This Week's Dallas-Fort Worth Deal Sheet
Miyama USA Texas and Pillar Commercial are teaming up on a proposed 115k SF office showroom/distribution project in one of the most visible industrial business parks off I-35E just south of Spur 482, between Love Field and DFW Airports.
The existing 250k SF two-building complex, SOHCO (previously known as Cornerstone Business Park), is owned by the Miyama family. Both existing facilities (9761 and 9755 Clifford Dr) are 100% leased. The property includes an eight-acre site on which the development team is planning to build a third phase that will contain approximately 115k SF. The Miyama family has owned SOHCO since 2006, and Pillar Commercial has worked with the Miyamas since 2007. SOHCO Phase 3 will contain up to 30 dock high doors and at least a 30-foot clear height. The ownership and Pillar are seeking an anchor tenant to kick off construction with at least 60% to 80% pre-leasing. A new jogging trail, clubhouse and upgrades to Phase 1 and Phase 2 are also being contemplated as part of the overall master plan.
LEASES
The City of Allen’s office space is operating at pretty much maximum capacity, so if you can find suitable space, you better sign the lease. That’s good news for TIG Real Estate Services’ Kristin Grammar and Jay Neikirk as they’re filling up Blueridge Office Center. The duo has leased about 12k SF at 1024 S Greenville Ave in Allen.
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Mainstreet Integration Services and Consulting leased 60k SF at 2510 W Main St in Grand Prairie. Stream’s Cannon Green and Luke Davis repped the landlord, Liberty Property Trust. Proterra Properties’ Chris Bly repped the tenant.
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JAS Forwarding (USA) leased 58k SF at 930 S Freeport Pkwy in Coppell. Stream’s Ryan Boozer and Jeremy Kelly repped the landlord, ML Realty Partners. E Smith Realty Partners repped the tenant.
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Century Interactive leased 18k SF at 1505 Federal St in Dallas. NAI Robert Lynn’s Justin Utay repped the tenant.
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An undisclosed tenant leased 166k SF at 2101 W Belt Line Rd in Carrollton. Transwestern’s John Fulton repped the landlord, Belt Line Partners. Stream’s Ryan Boozer repped the tenant.
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Morgan Stanley signed a 23k SF lease at 13455 Noel Rd in Dallas from GT Dallas Properties. Colliers International’s Chris Lipscomb repped the landlord, GT Dallas Properties. Newmark Grubb Knight Frank’s Joe Siglin repped the tenant. Chris also repped RobbinsKersten Direct in its 17k SF lease at 3400 Waterview Pkwy in Richardson from Cousins Properties Waterview. Cushman & Wakefield’s Meredith Durham and Bill Brokaw (now with Hillwood Urban, formerly with Cushman) repped the landlord.
THIS & THAT
The Collin County Business Alliance has formed an initiative with the University of Texas at Dallas to conduct a county-wide research program to help businesses effectively voice opinions on public policies and plans. Between 2000 and 2013, Collin County's population has increased by 75%; to prepare for this growth, mayors, business leaders, Collin County and city officials and city planners are coming together to create a 15- to 20-year plan by determining the biggest challenges and opportunities that face the region and cultivating a common goal. Here’s Celina mayor Sean Terry, Wylie mayor Eric Hogue, McKinney mayor Brian Loughmiller, Capital One Financial Services president and CCBA chairman Sanjiv Yajnik, Dallas Business Journal editor Paul O'Donnell, Richardson mayor Paul Voelker, Plano mayor Harry LaRosiliere and Frisco mayor Maher Maso.
SALES
Schnitzer Grandchildren's Trust sold a 30k SF lot at 2317 W. Arkansas Ln in Pantego to TPS Family. Coldwell Banker Commercial Alliance DFW’s Wayne Burgdorf repped the seller. MGM Equity Partners’ Steve Turnbow repped the buyer.
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Sealy & Co sold a Texas industrial portfolio of 19 assets totaling 1.48M SF in Dallas, Houston and San Antonio. The 91% leased portfolio was part of Sealy’s JV holdings with AEW Capital Management. The JV continues to focus on assets and portfolios in major industrial markets with a defined investment size between $5M and $100M.
