This Week's Dallas-Fort Worth Deal Sheet
The strength of the Dallas-Fort Worth industrial space has global appeal, and this month, a company from Quebec, Canada, executed its own North Texas industrial play.
Ferti Management Corp. acquired a 100K SF industrial building in Denton County, within the city of Ponder. The Canadian corporation purchased 23.23 acres total. Henry S. Miller's Dan Spika represented the seller, Ponder Property LLC.
DFW's industrial market has been one of the strongest in the U.S. this year, with rising rents and continued development.
EXECS
Dorsey & Whitney LLP has named Steven Smith a partner in its Dallas office. Smith will represent conduits and other lenders and borrowers in the financing process of closing commercial real estate deals.
He also will be overseeing assumptions, defeasance transactions, loan modifications, real estate mortgage investment conduits and servicing issues that arise when handling commercial mortgage-backed securities.
ACQUISITIONS
Real estate investor Fort Capital has finalized its sale of an 18-building light industrial portfolio that includes 607K SF across the DFW market.
The firm has spent the past several years acquiring Class-B industrial assets with the goal of improving the overall value for investors. The firm said it will continue to seek to acquire Class-B multi-tenant light industrial assets across Texas.
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A 272-unit Class-B multifamily asset at 3402 South Buckner Blvd. in Dallas has sold to Austin-based GVA Management. The firm acquired the asset from AmeriCan Multifamily Alliance Group.
CBRE Capital Markets Investment Properties' Chris Deuillet and William Hubbard, along with Jeff Kunitz and Mike Canori with CBRE Affordable Housing in Seattle, handled negotiations for the seller.
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The 230-unit Ridge at Trinity Apartments at 7203 South Great Trinity Forest Way in Dallas has been sold. Hope Housing sold the multifamily asset to an undisclosed buyer. The sale was facilitated in part by Colliers International's Mark Allen and Courtland Charles.
The 50-year-old property is a value-add play that has already been renovated with nearly $5M in capital improvements initiated over the past five years.
LEASES
Grocery-anchored retail centers have held up well during the coronavirus pandemic and have continued to attract tenants and traffic. One such center, the 158K SF Tom Thumb-anchored Fielder Plaza in Arlington, just signed a new lease with Hand & Stone Massage and Facial Spa.
Weitzman's Michael Sweet handled negotiations for the shopping center. The new site will be the largest Hand & Stone Center in Texas, with about 50 outlets already operating and 460 nationwide and in Canada.
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L&S Mechanical leased 64K SF of industrial space at 330 Wilmeth Road in the McKinney Trade Center. NAI Robert Lynn's Kent Smith and Stephen Cooper represented the tenant, while Lee & Associates' Adam Graham and Ken Wesson represented the landlord.
THIS OR THAT
The Thompson Dallas hotel in a historic George Dahl-designed building is now home to two luxury restaurants: the Nine and Catbird.
Nine is on the ninth floor and offers breakfast and lunch prepared under the umbrella of Hillstone Restaurant Group's Jonathon Geffrard, who will serve as director of restaurants, bars and events for both on-site dining concepts.
Catbird is described as a restaurant with moody interiors. The fine-dining destination sits on the hotel's 10th floor and features an elegant evening/lounge design with hand-painted de Gournay wallpaper throughout the room.
Jeramie Robison, who formerly worked at Uchi and The Rosewood Mansion on Turtle Creek, was named executive chef of the two restaurants.
