This Week's Dallas-Fort Worth Deal Sheet
Marcus & Millichap facilitated the sale of Alpha Storage Centers, a 88K SF self-storage facility in Arlington.
Several buyers submitted full-price offers to purchase the property at 2920 Avenue F, but 10 Federal Self Storage was ultimately chosen because of its professional reputation and eagerness to expand its presence in the fast-growing DFW submarket of Arlington, according to a release.
Brandon Karr and Danny Cunningham, investment specialists in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, a private local investor. Karr said the self-storage property is unique because it also contains a large warehouse, which is being leased by a commercial trucking company.
“Furthermore, the self-storage and warehouse spaces are actually part of a self-contained condo unit residing within a much larger building,” Karr said in a statement. “Despite the inherent challenges that come with facilitating such a unique transaction, we diligently worked hand-in-hand with both the buyer and seller to overcome a variety of obstacles that presented themselves during the escrow period.”
PEOPLE
SRS Real Estate Partners has expanded into industrial real estate brokerage services with the formation of SRS Industrial. Led by Brant Landry, founder and former president of Landry Commercial Real Estate Services, the team will also include vice presidents Joseph Cooper, Shannon Johnston, Dennis Sims and Lance Woodward as well as Senior Marketing Coordinator Stephanie Martin.
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Leif Skeibrok, a senior building engineer for Foundry Commercial in Dallas, was named Lead Engineer of the Year by the Building Owners and Managers Association. BOMA’s annual Lone Star Awards honor commercial real estate professionals who exemplify the highest levels of proficiency in the industry.
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Sarah Anderson has been promoted to senior managing director at Newmark. She joined the company’s Dallas-based Seniors Housing & Care platform in 2019. With more than 11 years of commercial real estate experience — the last seven of which have been in senior housing — Anderson has been involved in real estate equity and financings totaling more than $7B.
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Trammell Crow appointed James Murray-Coleman as the firm’s director of sustainability. Murray-Coleman will focus on developing and implementing an effective sustainability strategy for the firm. He joined Trammell Crow in 1998 and previously served as a senior vice president with the firm’s NE Metro office.
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Food hall developer and operator The Food Hall Co. appointed Michael Morris as its new CEO and Jessica Keller as chief operating officer. The company, which is a subsidiary of FB Society, creates and operates dining and entertainment hubs. Currently, The Food Hall Co. owns and operates Legacy Hall in Plano and Assembly Food Hall in Nashville. Morris brings an extensive background in real estate development and operations to his role as CEO. Keller brings more than 15 years of experience at Whole Foods Market, where she served as regional vice president of the Southwest region.
SALES
Trinity Basin Preparatory closed on the $10M acquisition of the 33K SF Tyler Street Christian Academy campus located on 5 acres at 915 West Ninth St., Dallas. The campus will serve as the new home for TBP’s students in pre-K through fourth grade who are currently housed at a school in Oak Cliff. The students will transition to the new location during the 2023-24 school year following renovations and construction of a new facility to accommodate up to 900 students.
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Western Wealth Capital acquired Villas at Chase Oaks Apartment Homes in Plano. The 250-unit multifamily community, originally constructed in 1986, represents the company’s 20th multifamily acquisition in the DFW market.
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Lee & Associates DFW negotiated an industrial sale transaction of 31K SF at 3402 Century Circle in Irving. Alex Wilson and Nathan Denton of Lee & Associates DFW sourced the opportunity off-market for the buyer, CanTex Capital LLC. The seller is The Blue Fish Sushi DFW.
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Lee & Associates DFW sold 2 acres in an off-market transaction for Hopewell Development. Alex Wilson, Nathan Denton and Reid Bassinger of Lee & Associates represented the Calgary-based development company.
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Magma Equities, in a joint venture with funds managed by Franklin Templeton, has acquired Palencia Apartment Homes, a 281-unit apartment complex at 17817 Coit Road, Plano. The community features one- and two-bedroom apartment homes housed in nine, three-story residential buildings on a 9.61-acre site.
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JLL completed the sale of the Bob R. Simpson office building at 110 West Seventh St., Fort Worth, to ICON Lodging on behalf of XTO Energy. The 11-story, 101K SF building was originally designed for the First National Bank of Fort Worth in 1910 and expanded in 1925 to its current size to accommodate the bank’s growth. JLL has worked with XTO Energy through eight transactions since 2017, when the first building sale was completed. JLL’s Ryan Matthews, managing director in the Fort Worth office, leads marketing and sales efforts for the building.
CONSTRUCTION AND DEVELOPMENT
Development is underway on 1515 Corporate Crossing, a Class-A speculative warehouse in Rockwall. Stream Realty Partners is developing and leasing the property for Westcore, a San Diego-based real estate investment company. The project will offer more than 300K SF of divisible space as well as a divisible rear-load configuration, 68 dock doors and the ability to fully secure the truck courts. Stream Senior Director Bates Arnot will serve as development lead, while Director Grayson Hughes will serve as the construction lead. Stream Dallas Managing Director Matt Dornak and Senior Vice President Ryan Wolcott will oversee leasing.
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Granite Properties will break ground in June on 23Springs, a Class-AA, 26-floor, 626K SF development in Uptown Dallas. Granite has signed a lease and closed construction financing with Bank OZK for the project. It will occupy four floors totaling 110K SF. 23Springs will feature two restaurant buildings and a street-level park. Designed by GFF Architects, with DPR Construction as the general contractor, 23Springs will be the largest office building in Uptown upon delivery, slated for March 2025.
FINANCING
Independent commercial mortgage banking firm Gantry secured $19M of bridge financing for the acquisition of the Ashton Apartment Homes at 681 North Saginaw Blvd. in Saginaw. Originally built in 1984, the 152-unit complex includes 14 two-story buildings on more than 7 acres. Gantry’s Andy Bratt, principal with the company’s Irvine, California, production office, secured the loan on behalf of the borrower, a private investor. The lender, a New York-based alternative investment management company, provided a two-year bridge loan, which includes three one-year extension options.
THIS AND THAT
The Truman, a 358-unit luxury urban community at 505 East Lamar Blvd., Arlington, was named a finalist in the Best New Multifamily Project category of the D CEO Commercial Real Estate Awards. Developed by The Nehemiah Co. and built by KWA Construction, The Truman is a four-story, 289K SF building that includes a four-level covered parking garage with roof-deck parking and a host of community amenities. Designed by JHP Architecture and with interior designs by WORKSHOP, The Truman is now open for leasing.
