This Week's Dallas-Fort Worth Deal Sheet
Since Novus Realty Advisors' launch last year, the firm has closed on almost 1,000 acres for $9M in transaction value, including the sale of 175 acres of investment land on Hicksfield Road in North Fort Worth.
Novus founding member Robert Grunnah (who brokered the Hicksfield Road property deal) tells us infill, readily developable sites with available infrastructure and permitted anticipated uses are in demand, fueled by population and employment growth. He anticipates these locations will maintain a record pace and continue at least through 2017. However, the demand is not the same for the outlying areas, which remain the playground for the patient investor, he says. Pictured: Novus’ Sam Kartalis, John St. Clair, Robert and Grant Brodeur. John and Grant brokered two land deals totaling 351 acres, including a 163.6-acre parcel in Sherman (sold to Enterprise 163 as a long-term investment hold) and 188 acres at FM 6 and Country Road 2704 in Caddo Mills (sold to a single-family developer). The owner plans to develop the land into one- and two-acre single-family lots.
SVP Ben McCutchin repped a local real estate investor in the purchase of 167 acres at Hwy 1385 and Friendship Road in Denton County. The property joins land the investor already owned. The combined property is 244 acres fronting Hwy 1385. The investor purchased an additional 122 acres along Hwy 277 in Pilot Point. Tom Grunnah repped the seller in the disposition of 12 acres of investment land in Edinburg at the corner of University Drive and Matthew Street; the buyer plans to hold for future development. Tom and Grant teamed up to close approximately 160 acres of investment land in Van Alstyne for a longtime client. The land is adjacent to Hwy 75 and with opportunity for future development.
NEW DEVELOPMENT
Palladium USA International contracted to purchase 2.1 acres in Legacy West in Plano to build a 30-story luxury high-rise. The tower will feature 312 high-end rental homes at the southwest corner of the future Columbus Avenue and Windrose Avenue adjacent to the Liberty Mutual Insurance complex under construction. This project will be the tallest building in Collin County. It will include an eight-level, 500-space underground parking garage. The tower will be a glass curtainwall system in an oval design. Humphreys & Partners Urban Architecture is designing the development. Among the amenities: a bike storage room, car-charging stations, a pet grooming room, a conference room and business lounge, a lounge with catering kitchen and an outdoor patio. There will also be an amenity deck with a fitness center and a bar/lounge with private TV cabana and views to the outdoor pool and courtyard areas. Palladium USA is anticipating a Q2 ‘16 construction start with construction lasting 24 to 30 months.
SALES
Steadfast Apartment REIT acquired the Monticello by the Vineyard in Euless with 354 apartment homes. The community is 97% occupied. Steadfast plans upgrades for the complex including unit interiors, exteriors and common areas.
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Denkmann Associates purchased a 17k SF building at 3313 Essex in Richardson from Vantage Development. Lee & Associates principal Mark Graybill repped the buyer. Paladin Partners’ Bret McMillian repped the seller.
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A local investor purchased a 12k SF building at 10325 Denton Dr in Dallas. NAI Robert Lynn’s Robert Blankinship and Brandon Coutu repped both parties.
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Cynthia Lynn and Richard Steven Dornak sold 1.84 acres at 4900 Boat Club Rd in Fort Worth to Fort Boat Club Realty. Transwestern’s Sarah LanCarte repped the seller.
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Texas Shale Tower sold 1.02 acres at 5751 Edwards Ranch Rd in Fort Worth to 5751 Edwards Ranch. Transwestern’s Jack Huff and Kyle Poulson repped the seller.
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Royal Bodycare sold a 119k SF warehouse at 2301 Crown Ct in Irving to Décor Pro. Stream’s Jamie Jennings, James Mantzuranis and Ryan Boozer repped the seller.
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An affiliate of Thackeray Partners sold a 102k SF building at 1901-1905 110th St in Grand Prairie that’s 100% leased. Stream’s Jamie Jennings, James Mantzuranis, Caitlin Clinton, Cannon Green and Mackenzie Ford repped the seller.
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ATC Realty One (an affiliate of Wells Fargo Bank) sold the 82k SF Renaissance Tech Center in Richardson. Stream’s Jamie Jennings, James Mantzuranis, Caitlin Clinton and Chase Lopez repped the seller.
LEASES
1700 Pacific inked 32k SF in transactions with three new tenants. The landlord, Olymbec USA, was repped by JLL’s Jeff Eckert, James Esquivel, Allison Johnston and Ashley Curry. Among the deals was a 14k SF lease for Special Counsel, which was repped by Mohr Partners’ Kevin Humphries.
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Composite Panel Technology inked a 15k SF lease at 4125 Billy Mitchell Dr in Addison from Colony Financial. Mercer Co’s Adam Curran repped the tenant. Colony Financial’s Jerod Hangartner repped the landlord.
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An undisclosed tenant leased 166k SF at 2101 W Belt Line Rd in Carrollton. Stream’s Ryan Boozer repped the tenant. Transwestern’s John Fulton repped the landlord.
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Vector Concepts renewed 57k SF at 9010 N Royal Ln in Irving. Stream’s Ryan Boozer repped the tenant. Prologis’ Mitch Pruitt repped the landlord.
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HomeGoods inked a 23k SF lease at 2911 Rio Grande Blvd in Euless from North Rock Real Estate. CBRE’s Robert Aycock repped the tenant. EDGE Realty Partners’ Steve Ewing and Josh Flores repped the landlord.
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The Retail Connection secured buybuyBABY (23k SF) and Cost Plus World Market (18k SF) for Southlake’s Gateway Plaza at East SH 114 and East Southlake Boulevard in Southlake. TRC backfilled two anchor positions. The center is owned by RPAI. TRC also renewed Bed Bath & Beyond’s lease. The tenant team included Bed Bath director of real estate Peter Russell, TRC's Steve Lieberman and David Fazio. The landlord team included RPAI's Jason Kasal, leasing director Bonnie Threadgill and TRC SVPs David Levinson and Jack Weir.
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Dick’s Sporting Goods inked a 50k SF lease at 2701 Rio Grande Blvd in Euless from North Rock Real Estate. EDGE Realty Partners’ Greg Bracchi and Megan Nabholtz Trime repped the tenant. EDGE’s Steve Ewing and Josh Flores repped the landlord.
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Great Event leased 10k SF at 2515 E Rosemeade Pkwy in Carrollton. Structure Commercial’s Eric Deuillet negotiated the lease.
