This Week's Dallas-Fort Worth Deal Sheet

Harbor Group International affiliates sold the 660-unit Forest Ridge Apartments in Arlington to S2 Capital in one of DFW’s largest Class-B transactions of the year.

Transwestern principal Taylor Snoddy, VPs Philip Wiegand and James Roberts represented the sellers and the buyer. S2 Capital acquired the property at 2508 Forest Point Dr for an undisclosed amount and has planned extensive interior and exterior renovations. Taylor tells us the complex is surrounded by newer assets with superior interior finishes, which presented an appealing value-add opportunity. By implementing a capital improvement program, the new ownership can take advantage of the $300 to $400 per month rent discrepancy, he says.

SALES

An undisclosed buyer purchased three acres at 5420 Forney Rd in Dallas. Bowers & Associates’ Joe Bowers repped the seller.

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Fairways 2001 Office Partners sold the 35k SF Fairways I office building to Yacht Harbor Capital Advisors, which acquired the asset for two of its investment partners from Oklahoma City and Austin, respectively. They will assume ownership of the Class-B building. The Colliers brokerage team of Susan Gwin Burks, John Conger, John Bowles and Bruce Butler repped the sellers. The building is on Knoll Trail Drive, north of the intersection of Keller Springs Road and the Dallas North Tollway, on the fifth hole of Bent Tree Country Club. Several months ago the buyers acquired Country Club Plaza overlooking Stone Briar Country Club in Frisco.

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Ridgeline Capital Partners acquired two MOBs, one in Houston and the 26k SF Rosedale Medical Plaza at 1106 Alston Ave in Fort Worth. The multi-tenant properties are 98% leased.  

LEASES

GuideIT, a Perot company, inked a 17k SF long-term lease at Plano Tower, 101 E Park Blvd, from Boxer Property. Boxer’s Mark Dowdle repped the landlord. Jackson Cooksey’s Louis Pascuzzi repped the tenant.

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List Hallowell signed a 35k SF lease at 1701 Vantage in Carrollton from Colfin Cobalt I-II Owner. Mercer Co’s Adam Curran repped the tenant. Colony Financial’s Jerod Hangartner repped the landlord.

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Oakcroft Associates dba Roofmaster inked a 15k SF lease at 2618 W Hwy 303 in Grand Prairie. Lee & Associates’ Robert Miller repped the tenant. Stream’s Luke Davis repped the landlord.

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Foxworth Galbraith Lumber Co leased 23k SF in Preston Park Financial Center at 4965 Preston Park Blvd in Plano. Hudson Peters Commercial’s Janice Peters repped the tenant. Cushman & Wakefield’s Clint Madison and Rodney Helm repped the landlord, Griffin Partners.

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Plains Capital Bank signed a 32k SF long-term lease extension at Park Place on Turtle Creek at 2911 Turtle Creek Blvd. JLL’s Paul Whitman repped the tenant. The landlord, Piedmont Park Place, was repped by JLL’s James Esquivel and Ashley Curry. 

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Citadel Partners’ Andy Goldston and Scott Jessen repped the tenant, Smith System Mfg Co, in the completion of a 226k SF lease at 3000 N Redbud Blvd in McKinney. Cushman & Wakefield’s Gary Collett and Jay Lucas repped the landlord. 

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Digital Alchemy leased 12k SF at 8721 Airport Fwy in North Richland Hills. NAI Robert Lynn’s Colt Power repped the tenant. Holt Lunsford Commercial’s David Cason repped the landlord. 

KUDOS

A team of four SMU Cox School of Business students won the 2015 Texas ICSC undergraduate case study competition. The competition pits major universities against one another in a battle of retail development knowledge that determines which undergraduate program produces students most ready to excel in the retail real estate industry. Each member of the winning team shared a first prize of $6k. Other teams competing were Texas Tech, UT Dallas and TCU. Here’s the winning team: Dan Mulford, Elizabeth Herman, Joseph Cahoon (SMU professor/Folsom Institute for Real Estate director), Lizzie Fitzgibbons and Austin Bedingfield. The team was advised by Folsom Institute director and Venture Commercial managing partner Mike Geisler and JLL VP Jace Hinderland.

EXECUTIVES

Cathy Janke was appointed SVP for commercial real estate lending at Capital One. In this role, she will be responsible for originating and managing both agency and balance sheet loans. Most recently she served as VP of commercial real estate lending at U.S. Bank in Newport Beach, CA. 

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Bar Louie hired Jill Szymanski as director of franchise and real estate to support the company’s strategic franchise growth plans across the US. In her new role, she will be responsible for driving franchise sales in Bar Louie’s existing and emerging markets. She will also lead corporate real estate development for the central division of the business. Prior to joining Bar Louie, she worked for international retail companies and emerging concepts. During that time, Jill also owned a retail flower shop and restaurant. 

NEW CONSTRUCTION

NorthGate Constructors opened the ramps connecting southbound William D. Tate Avenue to southbound SH 121 and southbound SH 360 in Grapevine. Construction on the $17M project began in February. Fewer than 10 months later, the new ramps opened more than one year ahead of schedule. Reconstruction of the SH 121/360 interchange was included in the ultimate scope of the DFW Connector project, but initially only $1B in funds were available. Because of this, certain elements of the project, including construction at the south end of the DFW Connector, were removed from the contract. In 2014, funds became available for construction of two new ramps in this area. These new ramps will provide better access to SH 121/360 and allow drivers to bypass the Stone Myers Parkway intersection. Residents in Grapevine will also experience reduced congestion and improved safety in this area.

GROUNDBREAKING

Gables Residential broke ground on its newest mixed-use development in Las Colinas. Gables Water Street, located off John W. Carpenter Freeway (SH 114), will include 316 apartment homes in three five-story buildings. Pictured is Gables development director Katy Slade, Irving mayor Beth Van Duyne, Irving councilman Oscar Ward and Gables CIO Ben Pisklak. WDG, the project architect, designed the community to complement the architecture of its neighbor, the iconic William Square office building. Gables Water Street is a mixed-use development with retail partners including Olivella’s, Twisted Root Burger, Main Street Bistro and Bakery, Planet Sub and The Londoner Pub. The community will be one mile from the Irving Music Factory, which is under construction. Financing for the project is provided by Comerica Bank and Cadence Bank, as well as funding from the City of Irving.

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Commodore Partners, a private equity firm owned by the Carl Westcott family, broke ground on The Mark at Midtown Park, a 274-unit luxury apartment community on the east side of North Central Expressway, just north of Meadow Road. A Ford dealership on the site was demolished in 2008 and the property was rezoned to allow multifamily in 2013. The Mark will be managed by Lincoln Property Co, and open in early 2017. The project team also includes Balfour Beatty Construction; BGO Architects; Kimley‑Horn and Associates; and Faulkner Design Group. Pictured: the Westcott family: Chart, Carl, Court, Kameron, Hilton and Cruise.