This Week in Dallas-Fort Worth Deals
A JV of Mill Creek Residential and Elite International Investment Fund started construction on a 207-unit upscale apartment community at the southwest corner of Cedar Springs Road and Welborn Street in Turtle Creek.
Modera Turtle Creek will be a six-story structure with three levels of subterranean parking on what was a vacant lot purchased from Oak Lawn United Methodist Church. Modera Turtle Creek will have a walk score of 89. The project will include a resort-style pool with tanning edge, an outdoor lounge and cooking area with gas grills, a fitness center, controlled-access parking, private storage and WiFi connectivity in common areas. With the addition of Modera Turtle Creek, Mill Creek will own and operate 938 apartment homes, and it's begun construction on more than 707 additional apartments, in the Dallas metro.
LEASES
Ozburn-Hessey Logistics leased its sixth DFW-area location, taking the entire 101k SF Northpoint Trade Center Building II at 731 Eight Twenty Blvd in Fort Worth from Exeter 700-751 Eight Twenty. Nashville-based Ozburn-Hessey was repped by CBRE’s Ann Huntington. Bradford VP Nick Talley repped the landlord.
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Central Freight Lines inked a 66k SF lease at 1900 Anson Rd in Dallas from Denton Hines Properties. Colliers’ Allen Gump repped the landlord.
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Wingstop Restaurants expanded 12k SF (for a total of 38k SF) at 5501 LBJ Freeway in Dallas. Stream Realty VP Todd Noonan repped Wingstop. Thompson Realty’s Barbara Bennett and Art Kline repped the landlord, TR LBJ Campus Partners.
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Foxworth-Galbraith Lumber Co renewed its 25k SF lease at 4965 Preston Park Blvd in Plano from Stockbridge/Griffin Preston Park. Hudson Peters Commercial’s Janice Peters repped the tenant. Cushman & Wakefield’s Rodney Helm and Clint Madison repped the landlord.
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Beyond leased a 58k SF office and warehouse space at 8700 Ambassador Row in the Dallas Design District. NOVUS Realty Advisors principals John St. Clair and Grant Brodeur and associate Michael Ytem repped the tenant.
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Superior Pool Products renewed 25k SF at 800 Industrial Blvd in Grapevine from KTR DFW. Bradford’s Michael Spain and Nick Talley repped the landlord. Pool Development’s Jerry Delahoussaye repped the tenant.
GROUNDBREAKING
Granite Properties and Cooper & Stebbins broke ground last week on a 160k SF Class-A office project, Granite Place at Southlake Town Center (SH 114, just east of North Carroll Avenue). The office building will be next door to the Hilton Southlake Town Square. Granite Place will include an attached parking garage, an on-site meeting facility and an upscale restaurant.
SALES
FWFW Holdings sold 128 acres at FM 3325 in Fort Worth to Wilbow Morningstar Development Corp. Transwestern’s Lester Day and Matt Bilardi repped the seller.
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Saloner Family Investments sold a 57k SF industrial building at 120 St. Louis in Fort Worth to VKR Construction. Tranwestern’s Todd Hawpe and Jeff Givens repped the seller.
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Venture Commercial Real Estate’s John Zikos, Jonathan Cooper, Christopher M. Gibbons and Don Miller facilitated the sale of Allen Exchange, an 11k SF multi-tenant retail center at the northwest quadrant of West Exchange Parkway and US Hwy 75 in Allen. The team repped the seller, Hampton Properties and AEC Exchange. Stan Johnson Co’s Jim Gibson repped the buyer, TSM Ventures. In addition to brokering the sale, Venture Commercial repped the owner on the initial leasing of the retail project to 100%.
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Oaksbranch sold 15 acres at Roy Orr and Trinity boulevards in Grand Prairie to Riverpark II. Tranwestern VP Joe Rudd repped the seller.
EXECUTIVE PEOPLE
Brant Brown joined Westmount Realty Capital as CFO. Before Westmount, he spent more than a decade working with Fortress Private Equity (specifically its mortgage outfit, Nationstar Mortgage), Invesco Real Estate and Ashford Hospitality.
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Bob Helterbran and Mark Freeman joined Younger Partners to form the multifamily investment sales platform. Bob and Mark will specialize in providing acquisition and disposition services for apartment owners.
KUDOS
Congratulations to the 2015 CREW Dallas award winners. Republic Title of Texas’ Lindsey Jamar Carroll was named the Outstanding New Member and Colliers International’s Shannon Whitehead was named Most Valuable Player. The Trocchio Advantage’s Liz Trocchio, Strasburger & Price’s Diana Bearden and Springboard Consulting’s Cindy Cohn took the honors for the individual category for the Career Advancement for Women. Amegy Bank was selected for the Career Advancement for Women in the company category. The CREW in the Community Award for Philanthropic Excellence was presented to Herrin Commercial Real Estate’s Sharon Herrin, who was also inducted as a new lifetime member. She joins Diane Butler, Eliza Solender, Beth Lambert Saul, Martha Carlson, Irene Hosford, Trisha Ewert and Suzan Cooper. Pictured are Lindsey, Shannon, Sharon, Amegy's Lindsay Jones and Diana. Not pictured are Liz and Cindy.
THIS & THAT
We snapped the Hunt Mortgage Group’s annual holiday party at the Dallas World Aquarium. Here’s Dimension Capital’s John Lang, Hunt managing director of the Dallas office Vic Clark and his friend, Kelly Suhy, Hunt’s Jon Trauben (head of the capital markets group in New York) and Greg Cazel (head of the Chicago office). Vic tells us Hunt recently closed a $35M small balance portfolio in the Freddie Mac program with great pricing, great structure and a premier client.
