This Week's Dallas-Fort Worth Deal Sheet
Legacy West in Plano has been at the forefront of commercial real estate news in Collin County. Last week, the "entrance" to the district topped out.
One Legacy West topped out its 328k SF, 14-story office building. At the ceremony, Plano Mayor Harry LaRosiliere called the project "the entrance to the Legacy West (district) and the center of the universe" because of its powerhouse corporate neighbors, including Toyota, Frito-Lay, JCPenney, Liberty Mutual and FedEx. Austin Commercial is the project’s general contractor, with Andres Construction serving as construction manager and Belle Firma as landscape architect. Completion is set for December.
EXECS
Ryan Dale joined JLL as a healthcare brokerage and medical office leasing specialist. The new VP will focus on medical office properties in Dallas/Fort Worth.
***
Downtown Dallas Inc welcomed three new members to its executive committee: Atmos Energy's Liz Beauchamp, Page Southerland Page's Mattia Flabiano III and AH Belo's Katy Murray.
SALES
Texas Health Resources bought Forest Park Medical Center Fort Worth at 5400 Clearfork Main St in Fort Worth. Texas Health paid $116.5M for the 150k SF hospital and another $4.5M for the releases necessary to take full control of the facility and begin operations.
***
S2 Capital acquired the Holly Ridge apartment complex at 2504 Ivy Brook Ct in Arlington. S2 Capital will spend $4M to renovate the 290-unit complex.
***
Institutional Property Advisors, a division of Marcus & Millichap, sold The Legacy at Preston Hollow, a nonprofit senior living facility with 158 beds. IPA’s Mark Meyers, Joshua Jandris, Charles Hilding and Ryan Fleming and Marcus & Millichap’s Kelsie Vogds repped the seller. Mark, Joshua, Charles and Ryan procured the buyer. Marcus & Millichap’s Tim Speck is the broker of record in Texas.
***
Marcus & Millichap arranged the sale of a five-story, 87k SF office building at 1700 Alma Dr in Plano. Ron Hebert repped the seller. At the time of sale, the property was 84% leased.
***
Southlake Flex Properties bought an 18-building flex portfolio in Southlake. McGee & Associates and Unlimited Providential Realty Partners repped the seller, Lago Del Sur. Belfort Assets’ Stephen Swann repped the buyer.
***
Marcus & Millichap sold a 134-unit apartment complex at 6520 Red Sierra Dr in Fort Worth. Marcus & Millichap’s John Barker, Alexander Skotarek, Daniel Burton and Trey McGhin repped the seller, EB Real Estate Group. John also repped the buyer.
***
EAN Holdings purchased 5.73 acres from Avara Ventures at 4008 W Plano Pkwy in Plano. Cushman & Wakefield’s Cribb Altman repped EAN Holdings, and CBRE’s Nathan Wood and Greg Pierce repped the seller.
***
An out-of-state ownership group purchased Sedona Ridge Apartments at 11100 Walnut Hill Ln in Dallas. Old Capital provided a Fannie Mae non-recourse 30-year amortization loan.
***
An undisclosed local ownership group bought ED Head Apartments at 4316 Baldwin Ave in Fort Worth, adjacent to Southwest Baptist Seminary School. Old Capital provided a bridge loan solution at 75% loan to cost (including rehab) with an interest rate of 4.25% and a 25-year amortization.
LEASES
General Insulation leased 15k SF of warehouse space at 1233 Regal Row in Dallas. Cushman & Wakefield’s Jay Lucas repped General Insulation, and Stream Realty Partners’ Jason Moser repped the landlord, JLK Ltd.
***
Sam Edelman opened a 3k SF store at NorthPark Center in Dallas. This is the women’s shoes and handbag retailer’s first Texas store.
***
General contractor Brasfield & Gorrie relocated its Dallas team from Preston Center to the Campbell Centre North Tower.
DEVELOPMENT
HALL Group’s 16-building HALL Office Park in Frisco is undergoing a park-wide refresh that includes renaming the project to HALL Park. Upgrades, including expansion of a fitness center, new conference facilities, art installations, event space and a corporate wine lounge, are expected to be complete by this fall.
FINANCING
HFF secured $42.9M in construction financing for the senior housing community at 5905 Sherry Lane in Dallas. HFF secured the financing for HarborChase of the Park Cities, a 134-unit luxury assisted living and memory care community in Preston Center, on behalf of a JV between Silverstone Healthcare Co and L&B Realty Advisors.
***
CBRE, through its FHA lending platform, refinanced Westpoint at Scenic Vista at 1200 Scenic Vista Dr in Fort Worth. The $25M loan was funded through HUD’s Section 223(f), providing a 35-year, fully amortizing, fixed rate and non-recourse loan structure.
THIS AND THAT
Dallas-based Merriman Associates/Architects announced that, along with celebrating its 30th anniversary, it changed its name to Merriman Anderson/Architects to include Milton Anderson, the firm’s longtime design director.
***
McCarthy Building Cos was awarded a Safety Through Exemplary Performance (STEP) Gold Award for the firm’s work on Phase 2 of The University of Texas at Dallas campus landscape project.
***
Colliers International was selected by World Class Capital Group to be the exclusive leasing team for 717 N Harwood St adjacent to the Dallas Arts District in Downtown Dallas.
