This Week's Dallas-Fort Worth Deal Sheet
Northcreek II, a 166.5K SF, multitenant office complex in Dallas, has traded hands.
Located at 12160 and 12170 Abrams Road, Northcreek II is now owned by cross-asset buyer and private investor Hamilton Commercial. The previous owner, private investor Crew K Dallas Holdings, sold the two-building property for an undisclosed price.
Colliers Senior Vice President Cody Payne and his team, Michael N. Tran and Austin Edelmon, represented the seller.
“The property had quite a bit of interest due to the lack of inventory in the market and strong upside,” Payne said in a statement. “We continue to activate and pursue the private investor pool along with the cross-asset buyers as they have been the most active in the investment office sector.”
PEOPLE
TBG appointed Seth Atwell as managing principal of its Dallas studio. Atwell oversees the design and management of multiple complex and high-profile projects throughout North Texas and beyond. Atwell joined TBG in 2007 and became a principal in 2015. He also serves on the firm’s board of directors.
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Mosaic hired Kyle AuBuchon to manage the company’s expansion from Arizona into Texas. AuBuchon joins Mosaic as its regional director of operations in Texas, where he is responsible for the management and oversight of the build-out process for new and existing communities within the Dallas-Fort Worth market.
LEASES
Ulta Beauty leased 10.8K SF at Pavillion Court, 16731 Coit Road, Dallas. Mike and James Cagle of Inroads Realty represented the landlord, and Jennifer Frank of Segovia Partners represented the tenant.
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Activate Games leased 12K SF at Shops at Preston Parkway in Plano. William Rosatti of JAH Realty represented the landlord, and Taylor LeMaster of Inroads Realty represented the tenant.
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Cushman & Wakefield arranged a 24.6K SF lease for Godwin Bowman PC at the Ross Tower in downtown Dallas. Ryan Hoopes and Tom Sutherland of Cushman & Wakefield represented the tenant in the lease negotiations. Hunter Lee, Luke Aviles and Ben Cuzen provided in-house representation of the landlord, HPI Real Estate.
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Lee & Associates DFW negotiated several industrial lease transactions, including:
— An 86K SF lease at 2101 Exchange Drive, Suite 2101, Arlington. Reed A. Parker and Mark Graybill of Lee & Associates represented the landlord, Link Industrial Properties - Dallas.
— A 38K SF lease at 1205 Post and Paddock Street, Grand Prairie. Parker and Graybill represented the landlord, Prologis Inc.
— A 32K SF at 1215 West Crosby Road, Carrollton. Lee & Associates' Adam Graham and Corbin Blount represented the tenant, Grand Fusion Housewares LLC. ML Realty Partners represented the landlord.
— A 17K SF lease at 10574 King William Drive, Dallas. Lee & Associates' Ken Wesson and Adam Graham represented EastGroup Properties Inc.
— A 44K SF at 9755 Clifford Drive, Dallas. Lee & Associates' Graham and Stephen Williamson represented the landlord, Link Industrial Properties. Eric Crutchfield of Stream Realty Partners represented the tenant, Seramik USA Inc.
— A 23.5K SF lease at 1536 Hutton Drive, Carrollton. Graham and Wesson represented the landlord, EastGroup Properties Inc. Ben Summer of Centurion Real Estate Partners represented the tenant, Gas Equipment.
— A 15K SF lease at 400 North Great Southwest Parkway, Arlington. Parker and Graybill represented the tenant, National Floor Coverings. Graham represented the landlord, RPM Redistribution.
SALES
McKinney Vehicles Inc. bought Hartman CT: Truck, Trailer and Equipment Parking from Lee & Associates. Located at 144 Hartman Court in Fort Worth, the property comprises nearly 10 acres of land. Brad Balke, Tom Pearson and Chris Teesdale with Colliers represented the buyer.
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Lee & Associates DFW negotiated the industrial sale transaction of 16.5K SF at 850 South Greenville Ave., Richardson. Jessica Reinhardt and George Tanghongs of Lee & Associates represented the landlord, Centennial Green LLC.
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Brandon Holdings sold an 87K SF, five-story office building at 14850 Quorum Drive in Dallas, to a private investment group for an undisclosed amount. The building was 98% occupied at the time of the sale. Wilson Stafford, principal of capital markets at Edge Realty Partners, and John David Cobb, capital markets associate at Edge, facilitated the transaction.
CONSTRUCTION AND DEVELOPMENT
Global architecture and design firm Morphosis will design the new Edith and Peter O’Donnell Jr. Athenæum, a 12-acre cultural district for The University of Texas at Dallas. Made possible by a $32M gift from the O’Donnell Foundation, groundbreaking for the Athenaeum took place in mid-May, with a projected completion date in 2025.
FINANCING
Granite Properties secured construction financing with Bank OZK for Granite Place II, a Class-AA, five-story, 143.5K SF office building at Southlake Town Square. N5B Capital has become Granite’s joint venture equity partner at the future Granite Place II and will be relocating its headquarters to the building. General contractor DPR Construction has begun site work to deliver the building in March. Trey Morsbach and Jim Curtin of JLL Capital Markets brought in Bank OZK for the construction financing transaction. Ryan Langston of N5B Capital represented N5B Capital in the joint venture equity transaction.
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NewPoint Real Estate Capital LLC closed a $14M bridge loan used to facilitate the acquisition and proposed renovation of Chesapeake Apartments, a 127-unit, garden-style, multifamily community at 11620 Audelia Road in Dallas. The bridge loan was originated by NewPoint Managing Director Vincent Langan, who worked with John Brickson of McKinney Realty Capital on behalf of the borrowers, GBB Multifamily LLC, Admirable Group LLC and Prime Investment Holdings LLC.
