This Week's Dallas-Fort Worth Deal Sheet
Multifamily development firm Pollack Shores Real Estate Group launched its first real estate play in North Texas, with the company acquiring land at 4302 Ross Ave. in Old East Dallas.
With this transaction, the company captured one of the last spots still available for redevelopment in the neighborhood.
Pollack Shores intends to build a 240-unit, four-story apartment building featuring studios alongside one- and two-bedroom residences. The project is expected to open in 2021.
The site formerly housed an auto dealership and is less than a mile from Downtown Dallas.
Pollack Shores chose Old East Dallas after watching redevelopment occurring alongside Ross Avenue. Ross Avenue has already attracted popular retail establishments such as Fiction Coffee and Ross & Hall Beer Garten + Kitchen.
EXECS
Westmount Realty Capital hired Linda Simpson as senior director of acquisitions - Southwest. Simpson will oversee the firm’s commercial acquisition strategy in the Southwest.
Before joining the firm, Simpson served as managing director of capital markets at C-III Capital Partners/NAI Global in Dallas. In her former position, she secured $1.5B in commercial real estate transactions on a national level.
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Bellwether Enterprise Real Estate Capital, a multifamily mortgage banking subsidiary of Enterprise Community Investment, hired Jeff Bradley as senior vice president to work with the affordable housing group in the company’s Dallas office.
Bradley will oversee the origination of commercial loans in the market-rate and affordable multifamily sectors while also working on the hospitality and single-tenant lease sectors.
SALES
A Chinese investor sold 42 acres at 2901 Triangle Road in Valley View. The undisclosed buyer intends to use the property for farmland; the land is zoned for agriculture.
Henry S. Miller’s Jim Breitenfeld and Angela Chen represented the China-based investor during the sale. The property sits near Lake Ray Roberts and next to a shoreline owned by the U.S. Army Corps of Engineers.
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China-based AQS Corp. acquired the 58K SF Northgate Business Park IV from Merritt Industrial Dallas LLC. The sale is part of an industrial disposition that Bradford Commercial Real Estate Services is handling.
The buyer gained a two-story industrial flex project at 2010 Merritt Drive in Garland. Northgate was developed on 2.8 acres in 1986 and served as the longtime headquarters of National Spirit Group.
AQS intends to renovate the free-standing Northgate Business Park IV prior to securing tenants.
Caldwell Banker Commercial’s Greg Cagle represented the buyer of record. Bradford Commercial’s Brian Pafford handled negotiations and is working alongside Bradford’s Jason Finch to market Merritt Industrial’s last asset, Switzer Business Park at 10840-10930 Switzer Ave. in Dallas.
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The 75K SF Forest Hill Shopping Center in Forest Hill sold. Inroads Realty’s Mike Cagle, Taylor LeMaster and Thad Beckner represented the seller.
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The 36K SF Pantego Auto Center property at 2101 West Pioneer Parkway in Arlington sold in a 1031 exchange.
The retail property belonged to a private investor who sold the property to a buyer secured by Marcus & Millichap’s Dimitri Jordan, Justin Miller and Davis Hansen. Marcus & Millichap’s Bill Jordan marketed the property on behalf of the private-investor seller. The site is 100% occupied with tenants in the automotive services industry.
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MacArthur Place Apartments in Irving sold with the help of NorthMarq’s Taylor Snoddy, Philip Wiegand and James Roberts. NorthMarq’s team represented the buyer and the seller while handling negotiations for the acquisition of the 548-unit apartment complex.
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A 31K SF retail property in Plano known as Independence Park sold from one private investor to another with the help of Marcus & Millichap’s Philip Levy.
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Total Shooting Sports, a 94K SF indoor gun range and retail operation on Texas 26 and Loop 820 in North Richland Hills, sold to tech firm Weby Corp. Weitzman's Derek Schuster and David Zoller represented the seller, a limited liability corporation. ESRP’s Jim Hazard represented the purchaser.
LEASES
Stream Realty Partners’ Forrest Cook and Jeff Rein leased out 18K SF at Fossil Creek Place and Tech Center in Fort Worth on behalf of the landlord, Fort Capital. The center houses tenants such as Akzo Nobel, JenCap, Hardware Specialty and Harvester Resource.
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Alpha Testing grew to 20K SF at 5047 Martin Luther King Jr. Freeway in Fort Worth. Stream Realty Partners’ Jeff Rein and Ryan Boozer represented the tenant.
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Global Tel Link leased 40K SF at 10005 and 10015 West Technology Blvd. in Dallas. Stream Realty Partner’s Jeff Rein and Jeremy Kelly represented landlord Entrada Partners while Newmark Knight Frank’s Tyler Howarth and John Wolf represented the tenant.
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Staples Contract & Commercial renewed its lease for 14K SF at 7803 Mesquite Bend Drive in Irving. Stream’s Jeff Rein and Jeremy Kelly represented the landlord, while David Ginther of Fischer represented the tenant.
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Expression E Imagen Studio renewed a lease for 26K SF at 10015 West Technology Blvd. in Dallas. Stream’s Jeff Rein and Jeremy Kelly represented the Landlord, Entrada Partners, while Scott Dunbar Group’s Angelia Dunbar represented the tenant.
