The DFW Deal Sheet
Klabzuba Realty sold two buildings—totaling 242k SF—in Addison and Irving to CREA Investments. HFF handled the transactions and the acquisition financing.
Proceeds from the two properties, The Meridian and The Belvedere (pictured), will be recycled into urban infill markets in major Texas markets, according to Klabzuba EVP Clint Corn. HFF secured floating-rate acquisition financing on behalf of the new owner through a regional bank. The Meridian, 100k SF at 1425 Greenway Dr in Las Colinas, is 90% leased. The Belvedere is at 14881 Quorum Dr in Addison. The 141k SF building is 80% leased.
SALES
Avistone Industrial Property Fund I acquired the fully leased 127k SF Northwest Crossing Business Center at 2152-58 W Northwest Hwy in Dallas from a California-based investment group. Bradford SVP Brian Pafford and VP Jason Miller repped the seller in the direct deal. The Bradford team also has retained the leasing assignment.
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Paragon Enterprises JV sold 2.23 acres at 1500 E Devitt in Fort Worth to Kendrick Williams. Transwestern principals Jack Huff and Kyle Poulson repped the seller.
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WS Vacek Investments sold an 82k SF industrial building at 205 N Vacek in Fort Worth. Transwestern VP Sarah LanCarte repped the seller.
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Machine Products sold a 24k SF industrial building at 9534 Industrial Rd in Justin to Asset Preservation as Q1 1700 Lacy. Transwestern VP Sarah LanCarte repped the seller.
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S2 Capital acquired the 660-unit Forest Ridge at 2508 Forest Point Dr in Arlington from affiliates of Harbor Group International. The sale was brokered by Transwestern’s Taylor Snoddy, Philip Weigand and James Roberts. S2 Capital plans extensive interior and exterior renovations.
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Steadfast Apartment REIT acquired the 315-unit Lakeside at Coppell. The property includes 45 two-story apartment buildings and is 96.2% occupied.
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Regional Management Co purchased a 14-acre pad site at Marine Creek Parkway and Longhorn Drive. Vison Commercial’s Scott Lowe repped the seller, Marine Creek Parkway Partners.
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A partnership controlled by real estate development companies Gault Co and RTG Capital sold Willow Bend Crossing to an unnamed Dallas investor. The 15k SF center is near the southwest corner of the Dallas North Tollway and Park Boulevard in Plano. Bryce Gissler and Jason Vitorino of the Marcus & Millichap team The Vitorino Group brokered the sale.
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The PPA Group purchased the 308-unit Newport Apartments on North Belt Line Road in Irving. The property, built in 1981, has undergone some unit renovations with the previous owners. The PPA Group plans to complete the renovations, add to the existing amenities with an outdoor kitchen and dog park, and upgrade the play structure and exterior of the property.
THIS & THAT
Bayswater Hi Line was presented with the Stemmons Corridor Business Association 2015 Redevelopment award for the redevelopment of 1532 Hi Line Drive in the Design District of Dallas. Stream’s Hanes Chatham (right) presented the award to Bayswater Hi Line’s Brandon Coates and Jeffrey Hill.
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Last week, the Society for Marketing Professional Services Dallas hosted an economic development panel to hear about new projects from Plano to Fort Worth. Here are event panelists: North Dallas Chamber of Commerce president and CEO Bruce Bradford, Fort Worth Chamber of Commerce domestic and international recruitment manager Erica Estrada, SMPS Dallas president Asheya Warren (of CreativeWorkx), Bisnow DFW reporter Tonie Auer, City of Dallas business inclusion development executive manager Zarin Gracey, Plano Chamber of Commerce president and CEO Jamee Jolly, and Dallas Regional Chamber business information, research and innovation SVP Duane Dankesreiter.
NEW BUSINESS
Bright Realty is developing an ALDI-anchored retail site on a 13-acre parcel, owned by Bright Realty, with seven commercial pad sites to be developed. The ALDI site, on the southeast corner of Josey Lane and Windhaven Parkway, is the first tenant; two other tenants are under contract. Bright’s Tim McNutt and Britton Lankford handled the deals.
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Baylor Scott & White Health and Duke Realty are developing a 75k SF three-story Baylor McKinney II MOB at 5252 W University Dr in McKinney. The GC is Medco Construction, and the architect is HDR.
GROUNDBREAKING
Local real estate investor Abid Abedi (center) broke ground on 19 acres at the northwest corner of Plano and Independence parkways in Plano. Abid is developing the land for the construction of 182 new single-family townhouses/condos. Novus Realty Advisors’ Chris Callicutt (right) and Robert Grunnah (left) repped the seller, and have brokered portions of this 25-acre land parcel for several years. In 2013, the duo arranged the disposition of six acres to a senior housing developer. In 2014, the brokerage team and interested parties fought for a zoning change to single-family. After several city council meetings and winning a super-majority vote, they were able to convert the zoning to single-family attached for high-density townhomes. Megatel Homes has contractually agreed to a takedown schedule and should begin construction on the new townhomes in Q1.
