This Week's Dallas-Fort Worth Deal Sheet
Market fears over retail spaces losing tenants at a rapid pace may soon be allayed by the unleashing of new broker strategies to creatively backfill vacated properties.
One such example is retailer Elegant Furniture’s new space in Tarrant County.
The tenant, which is part of the 5 Star Furniture company, combined two empty retail spaces vacated by Tuesday Morning and GNC in Watauga, Texas, to create a new store site.
The two retailers previously left vacant outlets inside the Brooks Crossing shopping center, located on the 6200 block of Rufe Snow in Watauga. The two sites together offered the tenant nearly 12K SF and a chance to repurpose old retail shops left dark by struggling times in the retail space.
Weitzman’s Michael Sweet negotiated on behalf of the shopping center, while Elegant Furniture relied on Re/Max Town & Country.
EXECS
KAI Enterprises President Darren James is now a member of the Texas Board of Architectural Examiners.
James was appointed to the TBAE by Texas Gov. Greg Abbott. The nine-member board oversees the regulatory agency and its examination, registration and regulation of Texas architects, interior designers and landscape architects.
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Construction firm LGE Design Build named Taylor Mitcham a project executive in Dallas. Mitcham will facilitate existing and new client and partner relationships throughout the Southwest and will work on enhancing and growing the firm’s business development efforts in markets across Texas. He brings more than a decade of CRE experience to the role.
CONSTRUCTION AND DESIGN
The Omni Las Colinas Hotel, formerly known as the Omni Mandalay, finalized a $13M renovation project this summer.
The luxury hotel updated various common spaces and added three dining concepts, including LRH Restaurant & Bar, Flossie’s and Over the Counter.
Omni also improved its Lakehouse Waterfront Lounge area to feature a new resort-style poolscape and lounge.
ACQUISITIONS
The Generic Management partnered with CAF Capital Partners to buy a five-story, 459-unit apartment building known as Evoke.
The complex is at 1025 Preston Road in Plano. The purchasers financed the acquisition using 1031 exchange proceeds from a data center land sale and a $63M Freddie Mac loan. Phillips Realty Capital’s Adam Bieber and William Lawson served as advisers to the acquisition and sourced the agency debt used during the sale.
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EZA Property bought a 65K SF warehouse facility at East 1205 Avenue H in Grand Prairie. NAI Robert Lynn's Michael Stanzel handled negotiations.
LEASES
A family-owned real estate investment firm with holdings in Tarrant County hired Bradford Commercial Real Estate Services to lease the remainder of two properties.
The buildings in the portfolio include the 65K SF Legend Bank Building in North Richland Hills and the 22K SF Colleyvillle Plaza in Colleyville. Both of those facilities are more than 50% occupied.
Located at 6851 Northeast Loop 820, the Legend Bank Building is 52% occupied and is undergoing a repositioning effort.
Colleyville Plaza, which is located at 5005 Colleyville Blvd., has one vacant, 5K SF space for lease. Bradford describes the 3.3-acre Colleyville Plaza as a mixed-use facility composed of retail and office product.
Bradford’s Leigh Richter and Erik Blais were selected to handle the listings.
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Continental Batteries inked a 15K SF lease at 8585 Stemmons Freeway in Dallas. The site will serve as the firm’s headquarters, housing 80 employees.
The landlord, Ricchi Group, relied on TXRE Properties’ Kolby Dickerson during negotiations, while Colliers International’s Brad Balke represented the tenant.
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Millennium Packaging LP signed a lease agreement with landlord HPA Real Estate LP for 22K SF inside Mountain Creek Business Park, Building 7. The site is at 4940 North Merrifield Road in Dallas.
Bradford Commercial Real Estate Services’ Jason Finch and Michael Spain handled negotiations for the landlord, while JLL’s Elizabeth Jones and Chris Stout represented the tenant.
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BFS Services renewed a 126K SF lease at Lakeside Trade Center, 500 Enterprise Drive in Flower Mound. Stream Realty Partners’ Jeremy Kelly and Sarah Ozanne represented the landlord, Clarion Partners, while Lee & Associates represented the tenant.
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Falcon Farms leased 12K SF at 815 South Coppell Road in Coppell. Stream Realty Partners’ Charles Brewer and Mac Hall represented the tenant.
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Parker-Hannifin Corp. leased 145K SF at Peachtree Distribution Center, 510 Peachtree Road in Mesquite. Stream Realty Partners’ Matt Dornak and Adam Jones represented the landlord, LIT Finance II, while Cushman & Wakefield represented the tenant.
THIS OR THAT
Coworking brand WorkSuites is schooling coworking firms on how to get parents back to work.
The firm is creating Zoom Rooms for kids studying remotely. The coworking brand added kids’ rooms, so the children of clients can hang out or do school work while their parents are working nearby. The offering keeps clients engaged inside the coworking site, while giving them and their kids more space for daily work assignments.
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General contractor Speed Fab-Crete took home the Design-Build Institute of America’s National Merit Award in the “Commercial/Office” category for its build-out of the Greenwood Funeral Home Advance Planning Office in Fort Worth.
Fort Worth-based Speed Fab-Crete is among only two firms to receive this designation in 2020 as part of the DBIA project/team awards competition.
The winning Advance Planning office was designed by architectural firm Callahan & Freeman. Speed Fab-Crete built the facility’s storm-resistant precast wall using modular fee brick veneer, the company said.
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Known for making biscuits from scratch, The Biscuit Bar is opening its fifth location inside the historic Fort Worth Stockyards’ Mule Alley this week. The site opens on Aug. 26 for breakfast, lunch and dinner.
