This Week's Dallas-Fort Worth Deal Sheet
Commercial real estate finance firm UC Funds closed on a nearly $18M first mortgage to refinance a construction and development loan on Magnolia Station, a seven-building site in Dallas with 121 residential units that are 90% occupied.
With funds procured by UC Funds, a plan to stabilize Magnolia Station is underway.
Part of the financing will be used to fund a transaction, allowing for a third-party services firm to rent out a portion of the buildings’ upscale apartments as luxury hotel suites.
"The Magnolia Station transaction is another example of UC Funds’ ability to look at deals with a unique lens that other lenders just are not able or willing to do," UC Funds founder and CEO Dan Palmier said in a statement.
EXECS
Developer and builder The NRP Group announced its expansion into the Dallas-Fort Worth market with the hiring of David Brown to serve as regional vice president of development.
Brown will pursue development opportunities in Dallas with a focus on multifamily. Brown began his career at LMC, a Lennar Co., where he managed development of Texas-based projects including mixed-use high-rise 23 Victory Park and Cinepolis Luxury Cinemas, an upscale movie theater.
Prior to NRP, Brown served as vice president for a private developer in the DFW area.
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Younger Partners broker Garret Marler is a 2019 recipient of the Bob Edge Scholarship. The scholarship fund promotes the real estate profession while honoring brokerage legend, Robert T. “Bob” Edge, who is known around the country for his distinguished career.
Scholarship funds offer recipients the chance to seek CCIM, SIOR and MAI designations and other educational opportunities.
SALES
Henry S. Miller Brokerage assisted an anonymous Japanese buyer in the purchase of 5520 Gaston Ave., an apartment complex in Dallas. The seller, Welker Properties, rehabbed the property and changed its name from Royal Palm Apartments to 5520 Gaston Ave.
The two-story 14K SF multifamily is considered value-add after undergoing improvements. Henry S. Miller's Angela Chen handled the transaction for the anonymous buyer from Japan.
LEASES
Texas Ballet Theater leased 10K SF of retail space at 300 North Coit Road in Richardson. Structure Commercial’s Jeremy Cummings and Eric Deuillet represented the landlord, while Michael Griffin and Andrew Marcus represented the tenant.
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Landlord Kennington Commercial Real Estate Services locked down 13K SF in lease renewals across three industrial flex properties in Carrollton.
The renewals are with Travis Mechanical, a 6K SF flex space at 1919 Old Denton Road; Teiber & Co., a 5K SF warehouse space at 2425 McIver Lane; and National Car Wash, a 2K SF light manufacturing space at 1325 Whitlock Lane.
Bradford’s Brian Pafford, Susan Singer and Ryan Coretz handled the transaction on behalf of landlord Kennington Commercial Real Estate Services.
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Vivian Jones Management Trust leased 20K SF to tenant Yard Sale Texas at 400 Directors Row in Dallas. Rubicon's Justin Courtnall handled the deal for the tenant, while Mercer Co.’s Jeremy Mercer and Turner Peterson handled the transaction for Vivian Jones Management Trust.
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Fort Capital selected JLL as its exclusive leasing partner for the River District office project — leasing out 101 Nursery Lane — in Fort Worth. The property offers both office and retail opportunities in an emerging mixed-use area of Fort Worth.
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Mexsalva Foods secured 13K SF at 1212-1220 Majesty Drive in Dallas from landlord BPO LLC. Canon Shoults with Holt Lunsford represented the tenant, while Mercer Co.'s Jeremy Mercer and Turner Peterson represented the landlord.
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Music & Carts Center renewed a 30K SF lease at 4949 Sharp St. in Dallas. Holt Lunsford Commercial’s Canon Shoults represented the landlord, TA Associates.
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BGT Interior Solutions renewed a 14K SF lease at 1124 Security Drive in Dallas. Holt Lunsford Commercial’s Canon Shoults and Maddy Canty represented the tenant.
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Garrison Metal Products relocated to 11K SF at 2050 Forest Lane in Garland. Josh Barnes and Ben Wallace of Holt Lunsford Commercial represented landlord Rialto Capital, while NAI Robert Lynn’s Stephen Cooper represented the tenant.
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Solutions by Text relocated its office to 5001 Spring Valley Road. This specific division of Marketing Response Solutions leased 12K SF, with NAI Robert Lynn’s Nick Lee handling the deal.