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Stream Realty Partners helped lease 12K SF at Westwood III in Dallas, which houses tenants such as Amazingaqua.com, MICROS and BOSSTAB.
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Stream also leased out 17K SF at Counterpoint Las Colinas in Irving. Existing tenants include AP America, Veridic Solutions, Vensti Education Consulting and Consolidated Telecom.
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Tex-Mex restaurant Muchaco leased more than 3K SF at the Plaza at Preston Center for its new restaurant concept.
Chef Omar Flores, who has twice been nominated for a James Beard award, and his business partner, Alex Marshi, are behind the Muchaco concept, which offers high-quality Mexican food in a relaxed environment at the heart of various high-end Dallas neighborhoods, including Highland Park, University Park, Preston Hollow and Bluffview.
The restaurant will be at 4011 Villanova St. in Dallas.
CBRE’s Greg Pierce represented Omar Flores and the Marshi family during site selection and the lease negotiation process. Venture Commercial’s Easley Wagonner, Amanda Throckmorton and Mike Geisler represented the landlord.
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Highline Aftermarket Acquisition leased 89K SF at 3801-3809 Pipestone Road in Dallas, and another 66K SF at 3851 Pipestone Road. Holt Lunsford Commercial’s John Gorman represented the landlord, AEW Capital Management. Colliers International’s Allyson Yost and Allen Gump represented the tenant.
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Premier Install Movers renewed a 48K SF lease at 1002 Ave. T in Grand Prairie. Holt Lunsford’s Canon Shoults represented the landlord, Alpha Industrial, while the tenant was represented by Biel Partners’ John Bielamowicz.
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RumbleOn signed a 45K SF lease at Varispace Las Colinas, 901 Walnut Hill Lane in Irving. Cushman & Wakefield’s Dean Collins and Jason Dodson represented the tenant, while Cushman’s Chris Taylor and Johnny Johnson represented the landlord, Varidesk.
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Hallett & Perrin renewed a 24K SF lease at Fountain Place in Downtown Dallas. The company will re-up its lease at 1445 Ross Ave. JLL’s Brooke Armstrong, Brad Selner and Paul Whitman represented the tenant, while Cushman & Wakefield’s Johnny Johnson and Lauren Napper represented the landlord, Goddard Investments.
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KD Studio renewed its 18K SF lease at 2600 Stemmons Freeway in Dallas. Cushman & Wakefield’s Randy Cooper, Craig Wilson and Steve Wentz represented the tenant, while NAI Robert Lynn’s John Lancaster represented the landlord, Pollock Realty.
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Brightspot Incentives & Events renewed its 11K SF lease in Decker Court at 102 Decker Court, Irving. Steve Wentz of Cushman & Wakefield represented the tenant, while Younger Partners' Kathy Parmenter and Sean Dalton represented the landlord, FN Decker Court LLC.
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Evoque Data Center Solutions signed a 10K SF lease in Riverside Commons at 5000-5040 Riverside Drive in Irving. CBRE's Clay Vaughn represented the tenant, while Cushman & Wakefield's Johnny Johnson and Trey Smith represented the landlord, BSREP Riverside.
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Expeditors International of Washington Inc. leased 180K SF in Liberty Park GSW North Building 2 at 951 Valley View Lane in Irving. Fischer & Co.’s Jeff Kernochan and David Ginther represented the tenant, while Kurt Griffin, Cushman & Wakefield’s Nathan Orbin and David Eseke represented the landlord, Liberty Property Trust.
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Hafale America Co. inked a 72K SF lease inside Centreport II at 4565 Centreport Drive in Fort Worth. Cushman & Wakefield’s Dean Collins and Mark Collins represented the tenant, while CBRE’s Steve Koldyke represented the landlord, GEAR Centreport II LLC.
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Inkjet International signed a 40K SF lease at 4443 Simonton Road in Farmers Branch. Cushman & Wakefield’s Adam Curran represented the tenant, while Holt Lunsford Commercial’s Andrew Gilbert represented the landlord, The Realty Associates Fund X.
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Alderson Electrical Sales inked a 34K SF lease in Great Southwest 53 at 2029 114th in Grand Prairie. Cushman & Wakefield’s David Eseke and Chris Hillman represented the tenant, while landlord Prologis represented itself.
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Konica Minolta Business Solutions USA renewed a 29K SF lease in Valwood Distribution Center 8 at 1210 Champion Circle in Carrollton. Landlord Prologis represented itself in the transaction while Cushman & Wakefield’s Gary Collett, Shannon Johnston, Marc Graham and Richard Baumstein represented the tenant.
FINANCING
Berkadia secured a $48M loan to buy a 504-unit garden-style apartment in Irving. The company originated a seven-year, adjustable-rate, three-year interest-rate only loan. Freddie Mac purchased the loan. Berkadia’s Andy Hill and Tyler Nowlin handled the financing on behalf of the property’s buyer, Western Wealth Capital.
CORRECTION, JULY 23, 7:59 A.M. CT: A previous version of this story misspelled Entrada Partners. It has been corrected.