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Central Fire Protection sold 15k SF at 10550 Olympic Dr in Dallas. Stream’s Ryan Boozer and Hanes Chatham repped the landlord, RPI Investment Group. Mike Gravitt & Co’s Mike Gravitt repped the tenant.
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Motor Speedway Partners sold 7.6 acres of The Speedway Centre at the southeast corner of I-35 and Hwy 114 in Northlake to Quik Trip Corp. Transwestern’s Matt Bilardi and Lester Day repped the seller.
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Crestmont Management Co sold 24k SF at 1600 Montgomery St in Fort Worth to Fort Worth Camera. Transwestern’s Bill Behr repped the buyer. Transwestern’s Jack Huff, Kirk Kelly and Kyle Poulson repped the seller.
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United Development Co completed a $40M acquisition of 11 movie theater properties in eight states. The deal is a JV between United Development, ALA Holdings of LA and DC-based Iron Point Real Estate Partners III. HFF arranged $28M in financing to secure a two-year, floating rate loan through CapitalSource. Properties in the 109-screen portfolio include 11 local properties across Dallas, Fort Worth and Grand Prairie. Limited lease terms were remaining on each location and United Development was able to restructure new, long-term leases for four of the 11 properties. Three of the new-lease properties will operate as luxury United Artist Theatre Circuit theaters and one will operate as Cinemark’s new upscale theater brand. United Development is planning on repurposing a number of the properties. The UA Grand Prairie 10 theater in DFW will be closed in early 2016 and redeveloped as a retail center with a grocery store and restaurant as anchor tenants.
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Gator Development Corp purchased the 86k SF Bedford Central Plaza at 2801-2853 Central Dr in Bedford from MRM 1990 Trust/Northern Trust Bank of CA. Colliers International’s Tom Lagos, Elhum Warner, Kevin Brookmole and Wade Smith negotiated the deal.
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Morning Star Fairway Corp purchased the 22k SF Hebron Office Center at 4125 Fairway Dr in Carrollton from Hicks & Ablon. Colliers International’s Lizzy Blake repped the seller.
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Simon Property Group purchased 23 acres at US 75 and Stacy Road in Allen for expansion of the Allen Premium Outlets. McRoberts and Co’s David Tarrant and Andrew McRoberts repped the seller. The transaction took two years to complete.
NEW BUSINESS
Trademark Property Co, the operating partner for The Shops at Highland Village (1701 Shoal Creek on the corner of FM 2499 and FM 407 in Highland Village), started construction on its multimillion-dollar renovation of the 389k SF shopping center. Enhancements include: upgraded building façades, common area and landscaping improvements, public art, new amenities for adults and children, and new signage throughout the property.
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The $11.2M Hatcher Station Health Center, developed by Frazier Revitalization and operated by Parkland Health and Hospital System, opened its 44k SF clinic near Dallas’ Fair Park. On a seven-acre site adjacent to DART’s Hatcher Station, the community health resource is in an underserved part of Dallas and is expected to serve 75,000 patients each year (many uninsured) as an alternative to emergency room care. During the health center’s first week of operation, about 1,500 patients were served by primary care physicians, pathology, radiology, women’s services and patient financial services. Hatcher Station Health Center—at 4600 Scyene Rd—consolidates and replaces Parkland’s former East Dallas Health Center on Live Oak Street. The new clinic meets the City of Dallas’ Green Building guidelines for new construction, ensuring long-term enhanced building performance. The facility was designed by BOKA Powell.
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Construction started on the 60k SF Roger Williams auto dealership in Weatherford. Slated for completion in April 2016, the new Roger Williams Chrysler, Dodge, Jeep and Ram dealership will be at 1102 Washington Dr along I-20 in Weatherford, and will replace the existing Roger Williams Auto Mall at 1015 Fort Worth Hwy in Weatherford, originally built in 1981. The project is being built by Speed Fab-Crete and designed by Callahan & Freeman Architects. Callahan Structural Engineering is the structural engineer; Fratto Engineering the MEP engineer; and Kirkman Engineering the civil engineer.
