This Week's Dallas-Fort Worth Deal Sheet
Five months before its opening date, Kaizen Development’s One Bethany West office building secured a major tenant.
Highlands Residential Mortgage signed a 10-year lease for nearly 26K SF inside the Watters Creek office development this week.
The building is the third of five office projects developing in the Watters Creek area.
“One Bethany West at Watters Creek will meaningfully contribute to the companies and people who strengthen our region’s robust economic engine and further highlights Allen as a location for corporate offices,” Kaizen Development Partners CEO and Managing Partner Derrick Evers said in a statement.
JLL’s Blake Shipley and Chris Doggett represented Kaizen Development Partners, while the tenant worked with Mohr Partners’ Rob Pipkin.
Highlands Residential Mortgage is expected to move into the building in November.
EXECS
NAI Robert Lynn named Randy Wood executive vice president of industrial leasing.
Wood brings three decades of experience to his new role, where he will be overseeing DFW leasing assignments linked to institutional owners.
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Gensler’s Dallas office just named two new principals: Lillian Giering and Cherrie Wysong. Giering previously served as regional practice area leader for financial services firms and has extensive experience dealing with clients in the tech and management services space.
Wysong is a Gensler leader who has already amassed a 6M SF portfolio made up of mostly commercial interior projects, the company said in a press statement. Wysong also serves on the firm’s project management committee and is a member of the professional services firm practice area committee.
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Stream Realty Partners promoted Blake Kendrick to managing partner for its Dallas and Fort Worth offices, made Matt Dornak managing director of the industrial division and named Chris Jackson president.
Kendrick will manage Stream’s business lines in DFW, including leasing, property management, construction and tenant services.
Dornak is tasked with growing the firm’s industrial leasing presence across the DFW area.
ACQUISITIONS AND SALES
The 196K SF Two Forest Plaza office tower just changed hands.
The building, at 12201 Merit Drive in Dallas, was sold to OrbVest US and Richmond Honan Lifehope by Encore Enterprises. The transaction amount is undisclosed. Colliers International’s Creighton Stark and Chris Boyd helped facilitate the sale.
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The Meadowlark Apartments in Garland sold to a new owner with substantial value-add plans. Located at 1226 South Shiloh Road in Garland, the 74-unit community is in a submarket where most assets have an average 96% occupancy rate and rents close to $200 below the average market rent for a one-bedroom in the DFW area. Marcus & Millichap’s Al Silva and Ford Braly negotiated the sale.
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The 69K SF Oaktree Plaza shopping center in Denton is in the hands of a new owner. SHOP Cos.’ Cameron Burk, Tommy Tucker and Alex Housewright represented the unnamed seller. An anonymous private investor acquired the center in a 1031 exchange.
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Alterra bought 8.5 acres on Collett Little Road in South Fort Worth from Empire Roofing. Stream Realty Partners’ Forrest Cook represented the buyer while Stream’s Jeff Rein and Seth Koschak represented the seller.
LEASES
Bradford Commercial Real Estate Services won a five-property leasing contract with Lakeland West Capital LLC this month. Bradford will lease and manage a portfolio of five offices located throughout the Mid-Cities and Arlington submarkets. The portfolio runs the gamut with occupancy rates of 17% to 100%.
The lease and management contract consists of the following assets:
▪ Airport Freeway Plaza at 4200 and 4304 Airport Freeway in Fort Worth.
▪ 3600 William D. Tate Ave. in Grapevine.
▪ Offices at Bedford West at 221 Bedford Road in Bedford.
▪ 4220 West Green Oaks Blvd. in Arlington.
▪ 701 East Interstate 20 in Arlington.
Bradford’s Erik Blais helped secure the listings. All of the properties are available for sale or lease.
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Future Tech Enterprises leased 23K SF at Jupiter/190 Business Park in Plano. Located at 1701 East Plano Parkway, the tenant secured the lease from landlord Barings. NMGKF’s Gary Lindsey and Cole Collins represented the tenant, while Stream Realty Partners’ Ryan Wolcott and James Mantzuranis represented the landlord.
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DDC Texas leased 22K SF at Gateway East Business Center, 4002 West Miller Road in Garland. The landlord, Barings, relied on Stream Realty Partners’ Ryan Wolcott and James Mantzuranis.
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Easy Ice inked a deal to lease 15K SF at 1300 Forum Way in Fort Worth from landlord Floyd Ventures. Stream Realty Partners’ Brett Carlton and Forrest Cook represented the tenant, while Transwestern’s Todd Hawpe represented the landlord.
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Spec’s Wine Spirits & Finer Foods just leased more than 16K SF at Cedar Hill Pointe, a shopping center at the northwest corner of Pleasant Run Road and U.S. Highway 67 in Cedar Hill.
Weitzman’s Michelle Caplan negotiated terms of the deal on behalf of the alcohol and beverage retailer. The landlord was represented by Weitzman’s Blane O’Banion, Michael Sweet and Scott Smith.
The store is expected to open in the second quarter.
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InfoVision inked a deal to lease 22K SF of office space in the Eastside Atrium at 800 East Campbell Road in Richardson. NAI Robert Lynn’s Kent Smith represented the tenant, while the landlord, AFS Eastside Atrium Ltd., was represented by Rick Currey and Pat Hanahan.
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All Pro Auto Reconditioning secured a lease for 20K SF at 1141 108th St. in Arlington. NAI Robert Lynn’s Patrick Embry represented the tenant, while Transwestern’s John Brewer represented the landlord.
THIS OR THAT
WorkSuites is opening another coworking location in DFW — this time in Southlake at 1560 East Southlake Blvd. inside Southlake Town Square.
This is the brand’s 17th location in the DFW metro area. The WorkSuites site is expected to occupy two floors and more than 19K SF.
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The North Texas Commercial Association of Realtors plans to induct Hunt Consolidated Executive Chairman Ray Hunt and Provident Realty Advisors founder and CEO Leon Backes into the NTCAR Commercial Real Estate Hall of Fame.
The group also will grant the Michael F. McAuley Lifetime Achievement Award to Diane Butler.
