This Week's Dallas-Fort Worth Deal Sheet
Pillar Commercial is the latest real estate investment firm to spot prime opportunities in the comeback market of Addison, Texas.
Through its Pillar Real Estate Fund I, the firm just closed on the 183K SF Addison II light industrial building at 4550 Excel Parkway.
It is the fund’s third investment in the value-add and core-plus commercial real estate space.
Sitting adjacent to Addison Airport and the Dallas North Tollway, Addison II is 100% leased with key tenants such as Southern Glazer Wine & Spirits, Assurant Solutions and Arbonne International.
Crossfirst Bank provided financing for the purchase with Pillar Commercial relying on JLL’s Brian Carlton to source the debt.
“The quality of Addison II and its strong tenancy were key factors in this acquisition,” Pillar Commercial founder and President Manny Ybarra said in a statement.
“In addition, the property’s location is ideal for users seeking a combination of office and production space within a micro-market that currently stands at 94% occupancy.”
EXECS
Fremon Baker has joined Transwestern’s Fort Worth office as a member of the occupier solutions team.
In his new position, Baker will handle retail, agency and ground leases along with tenant rep work, land and income property sales.
Baker joins the firm after founding and running his own CRE development and brokerage firm, TCK Real Estate Advisors. Prior to that, he spent 19 years at Trademark Property Co. as a senior vice president of development and asset management.
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Mikel Wilkins has joined the Dallas office of TBG to lead the firm’s efforts in sustainable design. He will oversee planning and design projects from a sustainability standpoint, looking for ways to improve developments.
Wilkins is an environmental engineer and formerly ran his own practice, Urban Ecoplan, out of Dallas.
ACQUISITIONS AND SALES
An undisclosed buyer purchased three single-tenant commercial properties in a transaction valued at $8.1M.
The seller, a private investor out of California, hired Avison Young’s Patrick Barnes to sell three properties in Dallas occupied by Davita Dialysis.
The properties are at 481 Shiloh Road in Plano, 776 East Centerville Road in Garland and 805-815 Beckley Ave. in Dallas.
The buyer is a private investor out of Dallas represented by NLF Advisors’ Christopher Goodman-Triolo.
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A private investor out of Fort Worth acquired a 20K SF single-tenant manufacturing building at 8900 Forum Way in Fort Worth. The building sits on 3.6 acres and is 100% occupied by Waples Manufacturing.
Stream Realty Partners’ Jamie Jennings, Andrew Rabinovich and Jeff Rein represented the seller, Agarita Management Co.
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RFF Family Ltd. acquired a 33K SF warehouse at 706 East Red Bird Lane in Duncanville from Mazaya Investments LLC.
Matthews Real Estate Investment Services’ Kyle Matthews represented the seller, while Bradford Commercial Real Estate’s Josh Meraz represented the buyer.
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The 278-unit Windrush Apartments in Fort Worth has a new owner. A California-based buyer acquired the 36-year-old property as a value-add proposition from Shore To Shore Properties.
The sale closed in the midst of the massive COVID-19 crisis with FourPoint Investment Sales Partners’ Kevin DuFour and Kyle Peco handling the off-market deal.
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On The Road Lending.org acquired a 20K SF warehouse at 202 Comstock in Dallas from seller Comstock Ventures LLC. Stream Realty Partners’ Jason Moser and Drew Feagin represented the seller, while Cushman & Wakefield’s Jay Lucas represented the buyer.
LEASES
The Trinity Commons shopping center in Fort Worth is getting a new tenant in Body Bar Pilates.
The fitness-focused brand will be opening at the center at 3100 South Hulen St. in Fort Worth.
The tenant is a Body Bar franchisee represented by Slate Real Estate Co., while the landlord, Brixmor Property Group, selected Vision Commercial Real Estate’s Scott Lowe, Molly MacEwan and Clint Renfro to handle negotiations.
THIS OR THAT
A new dessert shop is coming to McKinney.
Cremcrittos signed a lease inside the Plaza on Lake Forest. The shop will occupy 2K SF inside the 10K SF center at the corner of Lake Forest Drive and McKinney Ranch Parkway.
Bright Realty represented the landlord, while JP & Associates represented the tenant.
UPDATE: APRIL 7, 9:45 A.M. CT: This article has been updated to include information on Transwestern's hiring of Fremon Baker.
