Associate Leadership Council is pedaling toward its end goal of creating bike safety, transportation and overall security for Forest District residents in South Dallas.
TREC celebrated the opening of We-Cycle Resource Center, which is the first of planned storefronts that will open as part of the Dallas Catalyst Project to generate education and awareness around transportation options, including neighborhood biking. TREC’s 2019 Associate Leadership Council Class provided labor for renovation of the center property and celebrated the opening after many hours of work this month.
