This Week's Dallas-Fort Worth Deal Sheet
A private investment group purchased the 240-unit Londonderry Apartments in Fort Worth from J Alexander Realty Group and has renovation on its mind.
Marcus & Millichap national multi housing group senior director Al Silva repped both buyer and seller. He tells us the property (1401 Morrison Dr) attracted 21 investor tours and 15 offers from local and out-of-state buyers during just three weeks. It closed as an all-cash sale 40 days after an agreement was reached. The demand is another example of how true value-add opportunities are few and far between, Al tells us. When you’re able to find one that you can market, you will get a lot of attention, he says. In the past 12 months, Al has sold more than 3,000 units with another 1,200 in escrow now.
LEASES
The Interior Galley subleased 10k SF at 1305 N Watters Rd in Allen from Yanyee International. Bradford’s Michael Grant and Susan Singer repped the sublessor in the direct deal.
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AndBarr extended its 15k SF lease at 10095 Business Hwy 287 in Saginaw with JLM. Transwestern’s Todd Hawpe repped the landlord. Transwestern’s Sarah LanCarte repped the tenant.
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HealthSmart Holdings signed a four-year lease for 21k SF at 2901 Gateway Dr in Irving. JLL’s Steve Thelan repped the tenant. Mickey Meyer-Sturgis represented the landlord, The Richland Cos. Mickey also repped both tenant and landlord (The Richland Cos) in the 11k SF lease at 6025 Commerce Dr in Irving to Spectrum VOIP.
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ComNet Communications renewed its 13k SF lease at 4343 Royal Ln in Irving from The Richland Cos. Altschuler and Co’s Jon Altschuler repped both tenant and landlord.
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Paycor signed a new 12k SF lease at 3001 Dallas Pkwy. DTZ’s Craig Wilson and Travis Boothe repped the tenant. Hall Financial Group (the landlord) was repped in-house by Kim Butler, Tammy Nellis and Brad Gibson.
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Stream’s Eric Crutchfield worked 144k SF in leases including the 40k SF lease for Work Area Protection at 2055 Hightower in Garland and the 104k SF lease for Million Dollar Rustic Furniture at 10390 Brockwood Rd in Garland.
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Allegiance Capital Corp inked a 20k SF lease at 16400 North Dallas Parkway. Citadel Partners’ Taylor Dickerson and Scott Morse repped the tenant.
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Invacare Corp renewed 64k SF at 3460 S Watson Rd in Arlington from PPF Industrial 3440-3470 S Watson Rd. Bradford’s Michael W. Spain repped the tenant. CBRE’s Steve Koldyke and Kacy Jones repped the landlord.
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Continental Office Group renewed its 22k SF lease at 4002 Miller Rd in Garland. Bradford’s Susan Singer and Michael Grant repped the landlord. JLL’s Chris Stout and Michael Haggar repped the tenant.
SALES
StoneDome Real Estate sold a 39k SF industrial building at 4630 Alpha Rd in Dallas to Dors Family. Lee & Associates’ Nathan Denton repped the buyer. Preston Commercial’s Sam Beys repped the seller.
FINANCING
HFF secured a $41.5M construction-to-permanent loan for the 325k SF Class-A corporate HQ campus for 7-Eleven, which is under construction in the Cypress Waters master planned community in Irving and Dallas. HFF worked for Billingsley Co to secure the 12-year loan through Pacific Life Insurance Co. The campus will be on 21.6 acres at Beltline and LBJ Freeway in Irving. The HFF team was led by Cullen Aderhold, Trey Morsbach and Chad Russell.
NEW BUSINESS
The Fresh Market will open its eighth store in Texas on Wednesday at 1751 River Run in Fort Worth. The 8am grand opening will include a “cracking of the parmesan” (presumably done by a big cheese). There will be free samples and reusable shopping bags for the first 100 customers, along with food sampling and chef demos throughout the day.
