This Week's Dallas-Fort Worth Deal Sheet
One Bethany West, a 191K SF office property in Allen’s Watters Creek development, is under new ownership following a joint venture acquisition.
North Texas’ Pillar Commercial and Oklahoma-based Hall Capital teamed up to purchase the Class-A building from Kaizen Development Partners for an undisclosed price, according to a news release.
This is the JV’s second Allen acquisition. In 2021, the companies purchased One Bethany East, an adjacent 120K SF office building.
“Over the course of our 100-year history, we have been selective in our investments and partners,” Hall Capital Vice Chairman and Chief Financial Officer Kirkland Hall said in a statement. “The growth of North Texas, the quality of development by Kaizen and the terrific partnership with Pillar all aligned for our fund to make this investment.”
Oklahoma City-based BancFirst is providing acquisition financing for the Hall-Pillar partnership, per the release. Brian Carlton, De’On Collins and Kristi Leonard with JLL consulted with Pillar to source the commercial loan.
PEOPLE
Edge Realty Partners promoted Mart Martindale to managing principal of capital markets and Bill Pyle to principal of capital markets. Martindale co-founded Edge Capital Markets in 2012. With more than 22 years of commercial real estate experience, he has completed transactions valued at more than $2B. Pyle was formerly a senior vice president on the Edge Capital Markets team. In his new role, he will continue to represent owners and developers in the acquisition and disposition of commercial land and investment properties across the country.
LEASES
Belfor USA Group Inc. renewed 14K SF of office/warehouse space in RiverPark Business Center, 15600 Trinity Blvd., in Fort Worth. Michael W. Spain, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord, SCG River Park Business LP. Caleb McCoy of JLL represented the tenant.
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Beaird Harris renewed 15.8K SF at 12221 Merit Drive in Dallas. Alexander Houston and Richard Maloof represented the landlord, Hartman Income REIT.
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Cushman & Wakefield arranged a new 28K SF lease for Ecobat, a battery recycling company, at PwC Tower, located at 2121 Pearl St. in Dallas. Rick Hughes and Joel Zandstra of Cushman & Wakefield represented the tenant in the lease negotiations. Ben Davis and Harlan Davis of CBRE represented PwC, the sublandlord. MetLife is the master landlord.
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Stream Realty Partners executed the following leases:
— Senderra RX Partners extended and expanded into 31K SF at Lake Highlands Tower, 9330 Interstate 635, in Dallas. Stream’s Dan Harris represented the tenant, Senderra RX. JLL’s Ashley Curry, Lauren Halstedt and James Esquivel represented the landlord, Lake Highlands Tower.
— Home Depot leased 34K SF at Urban District 30 in Mesquite. Stream’s Matt Dornak and Ryan Wolcott represented the landlord, Alpha Industrial. Michael Meaden at CBRE represented the tenant.
— Masonite Corp. leased 627K SF at Mesquite Airport Logistics Center, 905 Airport Blvd., in Mesquite. Stream’s Dornak and Wolcott represented the landlord, Dalfen Industrial. Mark Becker and Dan Cook with Cushman & Wakefield represented the tenant.
— Wick Phillips Gould & Martin expanded and extended their lease to occupy 13K SF at Two City Place, 100 Throckmorton St., in Fort Worth. Stream’s Chris Doggett and Cullen Donohue represented the landlord, Spire Realty. JLL’s Ryan Matthews represented the tenant.
— Carolina Beverage Group leased 85K SF at 3100 Eagle Parkway in Fort Worth. Stream’s Forrest Cook and Brett Carlton represented the landlord, Aixen Group. Cushman & Wakefield represented the tenant.
— Caterpillar leased 34K SF at 800 Railhead Road in Fort Worth. Stream’s Cook and Jeff Rein represented the landlord, Sun Life Assurance Co. JLL represented the tenant.
SALES
Kim & Ryou Property LLC purchased a 37K SF building located at 910-916 Avenue M in Grand Prairie from CanTex Capital. Michael Stanzel and Adam Brown of NAI Robert Lynn represented the seller, and Simon Figg of Morrow Hill represented the buyer.
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Dayton Street Partners acquired a 65-acre, four-building high-tech manufacturing and distribution campus in Richardson. Upon close, the seller, a provider of IT and communications networks, signed a leaseback for 10% of the 845K SF campus, while Celestica, the multinational electronics manufacturing services company, executed a lease for 673K SF.
The remaining 90K SF is a single-story industrial facility that the seller vacated at close. DSP will immediately begin a significant renovation and repositioning of the building. The Chicago-based developer/investor also plans to develop a 240K SF warehouse/distribution center on 9 acres of unimproved land. Completion is expected in early 2024. Transwestern’s Larry Serota, Mike Hardage and Nora Hogan represented the seller in the transaction.
CONSTRUCTION AND DEVELOPMENT
McCarthy Building Cos. moved its office to a new location at 3400 North Central Expressway in Richardson’s CityLine development. The office will also serve as headquarters for its parent company, Genuine McCarthy Enterprises, and its associated enterprises. The move will accommodate the company’s rapid growth in the market, including plans to hire about 150 new employees in the coming year.
