This Week's Dallas-Fort Worth Deal Sheet
Despite a massive wave of uncertainty throughout the global economy, commercial real estate deals in North Texas continue to close.
In fact, one Grapevine office building linked to a portfolio of five assets sold within a week of hitting the sales block.
With the help of Bradford Commercial Real Estate Services, Lakeland West Capital LLC sold a 20K SF building on 2.3 acres at 3600 William D. Tate Ave. in the DFW suburb of Grapevine.
The buyer is a local real estate firm operating under the name 3600 WDT LLC.
The asset sat on the market for a week before finding the right buyer, Bradford Commercial said. The building is part of a five-building portfolio owned by Lakeland West Capital.
Bradford's Eric Blais credits the size of the building, along with its parking ratios and location, for the quick sale.
"There are very few buildings for sale of that size that will work for an owner-user," Blais said in a statement.
EXECS
Vision Commercial Real Estate named Tracy Gray vice president, specializing in hospitality and investment properties.
Prior to joining the brokerage, Gray worked at Colonial Commercial Real Estate, where he focused on large CRE sales and acquisitions, handling everything from office towers, shopping centers and event venues to specialty assets.
Gray also spent a decade in the hospitality sector, serving Le Cep restaurant in Fort Worth as a partner and manager.
SALES
The Burgundy multifamily complex on Marsh Lane in Dallas sold for more than $7M this month. The property, which comes with 111 apartment units, was purchased with the help of financing secured by NorthMarq's Dallas office.
NorthMarq's Dallas-based Will Hancock and Orlando-based Melissa Marcolini Quinn secured financing on behalf of the borrower through its relationship with Barclays Capital. NorthMarq also brokered the sale through the firm's multifamily investment sales platform.
The team obtained a 10-year loan term for the buyer, complete with three years of interest-only payments, followed by a 30-year amortization schedule.
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Sally Aging LLC sold a four-plex multifamily asset at 110 North Willomet Ave. in Dallas. The buyer is SWH LLC.
Bradford Commercial's Nick Talley and Katherine Graham represented the seller.
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The 274-unit Copper Creek apartment complex in Fort Worth sold this month after receiving seven offers during a four-week marketing period.
Marcus & Millichap's Al Silva represented the property's seller, Florida-based DIJ Properties. He also found the buyer, a private investment company based in Texas.
The apartment complex is at Interstate 30 and Loop 820 with easy access to Downtown Fort Worth and Arlington. The asset is 34 years old and sits atop 12.4 acres.
The 17-building complex is in a resort-style layout and already features numerous upgrades from renovations executed in 2013 and 2017.
LEASES
Informative Research leased 16K SF at Las Colinas Commons, a facility at 1555 West Walnut Hill Lane in Irving.
The landlord, West Walnut Hill LLC, chose Holt Lunsford Commercial's Geoff Shelton and Marshall Mays to handle negotiations, while Bradford Commercial Real Estate Services' Erik Blais represented the tenant.
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Lone Star Hair LLC leased nearly 13K SF of industrial space inside the Las Colinas Distribution Center 5, at 3429 West Story Road in Irving.
The landlord, Los Colinas AAA Investment LLC, hired Bradford Commercial Real Estate's Jason Finch and Brian Pafford to handle negotiations, while JSK Infinity LLC's James Kim represented the tenant.
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Dallas Staging Solutions leased more than 7K SF of warehouse space at 11048 Shady Trail in Dallas from WC Shady Trail Business Center LLC. Bradford Commercial Real Estate Services' Josh Meraz represented the tenant, while Keller Williams Realty of Plano's Bob Conson represented the landlord.
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Cholla Petroleum signed a lease for nearly 12K SF at 12221 Merit Drive for a term of seven-and-a-half years. The landlord, Hartman Income REIT, was represented by Jessica Cyphers, while Pediatrix Medical Services represented the tenant.
THIS OR THAT
Commercial real estate giant Transwestern is considered one of the Best Workplaces in Texas, according to Fortune Magazine and the Great Place to Work organization.
It is the third time Transwestern made the list.
The survey recognized Transwestern for offering a quality benefits package, robust vacation offerings, wellness and philanthropy endeavors, paid training and growth opportunities.
The firm also received praise for offering employees formal mentorship programs, a women's initiative and a young professionals group to give associates opportunities to learn, network and grow throughout their careers.
“We are truly honored to once again be named one of the Best Workplaces in Texas,” Transwestern Cos. CEO Larry Heard said in a statement.
“Like every company across the country, our team members are rising to the occasion to deal with the unprecedented circumstances before us. In addition to applauding Transwestern’s team members, I would like to say thank you to business leaders and your team members for your resilience during this period. Together, we will persevere and get to the other side of this upheaval.”
