This Week's Dallas-Fort Worth Deal Sheet
Office projects keep hitting the market with two more coming on line this week: the 88k SF Crown Plaza (a three-building complex) at 11494-11498 Luna Rd in Farmers Branch and the 46k SF The Centre at Brookhollow at 2261 Brookhollow Plaza Dr in Arlington.
We learned about this pre-market listing during happy hour at the Full Circle Tavern with Younger Partners’ JT Samford, Dustin Volz and Zane Marcell. Zane tells us the team closed 10 deals in the second half of 2014 alone, including 2325 E Belt Line Rd, a 137k SF cash-flow industrial deal with a great return that traded at full list price last fall. Capstone’s Larry Robbins repped the buyer. Dustin tells us they’re focused on office and industrial investment sales in the $18M range and below, and they're on track to close approximately 25 deals in 2015.
They tell us the portfolio (which will be priced at $16M) has received substantial capital improvements by the owners with potential upside from moving current below-market rents closer to market rates. The ownership structure is a partnership between a local operator and out-of-state equity partners, with one of the key equity partners looking to retire and transition out of real estate, Dustin says.
SALES
Zimmerman Enterprises acquired the 34k SF Northridge Court retail center at 2741 E Belt Line Rd in Carrollton. The property was 56% leased at sale time. The California-based seller, Venice Ltd, was repped by Bradford’s Leigh Richter and Kevin Santaularia. Street Commercial’s Evan Bloom repped the local buyer, a retail investor. The sale was completed in a 30-day look and seven-day close.
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Ramon Franklin purchased three buildings totaling 16k SF at 117 Roberts Cut Off Rd in Fort Worth from Chapel Heights Properties. Coldwell Banker Commercial Alliance DFW’s Theron Bryant and Casey Tounget repped the buyer. Keller Williams Commercial’s Dale Erwin repped the seller.
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Transwestern Investment Group, on behalf of Diversified International Partners, purchased the 123k SF 550 Bailey from Goff Capital. The Class-A building in Fort Worth’s Cultural District was recently renovated. Since 2008, ownership invested approximately $6M to transform the former single-tenant corporate HQ building into a multi-tenant office property. An additional $5M went into leasehold improvements over the same period. Renovations include lobby and common area remodels, elevator modernization, exterior landscaping enhancements and construction of a covered walkway from the parking garage to the office building. CBRE’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill repped the seller.
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Stewart Creek International Investors sold Stewart Creek Office Center II, a Class-A office building at 5750 Genesis Ct in Frisco. Colliers International’s Creighton Stark and Jack Minter repped the seller. The property was developed in 2006 by the ownership because of its access to numerous restaurants, retail, recreational amenities and strong demographics. It's fully leased to 10 tenants.
EXECUTIVES
Natalie Snyder joined Cushman & Wakefield as associate director. She will be responsible for tenant rep throughout the region. She comes to Cushman from Transwestern, where she was a VP.
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Presbyterian Communities and Services named Darrell Baltimore as executive director of Grace Presbyterian Village. He will manage day-to-day operations of the community. He has served 10 years as executive director at three large senior living companies, supervising and administering programs for older adults.
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Centennial Real Estate Co added Nick Bendorf as assistant VP on the acquisitions team, Renee Tims as senior property manager and Regina Weaver as property controller. Nick comes from Hudson Advisors, the real estate arm of Lone Star Funds. Renee comes from The Westwood Financial Co and Regina comes from CDK Realty Advisors.
LEASES
H & M inked a 23k SF lease for a new location at Golden Triangle Mall in Denton. The store is slated to open this fall.
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Moco Enterprises leased 21k SF at 1600 Capital Ave in Plano. NAI Robert Lynn’s Dave Peterson repped the tenant. Mark V Commercial’s Mike McCartan and Jeff White repped the landlord.
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Centro leased 11k SF at 5307 E Mockingbird Ln in Dallas. Avison Young’s Susan Blair, Bret Hefton, Linda Hornik and Dino Sepsis repped the tenant. DTZ’s Ward Eastman and Clint Madison repped the landlord, Real Estate Capital Partners.
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Behringer Harvard leased 59k SF at 15601 Dallas Pkwy in Addison. JLL’s Jeff Staubach, Steve Thelen and Torrey Littlejohn repped the tenant. DTZ’s Chris Taylor and Trey Smith repped the landlord, Franklin Street Properties.
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White House Custom Colour leased 26k SF at 2200 Big Town Blvd in Mesquite. NAI Robert Lynn’s Stephen Cooper repped the landlord. Transwestern’s Joe Whitmer and John Thompson repped the tenant.
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Bright Way Group leased 43k SF at 12150 Shiloh Rd in Dallas. NAI Robert Lynn’s Stephen Cooper repped the tenant. Holt Lunsford’s Josh Barnes repped the landlord.
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Tosca Services leased 72k SF at 10423 Sanden Dr in Dallas. NAI Robert Lynn’s Stephen Cooper repped the landlord. Ellis and Tinsley’s Charles Team repped the tenant.
CORRECTION: In our March 17 issue, we identified the incorrect GC for the Colleyville Stampede retail project. The GC is Scott+Reid General Contractors, which is building the shell building for Standridge and submitting bids to build out some of the interiors.
