This Week's Dallas-Fort Worth Deal Sheet

Trademark Property Co broke ground on its multimillion-dollar renovation of Hillside Village (formerly Uptown Village at Cedar Hill), which includes new entrance signs, more community areas, and enhanced landscaping and lighting.

A new children’s play area will be added and the Village Green will be expanded to include a new promenade section with a bocce ball court. A covered stage area and shaded seating will also be added around the Village Green, along with a new public art program. Charlotte Russe recently opened, and H&M will open in the coming weeks. Phase 1 completion is scheduled for this fall.

NEW CONSTRUCTION

A new Renaissance Hotel broke ground this morning at 6181 Legacy Dr (corner of Legacy Drive and Communications Parkway) in Plano. The hotel is part of the new 250-acre Legacy West master development. The 15-story, 304-guestroom hotel will include more than 100k SF of conference and meeting space and an attached parking garage with 470 parking spaces. General contractor is Brasfield & Gorrie; architect is HKS Hospitality Group; and the developer is the Sam Moon Group. Other project team members include Looney and Associates, Blum Engineering, Brockett/Davis/Drake, Bancorp South and Jones Lang LaSalle. Construction will be completed in spring 2017.

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Cornerstone RPC Storage Development, a JV of Rosewood Property Co and Cornerstone Development, started construction on Phase 1 of its $75M self-storage development plan. The first phase includes four projects across Texas markets, including the 95k SF 656-unit, drive-up self-storage facility at 9485 LBJ Freeway. A Houston project will get started this month. The development company also closed on two San Antonio projects. The new developments will be managed by, and branded, Extra Space Storage.

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Construction started on a 37k SF LA Fitness at the corner of Hwy 78 and Woodbridge Parkway in Sachse. It's a prototype for a new, more modern design for the health club chain. Opening is targeted for Q1 '16. As part of the new design, LA Fitness deleted its traditional rotunda entryway for a more low-profile façade made of brick, stone and stucco with a painted concrete tilt wall and pre-finished metal wall panels.

SALES

Lionstone Investments and PegasusAblon sold the 170k SF Preston Park retail center at the corner of West Park Boulevard and Preston Road in Plano. Lionstone purchased the property in 2013 at 66% occupancy intending to reposition the retail center and lease to maximum capacity. When the sale closed, the retail center had less than 10k SF vacancy, down from 58k SF at acquisition, with 15 new leases signed since purchase. PegasusAblon provided asset management services for the property while UCR managed and leased the property with Dan Shoevlin leading leasing efforts. The property was sold to Phillips Edison & Co.

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A JV of Triten Real Estate Partners and Convexity Properties purchased a 271K SF two-building office portfolio at 6060 and 6080 North Central Expressway. JLL managing directors Jack Crews and Evan Stone, along with VP Lauren Zimmer, sold the property to Triten and its Chicago-based investment partnership for the previous owner, Prescott Realty Group. Wells Fargo provided financing for the purchase post-closing. At the time of the sale the office property was 88% leased and the parking structure was fully leased to Zenith Education Group. Immediate plans for the property include a multimillion-dollar renovation to bring it up to Class-A. Longer term, Triten and Convexity intend to build a mixed-use lifestyle center that will focus on a live/work/play environment catering to the surrounding neighborhoods. Office leasing will be handled by CBRE’s Ben Davis.

LEASES

Blue Ox Moving & Storage inked a 10k SF lease at 2626 Manana Dr in Dallas from Gulf Tire Distributors. Mercer Co’s Kennan Cook repped the tenant. Will Melton and Warehouse Properties repped the landlord.

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Stealth Industries renewed 15k SF at 2209 Century Center Circle in Irving from Phifer Nevada. Mercer Co’s Jeff Mercer repped the landlord. Mercer Co’s Jeremy Mercer repped the tenant.

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Citadel Partners repped Camfil USA in a 12k SF lease in Irving.

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WinCo leased an 85k SF building in the Bardin Place shopping center at the southwest corner of I-20 and South Cooper Street in Arlington with plans to start construction this fall. In Fort Worth, WinCo acquired a 10.5-acre tract and plans to begin construction this fall on an 85k SF store at the southeast corner of Tehama Ridge Parkway and Presidio Vista Drive. Venture’s Kevie Beard, McGregor Converse, Jonathan Cooper and Theo Thompson repped WinCo Foods in both deals. DWC Commercial Properties’ Caroline Woodbury and Don Woodbury coordinated acquisition, development and entitlement. Brixmor Property Group, the landlord in the Arlington lease, was repped by Mike Axelrad Sr. Weber & Co, the landlord in the Fort Worth transaction, was self-represented. WinCo Foods plans to open a Garland store this month.

FINANCING

HFF’s debt placement team of senior managing director Kevin Mackenzie, associate director Greg Brown and director Jim Curtin repped a private real estate investor to obtain $10.15M in first lien financing for the acquisition of Ruisseau Village, a 125k SF neighborhood retail center at 3303-3309 North Central Expressway in Plano. The debt is a 10-year, fixed-rate loan through Morgan Stanley Bank. 

TOPPING OUT

Texas Health Huguley Hospital topped out when a crane placed the final steel beam on the new facility (designed and constructed by The Beck Group). Completion is targeted for summer 2016. The six-story, 234k SF tower will include a women’s services floor with two C-Section suites, eight labor and delivery rooms, 20 postpartum rooms and a nursery, three levels with medical/surgical units and 36 inpatient beds per floor. 

EXECUTIVES 

Monogram Residential Trust appointed Dan Swanstrom as EVP and CFO-elect effective on Oct. 26. He will succeed Howard Garfield, who will remain with the company as SVP for planning, treasurer, chief accounting officer and assistant secretary. Dan joins Monogram following a nine-year career at Morgan Stanley, most recently serving as executive director in the real estate investment banking group. 

THIS & THAT

BOMA Dallas provided 3,000 kids with back-to-school backpacks this year thanks to 47 properties that participated along with the extra volunteers that helped distribute and pick up the school supplies. More than 10 charities were served.