The Dallas-Fort Worth Deal Sheet
Spirit Realty Capital leased 31k SF in Harwood, the fastest-growing district in the US. The deal is another example of a firm relocating into Texas for its central location.
Harwood International director of leasing Jihane Boury says Spirit Realty moved to Dallas from Scottsdale, AZ. Harwood, spanning 18 city blocks, is facing unbelievable growth, partially thanks to a walk score of 92, with attractions like the Katy Trail, The Ann & Gabriel Barbier-Mueller Museum, Marie Gabrielle Restaurant and Gardens, The Grove at Harwood and the Dallas Arts District all in walking distance.
Jihane says now that Harwood is over 95% leased, she will focus on new build-to-suit opportunities throughout the district. Jihane negotiated the lease with CBRE's Peery Wood, Chris Sido and Brad Anderson.
LEASES
Wellington Realty secured a 14k SF lease with an undisclosed tenant at International Tech Center (4240 International Pwy in Carrolton). Wellington Realty’s Jack Allen repped the landlord. Service Realty’s Peter Muzyka repped the tenant.
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Lincoln Harris CSG brokered the lease of the Mid-Cities Medical Center, a 58k SF, state-of-the-art surgical hospital at 1612 Hurst Town Center Dr. Lincoln Harris CSG’s Brian Bacharach and Rhodes Baker of Lincoln repped the landlord.
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Vision Commercial completed lease negotiations for a general retail store at 4609 Denton Hwy in Haltom City. The lessee is neighbors with Hoffbrau Steaks, State Farm and QT. With this addition, the center is 100% leased. Visions Commercial VP Scott Lowe repped the landlord. The lessee repped itself.
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Equilibrium Health leased space at 3950 Fossil Creek Blvd in Fort Worth. The multi-story office building is now 100% leased. Vision Commercial’s Jeff Marek repped the landlord. The lessee was self-represented.
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Laird Plastics Inc leased 16k SF at Atrium at Campus Circle in Irving. Consolidated Electrical Distributors’ Peter Williams repped the tenant. Younger Partners’ Kathy Permenter and Ally Price repped the landlord.
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A baseball training facility leased space at 1501 Central Park in Hurst. It's one block from Loop 820 and Highway 121, 10 minutes from downtown Fort Worth. Vision Commercial president Roger Smeltzer repped the landlord, and Keller Williams Commercial’s Fred Hensley repped the lessee.
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LW Flooring leased an 11k SF property at Beltline Business Center in Carrolton. Kent Realty’s Bob Kent repped the tenant, and BBC’s Jim Fossier repped the landlord.
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Texas Clix Auction leased a 10k SF property in Arlington. Charles Lester Realty Advisors’ Chas Lester repped the tenant. Kent Realty’s Bob Kent repped the landlord.
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ESRP completed a 15k SF lease for Westlake Ace Hardware at Northcrest Village in Carrollton. ESRP’s Jake Pavelka repped the tenant. Newmark Grubb Acres’ Ted Lacy repped the landlord.
SALES
Vision Commercial completed sale negotiations for a medical condo at 823 Ira Woods in Grapevine. It's 100% leased. Vision Commercial’s Barrett England repped the seller.
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Ravi Randal Investment Group purchased Southwest Plaza, a 105k SF neighborhood center in Arlington. Pierson Retail Advisors repped the seller, SWP Enterprises' Bo Avery. Green Earth Realty’s Manuel Ramon, who will also lease and manage the center, repped the buyer. The purchase price was undisclosed.
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CBRE sold 94 acres at the northwest corner of Lancaster Road and I-20 in southern Dallas. Centurion American, based in Farmers Branch, purchased the tract from Sun NLF for an undisclosed price. CBRE's Thurston Witt repped the seller, and MetroCom Property’s Robert Maxey repped the buyer.
FINANCING
Greystone's Rob Russell provided $52M in Fannie Mae DUS loans for the acquisition of two large multifamily properties. InterCapital Group acquired The Parks at Treepoint, 586 units over 29.5 acres in Arlington, for $33M, and Post Oak Place, 11.1 acres with over 350 units in Euless, for $18.6M.
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BMC Capital's Clayton Wells arranged a $322k loan for the purchase of a 20-unit multifamily property. The loan featured a five-year fixed term, an interest rate at 4.5% and 70% LTV. The loan was arranged through one of BMC Capital's correspondent bank relationships.
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Metropolitan Capital Advisors arranged both the debt and equity for the Block at Bennett, a 22-unit high-end condo project in the trendy Henderson neighborhood. MCA arranged the financing on behalf of a partnership sponsored by Larkspur Capital.
THIS AND THAT
M.G. "Buddy" Herring, founder of Dallas-based The MGHerring Group, passed away on March 2 at the age of 74. Buddy was involved in the shopping center industry for over 35 years and developed more than 30 major shopping centers and regional malls totaling more than 25M SF.
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Dallas-based ORIX Corp announced that its ownership of RED has increased from 80% to 100%, after the company purchased the remaining minority shares. RED’s relationship with ORIX dates back to 2010. RED’s executive management team will remain in place and continue to operate RED as an independent entity based in Columbus, OH.
