This Week's Dallas-Fort Worth Deal Sheet
CBRE released plans for $19M in improvements to Galleria Office Towers.
The Galleria Office Towers, on the corner of the Dallas North Tollway and LBJ Freeway, are slated for significant renovations, according to CBRE. One notable renovation is a new parking system featuring license plate recognition technology that provides easy access and departure, electronic signs that display the number of spaces available on each level, and overhead LED lights to alert drivers of open spots on each row. The parking system will be the first of its kind in North America.
Other improvements include new tenant lounges in each building, including a wine bar, collaborative co-working space and a coffee bar, as well as a spacious outdoor courtyard and multi-purpose conference centers. It's doubling the size of the state-of-the-art fitness center, renovating the lobbies, common corridors, restrooms and elevator cabs. The office is getting the 5-Star Worldwide program, including concierge services.
EXECS
Trammell Crow promoted K.C. Bills to VP. He'll be responsible for all aspects related to development, including deal sourcing, strategic planning, development execution, financing, leasing, and disposition of both spec and build-to-suit projects.
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Chris Farrar joined Henry S. Miller as director of capital markets. The move teams Chris up with managing director Jim Brownlow focusing on both debt and equity originations. Chris brings over 10 years of experience and $900M in capital placements within the structured finance industry. He'll work out of HSM's Houston office on Katy Freeway.
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Paul Vernon was hired as EVP and new head of Henry S. Miller Brokerage’s Retail Division. Paul will oversee landlord and tenant rep, retail and land development, and property disposition, as well as income properties and land sales.
LEASES
Gatti’s Great Pizza signed a new 3,500 SF lease in Preston Trail Village at 17194 Preston Rd with Richland Ferrell. Transwestern’s Trey Neville, Amber Calhoun, Frank Bullock and Whit Kelly repped the tenant.
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KBS Realty Advisors signed two renewal leases totaling 14k SF at Parkway Office Center. IOA Nine Hundred Executive Suites signed a 9,376 SF lease, and Great Southern Video inked a 4,214 SF. Transwestern’s Michael Griffin repped IOA Nine Hundred Executive Suites, and Colliers' Bob Acuff repped Great Southern Video in their respective deals. Cushman & Wakefield’s Trey Smith and Lauren Napper repped KBS.
SALES
Centurion American purchased 94 acres at the northwest corner of Lancaster Road and I-20 from Sun NLF for an undisclosed price. CBRE's Thurston Witt repped the seller. MetroCom Properties' Robert Maxey repped the buyer.
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IPA sold The Reserve at Village Creek, a 191-unit multifamily community in Burleson. IPA's Will Balthrope, Drew Kile and Rowan Burch repped the seller and procured the buyer.
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Venture Commercial Real Estate’s John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller completed the sale of Lakewood Square, a 15k SF multi-tenant retail center on the northeast corner of Teasley Lane and Robinson Road in Denton. Hudson Peter’s Michelle Hudson repped the buyer.
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Transwestern’s Jack Huff and Kyle Poulson repped sellers in two deals:
- Warren Clarke Russell, Trustee, sold 8.78 acres at 6601 Glenview Dr in North Richland Hills to RJ NRH I.
- The City of North Richland Hills sold 4.07 acres at 4131 Rufe Snow Dr in North Richland Hills to RJ NRH I.
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FTMLDM-Leo Lane purchased 23k SF at 11232 Leo Lane. NAI Robert Lynn’s Bob Spletter repped the seller, Leo Lane Investments. Mercer Cos' Adam Curran repped the buyer.
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Lake June purchased a 19k SF shopping center at 2627 S Cooper St in Arlington. Structure Commercial’s Troy Morgan negotiated the sale.
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IPA sold Trinity Bell Gardens, a 240-unit multifamily community in Fort Worth. Terms of the sale were not released. IPA’s Will Balthrope, Drew Kile and Rowan Burch repped the seller, Western Securities Ltd, and procured the buyer, Block Real Estate Services.
FINANCING
NorthMarq Capital VP Bart Dickinson arranged the refinancing of two properties:
- $2.05M refi of Oakridge Centre—a 29k SF retail property at 3315 Beltline Rd in Garland. The transaction was structured with a fully amortizing 25-year term. Financing was arranged through NorthMarq’s relationship with a life insurance company.
- $4.35M refi of Lone Star Self-Storage, an 87k SF facility in Rowlett. The transaction was structured with a fully amortizing 25-year term. NorthMarq arranged financing through its correspondent relationship with a life insurance company.
THIS AND THAT
Jordan Foster Construction’s work on the JJ Lemmon Industrial Center earned it first place in TEXO’s Distinguished Building Awards competition in the Industrial/Warehouse over $5M category. The building spans two warehouses, 780k SF, and more than 20 acres of parking lot and is on 98 acres in Southeast Dallas at the I-45 and I-20 interchange.
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Younger Partner’s Kelly Brannen (first row, fourth from left) was recognized at a recent IREM luncheon after earning the Certified Property Manager designation. She's pictured with Younger Partners' Rochelle Chelette, Carolyn Fackler, Autumn Stallings, Nicole Musto, Renee Baker, Greg Grainger, Davey McAleavey and Richard Turner.
