This Week's Dallas-Fort Worth Deal Sheet
Construction started on the new 227-unit Highpoint on South Main apartments near Fort Worth’s Near Southside neighborhood at the site of the historic Coca-Cola Building, which is being preserved and incorporated into the six-story project.
Developer Seneca Investment Co brought on N.T.S. Architects and Planners to highlight and maintain the historic character of the property and surrounding area at 650 S Main St (across from the $90M Victory Medical Center which will open in August.) Demolition has already started on the site of the Coca-Cola building. KWA Construction president Keller Webster tells us you never really know what you’re getting into with old buildings until you get into the modifications of the structure and explore the new ways you’re going to use the space. Keller says the space is being incorporated into the new construction rather than rebuilding it, but the challenges are fairly similar.
Keller says the existing materials are very old and new materials will be added to bring the structure up to code and usable again. The owners want to stay true to the original design (old Coke building pictured) and aesthetic of the structure and not detract from the nostalgia of the building. Keller says the developers and surrounding community are focused on revitalization without losing the area's personality and charm. The idea is to respect the area’s past while still bringing new life to a growing community. No time frame has been released for the project’s completion.
THIS & THAT
The Ladies in CRE networking group met last week at the Knoll Trail Plaza with more than 50 young professional commercial real estate ladies gathering. Here’s MAPP Construction’s Kathy Boop and Caroline Hurley, Cawley Partners’ Addie Ludwig and Swearingen’s Ally Rice.
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Elizabeth Toon Charities hosted its annual kickoff event announcing its beneficiaries at Rockhouse Studio for this year’s annual concert and shootout. The 2015 Elizabeth Toon Charities concert and shootout (slated for May 7 and 8 at The Rustic and Dallas Gun Club) will benefit 18 organizations. Last year’s sold-out concert and shootout raised more than $533k for charity. Here’s JLL’s Larry Toon and Chief Partners’ Bill Vanderstraaten at the event.
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The Dallas JLL office was the first winner of the JLL Cup, an award that recognizes culture and performance. Similar in design to the Stanley Cup, the JLL Cup reigning winners will keep the cup in their market until a new winner is crowned the following year.
LEASES
Northern Tool + Equipment signed a long-term lease for 20k SF at 99 Ranch Marketplace at 111 W Spring Creek Pkwy in Plano. Venture’s Clay Mote is master broker for Northern Tool in all markets across the US and repped the tenant. Centennial Real Estate Services’ Oliver Robinson repped the landlord, Spring Creek Retail.
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Knight Volleyball leased 12k SF at 2532 Summit Ave in Plano. Stream’s Seth Koschak and Ryan Wolcott repped the landlord, DRA. Cushman & Wakefield’s Steve Wentz repped the tenant.
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Bridgestone Americas Tire Operations extended a 15k SF lease at 341-361 N Beach St. Stream’s Ryan Boozer repped the tenant. Colliers International’s Phil Rosenfeld repped the landlord.
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CKI Locker leased 14k SF at 700 Freeport Pkwy in Coppell. NAI Robert Lynn’s John Lancaster repped the tenant. LPC’s Michael Peinado repped the landlord.
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Leggett & Platt signed a 60k SF lease at 2107-2113 Franklin Dr in Fort Worth from JaGee Holdings. Lee & Associates’ Becky Thompson repped the tenant. CBRE’s Bob Scully repped the landlord.
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Custom Rack signed a 15k SF lease at 5116 Northeast Pkwy in Fort Worth with SE & AE Investments. Transwestern’s Jeff Givens and Tracy Georges repped the tenant. Transwestern’s Sarah LanCarte repped the landlord.
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Williams-Hayward Protective Coatings signed a 29k SF lease at 1001 NE Loop 820 in Fort Worth with Northbrook Business Center. Transwestern’s Sarah LanCarte, Jeff Givens and Tracy Georges repped the landlord.
SALES
Complete Hospitality Solutions purchased a 30k SF industrial building at 600 112th St in Arlington. NAI Robert Lynn’s Michael Stanzel repped the seller. Stream’s Ryan Boozer repped the buyer.
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Bleacher Properties purchased a 29k SF building at 205 W Hurst Blvd in Hurst. NAI Robert Lynn’s Michael Newsome repped the seller. Nueces Partners’ Billy Freed repped the buyer.
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The Greysteel Co’s Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss repped ABK Investments in its sale of the 304-unit Pecan Way apartments at 5821 Bonnie View Rd in Dallas.
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Berkadia partners Tom Burns and Jay Gunn negotiated the sale of the 282-unit Burn Brae at 4200 W Northgate Dr in Irving. The Chancellor of Las Vegas sold the complex to Northgate Investors of Avon, CT.
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Belle Hav/Tex sold 32k SF of office space at 3215 W Loop 820 S in Fort Worth to SW LP 820. Transwestern’s Bill Behr repped the seller.
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Wilshire Resources sold 24k SF of retail space at 2406 N Main St in Cleburne to PPL Real Estate. Transwestern’s Todd Hawpe and Jeff Givens repped the seller.
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Robert Pulido Sr sold 22k SF of retail space at 3967-3978 W Vickery Blvd in Fort Worth to Hemphill Seminary. Transwestern’s Grant Huff and Trey Neville negotiated the transaction.
EXECUTIVES
Peloton Commercial Real Estate hired John Brownlee as principal. His experience includes leasing, asset management, build-to-suit activities, and acquisitions and dispositions. He comes from KDC Real Estate Development & Investments.
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Todd Moore has been named COO at Hart Advisors Group. Previously, he was managing director of Presidium Asset Solutions.
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David Dees joined Fults Commercial Real Estate as SVP. In his role, he will focus on office and medical office landlord services. He comes from Case Commercial Real Estate Services, where he was director of landlord services.
NEW CONSTRUCTION
Stream Realty Partners broke ground on a three-building 945k SF industrial development in Northlake called Northport 35 Business Center. The project is slated for a Q4 completion. Stream Realty JVed with Clarion Partners, advising on behalf of an institutional investor. Here’s EMJ Construction’s Andy Munsch and Mike VanSlyke, Town of Northlake’s Nathan Reddin and Drew Corn, Stream’s Seth Koschak, Northlake Mayor Peater Dewing, Stream’s Cannon Green and Clarion Partners’ Andy Lower, RGA Architects’ Albert Jarrell, Bob Hagewood and Shane Harris, EMJ’s Ray Catlin and Rick Gilliland. Albert will oversee the project. Cannon and Bob will oversee the leasing of the project.
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Dallas-based Tribute Senior Living plans to begin construction on an advanced memory care and senior living community at the corner of Preston Road and Broadway in Prosper this spring.
FINANCING
KeyBank Real Estate Capital secured $52.75M in Freddie Mac CME financing for two Dallas multifamily communities. The first loan was used to refinance Grand Estates at Kessler Park, a 338-unit garden-style apartment community built in 2002. The second loan was used to refinance Grand Estates at Founders Park, a 336-unit garden-style apartment community built in 2004. Alex Buecking of KeyBank’s Commercial Mortgage Group originated and closed the 10-year term financing for both properties within 65 days.
