This Week's Dallas Fort Worth Deal Sheet
Henry S. Miller Co sold 49% ownership interest in two of the firm’s largest North Dallas shopping centers to a private family trust. Included in the transaction were the 281k SF Market at Pepper Square and the 95k SF Central Forest Shopping Center.
Market at Pepper Square (pictured) is anchored by Stein Mart, Hobby Lobby and Trader Joe's at the southeast corner of Preston and Beltline. Central Forest Shopping Center is anchored by Office Depot at North Central Expressway and Forest Lane. HSM CEO Greg Miller tells us this deal is part of his overall strategic business plan to liquefy the Miller real estate holdings during the low cap rate environment with plans “to build a war chest to redeploy into several new development projects.” Greg says he plans to invest a portion of the funds into a multimillion-dollar renovation project at both properties that will include capital and aesthetic improvements.
FINANCE
Red Capital Partners completed its second $13.8M balance sheet construction loan to an affiliate of Avanti Senior Living. Avanti at Flower Mound will be a 90-unit luxury assisted living and memory care facility in Flower Mound with 50 assisted living units and 40 memory care units. Avanti Senior Living has partnered with an affiliate of Iron Point Partners to develop a portfolio of Class-A senior living communities throughout Texas and the southeastern US. Avanti at Flower Mound is the third project to break ground.
LEASES
Maverick Stainless leased 43k SF at 4525 Production Dr in Dallas. NAI Robert Lynn’s Robert Blankinship repped the landlord. Jackson Cooksey’s Andrew Crites repped the tenant.
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Wonder Porcelain Group leased 29k SF at 2800 Technology Dr in Plano. NAI Robert Lynn’s Dave Peterson and Stephen Cooper repped the landlord. 31 Realty’s Sam Shao repped the tenant.
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Monarch PCM signed a new 31k SF industrial lease at 7333 Jack Newell Blvd N in Fort Worth with Riverbend Industrial Partners. Transwestern VP Frank Jester repped the tenant and principal Jeff Givens repped the landlord.
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General Insulation Co signed a new 20k SF industrial lease at 5116 NE Pkwy in Fort Worth with SE & AE Investments. Transwestern VP Sarah LanCarte repped the landlord.
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Accurate Connections renewed and expanded to 18k SF at 13801 Hutton Dr in Farmers Branch. Stream Realty Partners’ Luke Davis and Todd Poticny repped the landlord.
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City Electric Supply will be the first tenant at 400 Record (formerly the Belo Building), leasing five floors at the Downtown tower. Thomas Hartland-Mackie, building owner and CEO of CES, will move his family’s business from its Uptown office of nearly 10 years to the property this summer. About 115k SF over eight full floors is still available for lease. The property is set to break ground on a
multimillion-dollar renovation this summer, including upgrades to the entrances, a new glass-walled lobby, a new fitness center, a new conference center, a new restaurant concept and art installations throughout. Cushman & Wakefield’s Matt Schendle, JJ Leonard and Rena Chappell handle leasing.
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Auto Hero leased 13k SF at 4921 Ross Ave in Dallas. Retail Solutions’ Brian Sladek repped the tenant.
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Pollock Investments leased 95k SF at 210 SW 14th St in Grand Prairie. NAI Robert Lynn’s John Lancaster repped the tenant. Heller Industrial’s Fred Kurtz repped the landlord.
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D & S Engineering Labs leased 19k SF at 14805 Trinity Blvd in Fort Worth. NAI Robert Lynn’s Colt Power repped the tenant.
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Dragon Products signed a new 72k SF lease at 1201 E Hwy 67 in Alvarado with Hearthstone Properties Delaware. Transwestern VP Todd Hawpe, principal Jeff Givens and associate Tracy Georges repped the tenant.
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Regus Corp leased 16k SF at 4514 Cole Ave in Dallas. Regus 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.
