This Week's Dallas-Fort Worth Deal Sheet
MYCON General Contractors broke ground on Spring Creek Center Medical Office Building near the southwest corner of Spring Creek Parkway and the Dallas North Tollway in Plano.
The $6M project (pictured) consists of site work and shell construction of a two-story, 48k SF multi-tenant facility. The project team includes owner/developer Haggard Property Group; owner’s representative Bjerke Management Solutions; and project architect O'Brien Architects. The Spring Creek Center MOB is scheduled for completion in October 2016.
EXECS
Ryan Smith joined Venture Commercial Real Estate as a VP. Ryan will focus on project leasing and new development opportunities for the Venture team.
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Downtown Dallas Inc added Amy Tharp as COO. Amy will work with the president and CEO to shape DDI’s strategic goals and annual work program, with a specific focus on operational execution.
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Capview Partners added Ka Cotter as an advisory board member for the company’s latest fund. Ka previously served as a member of The Staubach Co’s board of directors, as well as several other corporate boards, including Snelling & Snelling, Zencash, Experient and Veritext.
LEASES
Quine & Associates leased 36k SF at the Westgate Shopping Center at 1501 West Ennis Ave in Ennis. Quine’s Randy Scott and Brad Quine brokered the deal with Dirt Cheap (pictured).
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Zimmer US leased 16k SF of office space from Red Tail Acquisitions at 2855 Trinity Square Drive in Carrollton. Cushman & Wakefield's Emily Hoffman repped Zimmer US. Andrew Gilbert with Holt Lunsford repped the landlord.
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Ozburn-Hessey Logistics leased 191k SF at 3801-3875 La Reunion Pkwy in Dallas from DCT La Reunion. CBRE's Ann Huntington repped the tenant.
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Brass Hat Leasing leased 30k SF at 1144 Bethel Road in Coppell. CBRE's Wilson Brown and Steve Trese repped the landlord, Bethel Industrial.
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Cintas Corp No. 2 leased 18k SF at 850 Freeport Pkwy in Coppell from Coppell-Montreal Partners. CBRE's Travis Sapaugh repped the tenant.
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Accuserv Lighting & Equipment leased 13k SF at 14040 Welch Road in Farmers Branch from Columbia Texas Welch Industrial. CBRE's Jennifer Young and Steve Berger repped the tenant.
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Abstract Construction Co leased 12k SF at 2542 Highlander Way in Carrollton. Laura Harrington with Fritz Duda repped the landlord, Eastridge Partners. CBRE's Neal Puckett repped the tenant.
SALES
SHOP Companies Investment Sales sold the 67k SF Eastside (pictured), a mixed-use retail center with an office component in Richardson, for $24M. SHOP's Tommy Tucker and Tim Axilrod repped the seller and procured the buyer.
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Skywalker Property Partners finalized the sale of 110k SF Chase Bank Center at 1301 South Bowen in Arlington to Duncan Holdings. Colliers' Creighton Stark and Chris Boyd repped the seller. Holt Lunsford's Geoff Shelton and Matt Carthey repped the buyer.
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Marek Holdings sold 16k SF at 2606 Manana Drive in Dallas to Congressman Realty. Mercer's Keenan Cook repped the seller.
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Ell Commercial Properties sold 23k SF at 2311-2317 Midway Road in Carrollton to Dors Family LP. CBRE's Michael Chiocca repped the seller.
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Allen & Loucks Venture sold 229k SF at the northeast corner of Murphy Road and FM 544 in Murphy to The Phillips Edison Group. CBRE's Chris Cozby, Chris Gerard and Blaine Dozier repped the seller.
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Citadel Partners' Scott Morse, Andy Goldston and Mac Morse repped the Richardson ISD in a 60k SF sale in Richardson. Holt Lunsford's Josh Barnes and Grant Whittle repped the purchaser.
FINANCING
CBRE arranged $121M in bridge financing for a three-property portfolio encompassing five office buildings in Irving and Richmond, VA. The portfolio includes two North Texas properties: Las Colinas Towers I and II (pictured) at 225 E John Carpenter Fwy in Irving and Mandalay Tower at 220 East Las Colinas Blvd in Irving.
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BMC Capital's Clayton Wells arranged a $1M loan for the purchase of five contiguous duplexes in Weatherford. The terms included 75% LTV and a 10-year term with five years fixed, amortized over 30 years. The loan was arranged through one of BMC Capital’s banking relationships.
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KeyBank closed on an $85M permanent loan for Tradition Senior Living secured by The Tradition Lovers Lane, a 311-unit senior housing community in Dallas. KeyBank's Monique Bimler arranged the financing, a 10-year fixed-rate loan, through a life insurance company.KeyBank's Grant Saunders and Peter Trazzera originated the initial construction loan and negotiated the syndication of the loan with three other banks.
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PSRS closed a $8M, 16-year, non‐recourse loan for a Los Angeles-based borrower with John Hancock Life Insurance Co. The deal is for a 135 one‐ and two‐bedroom-unit apartment complex in Plano.
DEVELOPMENT
Construction on Phase 1 of Arlington Commons is progressing with the addition of a four-story parking garage. The $200M, 1,300-unit project will be built over four phases, with construction of Phase 1 slated to be complete spring 2018.
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Caddis opened its new 81-unit, 67k SF Heartis Arlington senior living community at 3424 West I-20 in Arlington. The assisted living and memory care community was developed and is owned by Caddis and managed by Frontier Management.
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CHC Development launched Murphy Professional Centre, a new 11k SF medical and professional office building, just southeast of the intersection of FM 544 and Brand Road in Murphy. Dermatologist Dr. Michael McGuiness will occupy 5k SF in the space designed by Urban Bobcat Architects.
THIS AND THAT
The Alexan in Dallas started leasing this quarter and was 7% occupied at quarter end. Monogram Residential Trust’s proportionate ownership is 50% and the 365-unit property is expected to be completed by Q4 2016 and stabilized by Q3 2017.
