This Week's Dallas-Fort Worth Deal Sheet
An out-of-state investor purchased the Shops at Eagle Point in McKinney from Uptown Custer Partners. The Walmart-shadow anchored 14-acre site has development potential to match the demands of the growing residential population in the area.
The site is well positioned within a high-growth area at the southwest corner of North Custer Road and Highway 380 in northwest McKinney. The retail is 82% occupied. CBRE’s Jennifer Pierson, Cameron Deptula and Beth Pierson repped the seller. Quine & Associates’ Gary Tobias repped the buyer. Cameron tells us the new owner has opportunities for lease-up with good existing tenancy. The 380 corridor has become one of the most sought after locations for investors and developers looking to stay one step ahead of the urban sprawl, he says.
NEW CONSTRUCTION
Stream Realty Partners broke ground on the first phase of Connection Park at Freeport Parkway and LBJ Freeway, which will eventually include 301k SF of office space across two interconnected buildings. Stream is partnering with Alex Brown Realty. DFW-based American Bank of Texas is providing construction financing. Phase 1 includes 141k SF of Class-A office space. The top floor will feature a patio-ready rooftop, which tenants can convert to an indoor/outdoor cafe or executive amenity. Powers Brown is the project’s architect and EMJ Corp is the GC. The 160k SF Phase 2 will begin later this year.
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DFW International Airport Terminal E enhanced parking structure broke ground. The $92M project, at the existing passenger Terminal E, will include removal of existing roadways and new construction of bridges and utilities. The terminal redevelopment plan will expand the five-level garage to include more than 3,920 new parking spaces and will feature a unique parking guidance system that consists of red lights over occupied spaces and green lights above vacant ones. The Terminal E garage was added to the redevelopment program to help with the rise of passenger demand as terminal gate renovations are completed at DFW Airport. McCarthy Building Cos and Tillage Construction are building the project, which is expected to complete in March 2017. Turner Omega Howard is the construction manager, and Jacobs is the designer.
SALES
Alliance Glass & Metal purchased a 102k SF building at 1800 Hurd Dr from Thatestate Investments. Lee & Associates’ Nathan Denton repped the buyer. Transwestern’s John Fulton and Brett Owens repped the seller.
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A San Diego partnership purchased the 100-unit Hillside Village Apartments at 306 Vine St in Euless. Sperry Van Ness/TJF Investments’ Todd Franks and Sean Reynolds repped the seller. The buyer was a local investor, which plans to perform a reverse 1031-exchange to inject capital to improve the property by upgrading the exteriors and increasing the rent.
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Bright Realty closed a land sale in Lewisville. Bright’s Tim McNutt and Britton Lankford brokered the sale of one acre near Nebraska Furniture Mart at SH 121 and West Essex in Lewisville, repping the seller, CHPC Commercial. John T Evans Co’s Tom Paredes repped the buyer, TRD Enterprise.
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The Aztec Fund purchased the 206k SF AT&T Pinnacle Park from American Realty Capital Properties. The four-story office building is fully leased to AT&T Services. CBRE’s Eric Mackey, Gary Carr, John Alvarado, Robert Hill and Jack Fraker repped the seller. CBRE’s Greg Greene, Scott Lewis and Matt Ballard arranged financing on behalf of the borrower.
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Medigy purchased an 11k SF building at 1822 N Sylvania in Fort Worth. NAI Robert Lynn’s Colt Power repped the buyer. Coldwell Banker Searcy Vasseur’s Chris Stewart repped the seller.
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Capital Square Realty Advisors acquired a 37k SF MOB at 800 Orthopedic Way in Arlington and a 13k SF MOB at 2801 E Broad St in Mansfield, TX. Both properties are fully leased to Arlington Orthopedic Associates.
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Venture completed the sale of a two-acre tract across from the new Walmart in Crossroads. The property is on the southeast corner of Highway 380 and FM 424. Edward Bogel, Jack Burgher and David Davidson Jr. of Venture repped the seller, Volunteer Enterprises IV. The John T. Evans Co’s Tom Paredes repped the buyer, Extra Property Holdings.
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United Mirror and Glass purchased a 27k SF building at 1609 109th St in Grand Prairie. NAI Robert Lynn’s Patrick Embry repped the buyer. Hunter Commercial Properties’ Patrick Hunter repped the seller.
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Tri-Pro Equities sold 402-unit McMillan Place Apartments in Dallas to BH Management Services of Iowa. Rowan Properties’ Pete Hartnett and Mike Burch repped the seller. The property was 92% occupied at the time of sale.
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Texas Community Trust Bank sold 35k SF at 8224 White Settlement in White Settlement to JMauldin Enterprises. Transwestern’s Jim Sager repped the seller.
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Weathers Bell Drive Partnership purchased a 14k SF building at 3116 Kellway Dr in Carrollton from Riley Family Trust. Hudson Peters Commercial’s Shane Strickland repped the seller.
FINANCING
CBRE obtained a $13.7M non-recourse loan for Founders Properties to acquire Regent Center I and II in Irving. The seven-year, fixed-rate loan was secured through Woodmen of the World Life Insurance Society. The Regent Center Portfolio includes two fully leased office buildings totaling 151k SF. CBRE’s Greg Greene, Scott Lewis and Matt Ballard originated and secured the financing.
LEASES
Universal Recycling Technologies leased 44k SF at 2301 Franklin in Fort Worth. DTZ’s Blake Anderson and David Eseke repped the tenant.
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Airway Management leased 10k SF at 3418 Midcourt Rd. Stream’s Todd Noonan repped the tenant. Harkinson Investment Corp’s Jeff Harkinson and Samantha Harkinson Dewan repped the landlord, Midway Commons.
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American Honda Finance Corp renewed a 76k SF lease at 3625 W Royal Ln in Irving from Accesso Partners. DTZ’s Ward Eastman and Chris Taylor repped the owner.
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Christie Lites leased 50k SF at Mercer Business Park from the Billingsley Co. The lease will commence in Q3. JLL’s Kurt Griffin repped the tenant.
NEW BUSINESS
DoubleTree by Hilton Dallas-Love Field at 3300 W Mockingbird Ln just opened after a $2M renovation of the 244-room former Wyndham hotel. The project is owned by Mockingbird Partners and managed by Viceroy Investments.
