This Week's Dallas-Fort Worth Deal Sheet
JAH Realty acquired Park West Plaza, a 191K SF shopping center in Plano.
Tenants include Aldi, Elliot’s Hardware, Nadine Floor Co., CiCi’s Pizza, Dairy Queen and Firehouse Subs. The company plans to renovate and rebrand the center in the coming months, according to a news release.
“We were attracted to the durable tenant mix at the shopping center combined with the significant traffic along Coit Road,” Managing Director Graham Irvine said in a statement. “[We] view the property as a good long-term hold for JAH."
This is JAH’s sixth shopping center acquisition in Collin County and the third along Coit Road from Dallas to Plano, per the release. The company owns and manages a shopping portfolio comprising 2.6M SF in DFW and Oklahoma City.
The seller of Park West Plaza was ASG Real Estate Co./The Alshall Group, and the sale was brokered by Chris Harden and Kris Von Hohn of Cushman & Wakefield. JAH closed on the acquisition through Republic Title with a loan from Southside Bank originated by Jonathan Ferrell.
PEOPLE
Greysteel promoted Harrison Cole to director of capital markets. Since joining the company in 2019, Cole has closed more than $200M in financings.
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Sidecar Commercial Real Estate hired Jessica Turney as a vice president on its team of Dallas-based advisers. Turney’s services include tenant and buyer representation for the acquisition and disposition of office and industrial real estate, market research, space analysis, site selection and portfolio management.
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The Meridian Group hired James Huckaby as partner and chief investment officer of residential and industrial real estate. Huckaby, who is based in Dallas, was formerly a managing director at Goldman Sachs.
LEASES
McGregor & Oblad PLLC is more than doubling its space with an additional 6K SF on the 15th floor of Element Towers at 3010 I-635, Dallas. Walker Hume and Nick Lee of NAI Robert Lynn represented the tenant. Russ Johnson and Kade Davis represented the landlord, Stanton Road Capital.
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Master Halco grew its footprint on the seventh floor of Element Towers by another 6.5K SF for a total of 27.5K SF. Nick Lee, Mark Miller and Dan Jardine of NAI Robert Lynn represented the tenant. Russ Johnson and Kade Davis represented the landlord, Stanton Road Capital.
SALES
Nuveen Global Cities REIT Inc. acquired a 10-building healthcare portfolio located in Atlanta, Pittsburgh, Tampa and Dallas for an aggregate purchase price of about $300M. The 661K SF portfolio consists of newly constructed or newly renovated assets that were 96% leased at acquisition.
CONSTRUCTION AND DEVELOPMENT
JW Marriott Dallas Arts District, the first JW Marriott hotel in Dallas, is scheduled to open in spring 2023 at 800 North Harwood in Downtown Dallas. The 267-room, 23-floor hotel is owned and developed by Sam Moon Group. HKS Inc. is the project design architect, and Looney Associates handled interior design. DPR Construction of Dallas is the general contractor for the project.
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Construction has begun on two speculative distribution buildings at GSW Commerce Center at 161, a Class-A logistics park in Arlington. Both rear-load buildings are in the initial phase of development and will total about 464K SF. They are expected to deliver in summer 2023. CBRE’s Brian Gilchrist, Steve Koldyke and Kacy Jones oversee the marketing and leasing of the business park on behalf of the developer, Molto Properties.
FINANCING
Kevin Leamy, senior vice president and producer of Northmarq’s Dallas office, finalized $28M in bridge financing for Presidio. The 202-unit multifamily property is located at 1500 South Jupiter Road, Allen. The bridge loan was structured with a three-year, interest-only term. Northmarq arranged the bridge loan for the borrower through a balance sheet bridge lender.
THIS AND THAT
Dallas-based firm Granite Properties was among the top 10 companies on Fortune’s 35 Best Workplaces in Real Estate list. The rankings were based on survey feedback from more than 23,000 U.S. employees.
