The Week in Dallas-Fort Worth Deals
Retail deals are heating up as activity increases with more aggressive underwriting and financing options in the past 12 months. A prime example: the $3.15M purchase loan for a multi-tenant retail center in Irving. BMC Capital’s Brian Gramlich arranged the purchase loan for 949 Royal Ln in Irving. The loan featured a seven-year term with 4.25% interest rate and a 25-year amortization. Brian says he expects the aggressive underwriting and available financing options should continue throughout 2015. This transaction encompassed three tenants (all restaurants) and the deal was closed about 35 days from the date of the signed LOI.
LEASES
US Art signed a 25k SF lease at 8401 Chancellor Row from Robbie Partners. Kent Realty’s Bob Kent repped both landlord and tenant.
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Avteq renewed 39k SF at 8401 Ambassador Row. Stream’s Jason Moser repped the landlord.
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American Hermetics leased 24k SF at 5017 Pulaski St. Stream’s Matt Dornak repped the landlord. Stream’s Hanes Chatham repped the tenant.
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Illinois Tool Works extended to 31k SF at 1275-1281 Round Table Dr. Stream’s Jason Moser repped the landlord. CBRE’s David Easterling repped the tenant.
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Overland Rentals signed an 11k SF lease at 1901 N Hwy 360 in Grand Prairie from Capital Commercial Investments. Bradford’s Sharon Friedberg, Melanie Hughes and Erik Blais repped the landlord in the direct deal.
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Ibanez AGM Countertops leased 27k SF at 2200 Regency Dr. Stream’s Ryan Boozer and Todd Poticny repped the landlord. City Realty Group’s Robert Todd repped the tenant.
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Jam Station signed an 18k SF lease at H Mart Towne Centre in Plano from RPI Parker Towne Centre. The Retail Connection’s Scott Rosse repped the landlord. Retail Plazas’ Trey Hodge and Cory McCord, along with EKH + Partners’ Earl Harris repped the landlord.
FINANCING
CBRE’s Greg Greene and Scott Lewis arranged financing for the acquisition of three office properties including Lookout Plaza in Dallas (pictured) and two out-of-state assets for Grupo Haddad, a large Mexico City-based diversified investment group. The loan is through BBVA Compass. The 584k SF portfolio is 99% leased.
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Grandbridge Real Estate Capital closed a $33M loan secured by Century Lake Forest Apartments, a 334-unit garden-style multifamily community in McKinney. The fixed-rate acquisition loan was provided through Fannie Mae’s DUS loan product and featured a seven-year term and 30-year amortization with a three-year interest-only component. SVP Taylor Williams and VP Purvesh Gosalia originated the transaction.
SALES
P7/Sealy Marsh Land 1 Owner sold a 2.039-acre tract at 1009 and 1013 Marsh Lane in Dallas to Kwik Kar Marsh. Bradford’s Susan Singer repped the seller. Keller Williams’ Tracey Dunham repped the buyer.
EXECUTIVES
Rachel Peck joined ML Realty Partners as senior asset manager. She will oversee portfolio operations and negotiate leases. She comes from Sears Holdings Corp in the Chicago area.
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Duke Realty promoted Ryan Rothacker to VP regional asset manager. He will continue to lead Duke Realty’s Midwest healthcare region and also oversee the company’s healthcare properties in the South region.
