This Week's Dallas-Fort Worth Deal Sheet
LA-based BH Properties acquired an industrial portfolio from RS Legacy Corp (formerly known as RadioShack Corp) for $39M. The portfolio sale is the latest in the retailer’s Chapter 11 asset sales and includes a warehouse and seven acres in Fort Worth.
BH Properties was selected as the stalking horse bidder—the initial bidder on a portfolio of the bankrupt company’s industrial real estate assets—from a group of potential bidders. The portfolio includes five properties totaling 1.8M SF of industrial space in a Sacramento suburb and in Fort Worth, along with a seven-acre plot in Fort Worth. As part of the sale, BH Properties structured a one-year lease-back at the 137k SF warehouse on 3131 W Bolt St in Fort Worth. The firm plans to hold the properties and lease the other assets that were vacant at the time of the sale. RS Legacy was repped by its court-approved real estate consultant and adviser, DJM Realty Services.
SALES
Emmanuel Holdings sold 18k SF on 21.3 acres at 2801 Wood Dr in Garland. Stream’s Matt Dornak and Ryan Wolcott repped the buyer, Kingsley Industrial. The duo also repped Rockin’ N Enterprises in the 15k SF sale at 2765 W Kingsley Rd in Garland.
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An LLC sold a 52k SF self-storage facility at 8500 S Hulen St in Fort Worth to a private investor. Marcus & Millichap’s Brandon Karr and Danny Cunningham repped both buyer and seller. Brandon also repped both buyer and seller in the 91k SF sale of an All Star Self-Storage at 800 Fulgham Rd in Plano. The seller, a private investor, sold the facility to an LLC.
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Westmoreland GEI sold an 18k SF office building at 2321 S Belt Line Rd in Grand Prairie to a California-based buyer. Keller Williams Commercial’s David Tuttle sold the property for the second time since 2007. David repped the seller. Herrero Properties repped the buyer. The fully occupied building (on two acres) generated several offers and the deal closed within 70 days from start to finish.
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Global Consulting & Mechanical Services purchased 20k SF at 256 FM 250 S in Hughes Springs. Structure Commercial’s Troy Morgan negotiated the sale.
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Structure Commercial partnered with MDT Prairie Creek to purchase the 102k SF shopping center at 2903 W 15th St in Plano. Structure’s Jeremy Cummings and Eric Deuillet negotiated the sale.
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Manara Academy purchased a 33k SF flex building at 8001 Jetstar Dr in Irving from Madison J-Star. Hudson Peters Commercial’s Michelle Hudson repped the buyer. Property Advisors Realty’s Chris Andler repped the seller.
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Hal Allen Family sold a 124k SF industrial building on 15 acres at 6550 Wuliger Way in North Richland Hills to Churchill Properties. Transwestern’s Jeff Givens and Joe Rudd repped the seller.
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2525 Handley sold a 112k SF industrial building at 2525 Handley Ederville Rd in Richland Hills to Leyla Nourian. Transwestern’s Todd Hawpe and Jim Sager repped the buyer.
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S2 Capital closed on the 512-unit Camelot Village in Mesquite. Plans call for a $3.5M renovation. Transwestern’s Taylor Snoddy handled the negotiations.
THIS & THAT
Live from the 2015 BOMA International Conference & Expo, Bisnow found CBRE's Mike Pugh and Peloton's Mark Wilshire admiring the Bluesmobile from The Blues Brothers. (Rumor has it that Los Angeles named a famous boulevard after Mark. Sadly, he says there's no relation.)
EXECUTIVE MOVES
Erik Stockglausner joined Stream Data Centers. He comes from Digital Realty, where he was director of enterprise sales.
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Jon Krebbs joined Sperry Van Ness. He comes from Henry S. Miller.
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David Schmidt joined NorthMarq Capital as FHA production manager. He will be responsible for coordinating the origination and processing of FHA transactions for producers in NorthMarq’s 36 offices nationwide. Prior to joining NorthMarq, he was an SVP in the multifamily family finance group at Walker & Dunlop.
LEASES
Burlington clothing store inked a 48k SF space at The Market at Cedar Hill at 229 E FM 1382 in Cedar Hill. Transwestern’s Mason Bishop repped ownership affiliate Retail Plazas. Burlington was repped by Eleven Eleven Commercial Realty’s John Graul.
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Dragon Products inked a new 72k SF lease at 1201 E Hwy 67 in Alvarado with Hearthstone Properties Delaware. Transwestern’s Todd Hawpe, Jeff Givens and Tracy Georges repped the tenant.
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Intelisol extended its 48k SF lease at 1001 NE Loop 820 in Fort Worth with Fort Worth Northbrook. Transwestern’s Sarah LanCarte, Jeff Givens and Tracy Georges repped the landlord.
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Regus Corp leased 16k SF at 4514 Cole Ave in Dallas. The tenant was repped by CBRE’s Peter Danna and Baron Aldrine. DTZ’s Trey Smith and Lauren Napper repped the landlord, KBS Realty Advisors.
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Sprint Communications leased 101k SF at 5000 Riverside Dr in Irving. DTZ’s Johnny Johnson and Trey Smith repped the landlord, Brookfield.
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Legacy Aeronautics leased 13k SF at 2145 Chenault in Carrollton. Glacier Commercial’s Paul Blight negotiated the lease with Capstone Commercial’s Larry Robbins.
FINANCING
CBRE capital markets’ debt and structured finance’s Greg Greene, Scott Lewis and Matt Ballard originated and secured almost $18M in financing for JLL Income Property Trust for the DFW Corporate Drive Portfolio in Grapevine. The non-recourse loan is a 10-year, IO loan with a 3.23% rate through one of CBRE’s correspondent life companies. The portfolio consists of two fully leased industrial warehouses totaling 643k SF in the DFW Airport submarket.
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HFF’s Steve Heldenfels, Travis Anderson and Joe Lerer arranged an $18.32M refi for the 207k SF Grapevine Towne Center for a JV managed by Cencor Realty Service. HFF placed the 10-year, fixed-rate loan with Morgan Stanley Bank. HFF will service the securitized loan. Loan proceeds will be used to refinance the borrower’s existing debt.
