This Week's Dallas-Fort Worth Deal Sheet
Kubota Tractor Corp breaks ground today at its new corporate HQ site at SH 121 and Grapevine Mills Boulevard in Grapevine. The HQ includes a three-story, 125k SF office building and a 68k SF R&D facility.
The Grapevine HQ will place Kubota’s leadership and professional staff closer to its manufacturing, assembly and distribution facilities in Georgia and Kansas. KTC CEO Masato Yoshikawa says this location is the most significant change the company has undertaken. Pictured is Masato with Zimmerer Kubota and Equipment’s Sam Zimmerer and Len Zimmerer; Kubota Corp CEO, president and representative director Masatoshi Kimata; and Zimmerer Kubota and Equipment’s Larry Zimmerer earlier this year. KTC announced its plans to relocate its corporate offices from Torrance, CA, to Grapevine. Among the HQ relo team are CBRE and Corgan Architects.
NEW CONSTRUCTION
Mohr Capital broke ground on a 430k SF Class-A industrial development on 20.7 acres on Bardin Road in Grand Prairie. Mohr’s development team has designed the project to accommodate tenants from 100k SF up to 430k SF. Stream Realty Partners’ Cannon Green, Blake Kendrick and Sarah Ozanne will lease the new project, branded I-20/161 Crossing. The development team, working directly with Mohr Capital and Stream, includes GSO Architects’ Lisa Swift, RLG Consulting Engineers’ Jared Bratz and Rogers-O’Brien Construction’s Will Pender. The project is expected to deliver in Q2 ’16.
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Hillwood Properties began construction on a multi-year project to extend runways 16R/34L,16L/34R and Taxiway A to 11,000 feet at the north end of Fort Worth Alliance Airport. The expansion will allow greater flight capability and enable long-haul flights to take off fully fueled, increasing air cargo capacity out of Alliance Airport and boosting business in Fort Worth and the region. The runway extension program has received funding from the FAA, the Texas Department of Transportation and other local sources. Alliance Airport received $21.1M from the FAA’s Airport Improvement Program in fiscal year 2014-2015 and expects to finalize funding this fiscal year. Construction completion is targeted for Q1 ‘18. The runway extension project has been in the planning and development stages since 2000 and has been a high priority for state and federal transportation officials. Besides the FAA, the Texas Department of Transportation and other sources have also paid to relocate SH156 and the BNSF mainline rail. The railroad began using the new rail line in September and new SH156 has been in use since 2012.
SALES
Cynthia Lynn and Richard Steven Dornak sold 1.84 acres at 4900 Boat Club Rd in Fort Worth to Fort Worth 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 principals Jack Huff and Kyle Poulson repped the seller.
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Wimberly Park Apartments, a 440-unit property in Duncanville, sold to a local buyer. Transwestern principal Taylor Snoddy, VPs Philip Wiegand and James Roberts repped the seller.
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An affiliate of Caddo Industrial Fund I acquired Quaker Court, a 205k SF two-building industrial complex near Quaker Street and Irving Boulevard. Caddo acquired the assets for an undisclosed price in an off-market transaction. Texas Capital Bank provided debt financing. HFF’s Jeremy Sain arranged debt financing for the buildings. The buildings will be managed by Caddo Real Estate Services.
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Airfield Properties, a local JV between Menyon Capital Partners, TVO Capital Management and Ravinia Capital Group, acquired the leasehold interest in a three-building DFW Airport office portfolio from The Dallas-Fort Worth Airport Board. The portfolio includes the 115k SF DFW Business Center (with a five-story, 950-space parking deck), and the 73k SF former DFW Administration Building on 14 acres. The DFW Business Center's at 2200 and 2222 South Service roads, between the north and southbound lanes of DFW International Parkway at Terminal B. 3200 Airfield East, the former DFW Administration Building, is at the southeastern corner of DFW International Airport (west of Hwy 161 and just north of Walnut Hill Lane), and across the street from Flight Safety International regional HQ. JLL EVP Daryl Mullin and Lauren Halstedt will lead the leasing team for both properties. Airfield Properties will begin capital improvements. Exterior enhancements have been designed by Corgan Associates and interior renovations by INTERPRISE Design. The DFW Business Center will receive upgrades to the lobby, common areas, elevators, signage, conference rooms, fitness center, tenant lounge, deli and Market 2 Go. Since tenant floors are each accessed directly from the garage elevators, 24-hour secured vestibules will be added on each garage floor. 3200 East Airfield Dr will also benefit from exterior design upgrades and custom interior upgrades tailored toward the corporate user.
EXECUTIVE PEOPLE
E Smith Realty Partners EVP Jim Hazard earned the Society of Industrial and Office Realtors (SIOR) designation.
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David Fasano joined HFF as a director in its Dallas office. He will work alongside managing directors Ryan Maconachy and Chad Lavender in HFF’s seniors housing group within its national healthcare practice. He'll focus on skilled nursing capital markets and investment sales transactions throughout the US. He joins HFF from Fortress Investment Group, where he worked as a VP of new business development expanding.
LEASES
Bershtel Enterprises leased 38k SF at 1000 Shiloh Rd in Plano. NAI Robert Lynn's Dave Peterson repped the tenant. Mark V's Jeff White and Mike McCartan repped the landlord, GLP.
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Mondi Bags USA leased 54k SF at Turnpike 5 in Dallas. The tenant was repped by NAI Robert Lynn’s Matt Elliot. The landlord was represented by Younger Partners’ Carter Crow.
