This Week's Dallas-Fort Worth Deal Sheet
A local investment group, 3870 Tulsa Way, purchased a 22-unit multifamily building in Fort Worth’s Cultural District with plans to transform the asset from a Class-C to a Class-A within six to seven months.
Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss arranged the sale of Cultural Terrace, a 22-unit multifamily building in Fort Worth, repping the seller. The seller was a California investor who owned the property for 10 years and was ready to exit the property, Andrew tells us. The buyer plans to capitalize on the A-location by gutting the units and adding washer and dryer connections, new flooring, new countertops and rewiring the building for individual metering of electricity. The exterior will also get a facelift, including new roofs, new siding, a new fence, a pergola and fresh landscaping. The project will be rebranded The Heights. Pictured: Greysteel’s Ryan Hill, Anne Elizabeth Martin, Andrew Hanson, Andrew, Boyan and John.
The property is fully occupied now with primarily UNTHSC students, but as the leases start running out, the improvements will get started. Boyan says competing properties are getting $300 to $500 more per month in rents, so the renovations will allow the property to attract better tenants who are willing to pay a premium to be in this neighborhood. Finding value-add multifamily opportunities is much more difficult today, especially in good locations like the Cultural District, Boyan tells us. Andrew says this property was marketed for just 30 days, had 29 tours and 14 offers.
NEW BUSINESS
Anthracite Realty Partners, an affiliate of Jetta Operating Co, hired Stream Realty Partners to oversee leasing and to provide pre-development consulting services for 640 Taylor, a 313k SF office development in Downtown Fort Worth. The 25-story, glass-and-steel tower will serve as the new HQ of Jetta Operating Co, which will initially lease 70k SF. The 640 Taylor site is on the hard corner of Taylor St and West 5th streets just to the northwest of the Fort Worth Club Building. The project will include 274k SF of office space, 32k SF of amenities on the 12th and 13th floors, and 6k SF of retail on the ground floor. It will also include 920 above and below grade parking spaces. Stream’s Seth Koschak, Ramsey March and Tyler Maner will oversee the leasing, and Jerry Mays will provide pre-development consulting services.
SALES
In one of the biggest office sales in DFW this year, CBRE Global Investors purchased the 1.4M SF three-building Class-A Galleria Office Towers at 13355, 13455 and 13155 Noel Rd from Cannon Commercial for an undisclosed price. CBRE’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill repped the seller.
***
The State of Texas sold 832.85 acres off the Chisholm Trail Parkway, where the new Tarleton State University Fort Worth campus will be built, to Walton Texas and WUSF 5 Rock Creek East. Transwestern’s Lester Day and Matt Bilardi repped the seller.
***
GGJR Enterprises sold a 42k SF industrial building at 5600 Midway Rd in Haltom City to Winkleman & Winkleman Real Estate Partners. Transwestern’s Jeff Givens and Todd Hawpe repped the buyer.
***
Kaizen Real Estate purchased 42k SF at the northeast quadrant of Warren Parkway and Legacy in Frisco for a future Dairy Queen. John T. Evans Co’s Jim Jamerson and Chris Burks repped the buyer.
***
Billy Lacy and Burl Swafford sold a 2.57-acre tract at the northeast corner of Rodeo Center Boulevard and Rodeo Drive in Mesquite. Blue Star Hospitality will develop a new TownePlace & Suites by Marriott, which will be the first new hotel construction for the City of Mesquite in more than a decade. Texas Hotel Brokers Ryan Patterson and Phil Patterson repped the buyer.
***
Sync Holdings purchased a 35k SF shopping center at 2401 W Pioneer Pkwy from K & HT Corp. Vision Commercial’s Scott Lowe repped the buyer. Colonial Commercial Real Estate’s Michael Berkowitz repped the seller.
***
EastGroup Properties purchased approximately 28 acres on the north side of 121 at Leora Lane. The buyers plan a new development, CreekView 121, which will include approximately 350k SF of industrial space. Davidson & Bogel handed the transaction and will continue to market the balance of the property on 121 for JTL Capital and Thackeray Partners.
***
LBS Partners purchased 52k SF of land for a future Chicken Express between 401 E Standifer St and 409 S McDonald S in McKinney. John T. Evans Co’s Walker Hairston repped the buyer.
GROUNDBREAKING
Gene Simmons of KISS made a special appearance at the groundbreaking of the 9k SF Rock & Brews in The Colony, which will open in January in the Grandscape Nebraska Furniture Mart development, close to the Sam Rayburn Tollway. Rock & Brews at The Colony is owned and operated by multi-unit franchise partners Brett Anz and Perry Mann of R&B Southwest. Pictured is Goodwin Commercial’s Pam Goodwin and Linda Zimmerman bookending Gene at the event. Rock & Brews was founded by Paul Stanley and Gene Simmons, restaurateur/hotelier Michael Zislis, and concert industry/merchandising veterans Dave and Dell Furano.
LEASES
Terrasoul Superfoods signed a 30k SF industrial lease at 1001 NE Loop 820 in Fort Worth with Fort Worth Northbrook. Transwestern’s Jeff Givens and Sarah LanCarte repped the landlord.
***
Sunrise Wood Designs inked a 46k SF lease at 714-720 107th St in Arlington. Lee & Associates’ Mark Graybill repped the landlord, Lightning Propco III. The tenant was repped by CBRE’s Michael Chiocca.
***
McDermott, Will & Emery signed a 25k SF lease at 2501 N Harwood St in Dallas. Colliers International’s Jim Graham and Tyler Howarth repped the the tenant. Harwood International’s Jihane Boury represented the landlord.
