This Week's Dallas-Fort Worth Deal Sheet
Billingsley Co inked three leases totaling 87k SF at 8951 Cypress Waters Blvd at the Offices of Cypress Waters, including a 63k SF lease for Toyota Industries Commercial Finance.
Toyota Industries Commercial Finance leased 63k SF on the third floor for its new global and North American HQ. TICF, a financing arm of Toyota Industries, provides financing for forklift and other industrial equipment. TICF will occupy the space in Q4. JLL’s Ronda Clark, Wade Clark, Alan Wood and Kimarie Ankenbrand repped TICF. imortgage, a division of LoanDepot, signed a new 14k SF lease on the first floor of the building. The mortgage banking company is one of the fastest-growing privately held retail companies in the US. It also plans to move in in Q4. The tenant was repped by Voit Real Estate Services’ Mark Caston and Jon Boland. A third lease for 9,500 SF went to ZAK Products.
LEASES
Total Wine & More signed a 24k SF lease at the northwest corner of Loop 288 and Brinker in Denton. The Retail Connection’s Jack Weir and David Levinson repped the landlord, RPAI. UCR’s Darrell Hernandez repped the tenant.
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Tax Ease leased 10k SF at 14800 Landmark Blvd in Addison from TriGate Capital. Tax Ease was repped by Jackson Cooksey’s Garrett Gibbons. DTZ’s Rodney Helm and Ward Eastman repped the landlord.
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Brainspace leased 11k SF at 15601 Dallas Pkwy in Addison from Franklin Street Properties. Brainspace was repped by Thomas Holland’s Clayton Thomas. DTZ’s Chris Taylor and Trey Smith repped the landlord.
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Moysha Home Furnishings leased 26k SF at 701 Eight Twenty Blvd in Fort Worth from Exeter 700-715 Eight Twenty. Bradford’s Nick Talley repped the landlord. Strategic Realty Consultants’ Eric Glusing repped the tenant.
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Stericycle leased 23k SF at 105 Decker Ct in Irving. Stream’s Tim Terrell and Mark Hayes repped landlord CP II Crestview. CBRE repped the tenant.
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All Star Inflatables leased 23k SF at 11110-11120 Grader St in Dallas. NAI Robert Lynn’s Stephen Cooper repped the landlord, Prologis. Stream’s Eric Crutchfield and Seth Koschak repped the tenant.
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Edge Imports leased 22k SF at 1441 Patton Pl in Carrollton. Stream’s Ryan Boozer repped the tenant.
EXECUTIVE PEOPLE
James “Beau” Jones Jr. joined Cohen Financial as managing director. He has more than 20 years of experience in the commercial real estate asset management, underwriting and due diligence specialties. He will focus on growing the firm’s loan servicing, asset management and asset advisory services practice reach to financial institutions, private equity firms and investment banks across the country. He comes to the firm from The Birdseye Group in Dallas, where he was partner and managing director of business development.
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William Jarnagin, Michael Ware and Taylor Hill joined Berkadia as senior directors. They will specialize in value-add and institutional assets. The trio joins from Marcus & Millichap’s Dallas office.
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Jim Brownlow, Mike Bristol, John Blackburn and Parvez Malik joined the Henry S. Miller Cos. Jim will be SVP of Henry S. Miller Equity Partners. He brings over 40 years of commercial real estate experience to the Miller team. He comes from a company he founded, Stonehill Capital. Mike comes from his own firm, Bristol Advisors. John was part of the team responsible for the development of Las Colinas. Parvez comes from his own firm, as well, BZR Commercial Realty.
SALES
JP Realty Partners purchased the 20-story 634k SF Trinity Towers office building near Love Field. Details of the sale were not disclosed. JLL managing directors Evan Stone and Jack Crews, along with VP Lauren Zimmer, brokered the transaction. Trinity Towers features renovations including elevator modernization, upgraded lobby features and a full-service fitness center. The building is 90% leased.
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Davidson & Bogel Real Estate's Edward Bogel and David Davidson Jr. brokered a sale for 2.4 acres at the southeast quadrant of Spring Creek and 121 in Plano. The property sits between Nebraska Furniture Mart and Toyota’s future corporate campus. Sealy & Co was the seller. Leon Capital was the purchaser.
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Hunt Mortgage Group provided $10.5M bridge financing for the acquisition and rehabilitation of the 436-unit Surrey Row Apartments at 7272 Marvin D. Love Fwy in Dallas. The loan represents 80% of costs. The loan terms include a 24-month term, plus 12-month extension option, with interest only payments for the full term. The borrower is IRG MDL, a Delaware limited partnership, backed by key principal Elliott Aronson, who was represented by Sal Torre of Estreich & Co of New York.
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Chicago-based GlenStar Properties and USAA Real Estate Co acquired the 958k SF Energy Square from a JV between Champion Partners, Lincoln Property Co and Longwharf Real Estate Partners. The new ownership has a redevelopment plan to further integrate office, retail and potential multifamily components. Energy Square has approximately 40k SF of rentable contiguous space remaining. The buildings were last renovated in 2012. JLL managing director Jeff Eckert, EVP Daryl Mullin, SVP Jay Bailey and VP Blake Shipley will lead the leasing and marketing effort.
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HFF arranged a combined $26.34M refi for borrower AmeriSouth Realty to secure financing in five multi-housing communities totaling 890 units in Dallas and Austin. Rialto Mortgage Finance provided loans for three of the properties and Edgewood Capital Advisors provided loans for the remaining two assets. Proceeds were used to refinance existing debt on the properties. Among the properties are the 100-unit Springdale Apartments in Haltom City, the 192-unit Terrace View in Grand Prairie, the 322-unit Park Creek Manor in Dallas and the 76-unit Pythian Manor Apartments in Dallas. HFF’s debt placement team was led by associate director De’On Collins and senior managing director John Brownlee.
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The Johnson Development Corp and Tricon Capital Group JVed to purchase the 2,083-acre master planned community of Viridian from an entity controlled by CrossHarbor Capital Partners of Boston. The project has 1,000 lots, which have been contracted to be sold to 10 national and regional homebuilders, of which approximately 700 sales have already closed.
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Granite Properties closed on the purchase of West End Marketplace at 603 Munger Ave. The seven-story, 237k SF building in the Dallas CBD will be redeveloped for office use with restaurants on the ground floor and rooftop amenities. Granite has renamed the building Factory Six03. The building’s historic materials will be restored, while integrating modern infrastructure and building systems. An eighth-floor addition will include a rooftop entertainment space and amenity deck with views of downtown. Additional common areas will include a community lobby, conference facility, coffee bar, and the existing basement will be converted to parking. Factory Six03 will also be home to two ground-floor restaurants. Granite is working with architects GFF and ArchiTexas. Design and construction will take 13 months, and a contractor will be announced this summer. Factory Six03 is being pre-leased, and will be ready for occupancy September 2016.
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Pierson Retail Advisors’ Jennifer Pierson and Beth Pierson brokered the sale of the 125k SF Ruisseau Village shopping center at 3303 N Central Expressway in Plano. PRA represented the seller, West Plano Retail. A California buyer purchased the asset for an undisclosed price.
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El Rancho Properties purchased the 152-unit El Rancho Escondido apartment community at 2840 Las Vegas Trail in Fort Worth. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss repped the seller, Lackland.
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Advantage Storage purchased 1.16 acres at the corner of Midway and Plano Parkway in Plano. Structure Commercial’s Eric Deuillet negotiated the sale.
