This Week's Dallas-Fort Worth Deal Sheet
Cooper Street Plaza in Arlington has changed hands.
Vista Property Co. purchased the 92K SF shopping center from a Texas-based real estate investment trust, according to a news release. The property is anchored by K&G Men’s Co. and OfficeMax and features several other prominent tenants, including Black Rifle Coffee Co., UPS, State Farm Insurance and Ninja Sushi.
CBRE’s Jared Aubrey and Michael Austry represented the seller in the marketing and sale of the property at 4629 South Cooper St.
“Despite the fluctuating market conditions, our team was able to generate multiple offers from across the country in the first few weeks after it went to market,” Austry said in a statement. “Since we had multiple competitive offers, we were able to increase the purchase price as well as reduce the buyer’s due diligence and closing timeline, allowing the entire sales process to be completed in less than three months.”
PEOPLE
Bates Arnot was promoted to managing director of Stream Realty Partners’ Central region industrial development services division. In his new role, Arnot will continue sourcing development opportunities throughout Texas, Colorado and other markets in the region.
***
Holt Lunsford Commercial appointed Mario Zandstra as the company's new president. With a career spanning more than three decades, Zandstra brings years of executive experience and industry background in both the office and industrial sectors to his new role. His background includes a decade-long tenure as partner and executive vice president at Transwestern, as well as leasing and tenant representation positions at CBRE and Staubach.
LEASES
Munsch Hardt Kopf & Harr moved into its new Dallas headquarters in Ross Tower at 500 North Akard St. The firm previously occupied the 36th, 38th and 39th floors but has relocated to the 40th, 41st and 42nd floors. The renovated space includes expanded facilities to accommodate the firm’s recent and future growth. Stream Realty Partners represented Munsch Hardt in the lease renewal. Gensler led the architectural design, and Pacific Builders served as the general contractor.
***
Moroch Partners signed a long-term, 23K SF lease at the Manufacturing District, located at 147 Manufacturing St. in Dallas. The firm relocated from Hall Street at The Centrum and plans to move its employees into the new offices in 2024. Transwestern’s Paul Wittorf, Kim Brooks, Laney Delin and Collin Burwinkel represented Quadrant Investment Properties in lease negotiations. Jihane Boury and Clay Vaughn with Savills represented Moroch Partners.
***
Burlington Stores leased 23K SF of anchor space at Lake Worth Marketplace, a retail center at 6034-6060 Azle Ave. in Lake Worth. Gretchen Miller and Augustus Prickett with Weitzman represented the landlord. Chris Green and Megan Trimble with Edge Realty Partners represented Burlington.
***
KBS signed 38.5K SF in lease agreements at Providence Towers, a 524K SF office building at 5001 Spring Valley Road in Dallas. Tower Street is expanding from 5K SF to 24.4K SF, and Fieldwork signed a new 14K SF lease. Transwestern’s Kim Brooks, Justin Miller, Scott Walker and Laney Delin represented KBS.
SALES
Partners Real Estate arranged the sale of a 13.5K SF industrial property at 2300 Penn St. in Irving. Partners’ Hanes Chatham Jr. and Graham Dressel represented the seller. Rad Realty Group represented the buyer, Garcia Laser Screeding. Partners’ Quinn Conway provided debt for the buyer.
***
S2 acquired Falltree, a 126-unit multifamily property at 19200 Lyndon B. Johnson Freeway in Mesquite, and the 642-unit Silverbrook at 2934 Alouette Drive in Grand Prairie. CBRE’s Danny Baker and William Hubbard represented the sellers in the transactions, while CBRE’s Harry Krieger helped S2 secure financing. Terms of the transactions weren't disclosed.
***
Texas JCSB sold a 25.6K SF flex building on 2 acres at 9201 Forest Lane in Dallas to Esparza's Investment Inc. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, and Bradford senior associate Kyle Espie represented the seller. Lance Woodward of SRS Real Estate Partners represented the buyer.
***
Marcus & Millichap facilitated the sale of Bin 741 Storage, a 57K SF self-storage facility in Forney. Danny Cunningham and Brandon Karr, investment specialists in Marcus & Millichap’s Fort Worth office and leaders of the Karr-Cunningham Storage Team, represented the seller, a DFW-based family partnership. The buyer, a Houston-based boutique real estate investment firm, was also secured by Karr and Cunningham.
***
CBRE National Partners facilitated the sale of 780 Shiloh Road, a Class-A industrial facility in Plano. A private California investor purchased the property from Founders Properties for an undisclosed price. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.
CONSTRUCTION AND DEVELOPMENT
Granite Properties and Highwoods Properties opened Granite Park 6, a 19-story, 422K SF Class-A office building at 5525 Granite Parkway in Plano. The building is the seventh office development in the 90-acre mixed-use Granite Park. Stonebriar Commercial Finance, which is housed in Granite Park 3, will move its two-floor headquarters to Granite Park 6 in December. The building was designed by BOKA Powell with interiors by HKS Architects. The general contractor was Austin Commercial.
***
Tradition Senior Living opened Tradition-Clearfork in Fort Worth. The property includes independent living, assisted living and memory care facilities. Jackson & Ryan Architects and Rogers-O’Brien Construction served as the architect and general contractor, respectively, and Telios was the engineering firm. Tradition Management LLC manages the property.
***
The Rita Sue and Alan Gold Child and Family Center, a 15K SF childcare facility operated by Dallas-based nonprofit Vogel, will be built at The Shops at RedBird. The space will have the capacity to serve 134 children, and admissions priority will be given to employees of any company in the RedBird complex as well as working families supported by Vogel. Remaining spots will be open to all Southern Dallas families. JPMorgan Chase made a $1.9M new market tax credit investment in the project, providing the gap financing needed to complete the $5.8M total project cost. Olivia Pipitone was the Chase banker on the deal.
