This Week's Dallas-Fort Worth Deal Sheet
Florida-based Kislak Organization acquired Routh Street Flats at 3033 Routh St in Dallas.
Moran and Co Southwest repped the seller, Alamo Manhattan. Team Mozer with George Smith Partners arranged financing from Connecticut General Life Insurance Co. Cottonwood Residential, Kislak’s property management partner, will be responsible for day-to-day operations of the 208-unit mid-rise.
EXECS
Jeffrey Schagren joined Squire Patton Boggs as of counsel in the firm’s real estate practice. Schagren will head the firm’s North America hospitality practice.
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Pinnacle CEO Rick Graf began his term as 2017 National Apartment Association secretary. Graf has more than 40 years of real estate management experience.
THIS AND THAT
RealPage acquired substantially all of the assets of Axiometrics. RealPage will combine the multifamily data firm with its own MPF Research and RCA.
SALES
Hillwood Communities sold 120 acres in Little Elm to Del Webb, a Pulte Brand and builder of homes targeted to active adults. Del Webb will build 600 new homes with features designed for residents 55 years and older to replace the age-restricted Frisco Lakes community.
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Rowan Properties sold the 160-unit Castle Rock apartments in Lake Highlands. Rowan Properties repped both the seller and buyer. Castle Rock is the buyer’s fourth acquisition in Lake Highlands in the last two years.
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Colliers International sold a 227k SF industrial building at Sunridge Business Park to Makita U.S.A. The buyer will use the property at 910 East Pleasant Run Road in Wilmer as its regional distribution center. The Colliers team, led by Chris Teesdale and Tom Pearson, repped both the developer of the building, Scannell Properties, and Makita in cooperation with Colliers’ El Segundo, Calif., office.
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Colliers International sold Parkway Commons at 5068 West Plano Pkwy in Plano. The building sold for $13.6M. Colliers’ John Bowles, Bruce Butler and Susan Gwin Burks repped the seller. Colliers’ Kevin Huchingson and Isaac Smith repped the buyer, CapRocq. The buyer selected Colliers’ Michael Bowles and Chris Lipscomb to lease and manage Parkway Commons.
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Ewing Irrigation Products purchased 10k SF at 10525 Wire Way in Dallas from Donald Trussell. Mercer’s Keenan Cook repped the seller.
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Colliers International closed on the sale of Northgate III (above), a five-building, 155k SF industrial portfolio at 11805-11829, 11845-11895 Forestgate Drive and 12021, 11999 and 11969 Plano Road in Dallas. Colliers’ Lizzy Blake repped the buyer, Avistone.
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TIG's Frisco office sold 17250 North Dallas Pkwy in Dallas. The 40k SF office building is on two acres with frontage on the Dallas North Tollway. TIG’s Matthew Hickey and Kristin Grammar repped the owner.
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Phuc Pham & Faith Stutzman sold 10k SF at 414 and 418 Yale Drive in Dallas to Trinh Loc & Nguyen Thu. Mercer’s Ryan McCarthy repped the seller. Beam Real Estate’s Thomas Dlep repped the buyer.
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Monopoly sold an 8k SF office building at 400 North East St in Arlington to TL Reeves Realty. Chris Mendez of Coldwell Banker Commercial Advisors DFW repped the seller. KW Commercial's Jim Leebens repped the buyer.
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Doug Tonne Investments sold a 7k SF office building at 800 Forest Oaks Lane in Hurst to RAKS Real Estate I. Coldwell Banker Commercial Advisors DFW's Chris Mendez repped the seller. Lalji Mansur of Re/Max repped the buyer.
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LQ Development sold 10 acres in Landmark Quebec at Loop 820 and SH 199 in Fort Worth to Parker Products. Transwestern’s Jeff Givens and Sarah LanCarte repped the seller.
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Robhana and Waltco of Nevada sold a 53k SF industrial building at 2155 FM 1187 in Mansfield to Crown Building Products/Comarca Grande. Transwestern’s Jeff Givens repped the seller.
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Robert Petrie sold a 7k SF retail building at 401 Northwest Pkwy in Azle to Tesla Investments. Transwestern’s Sarah LanCarte repped the seller.
LEASES
Avison Young inked a flexible office lease through LiquidSpace, encompassing 18k SF at The Centrum, a Class-A office building in the Oak Lawn/Turtle Creek submarket.
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Kal Freight leased 13k SF at 151 Regal Row in Dallas from Prologis. Mercer’s Jeremy Mercer repped the tenant. Transwestern’s Tim Veler repped Prologis.
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Renewal by Anderson signed a 10k SF industrial lease at 5003 North Fwy in Fort Worth with Hoisager & Crossley Properties. Transwestern’s Sarah LanCarte repped the landlord.
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Lykes Cartage Co leased 27k SF of distribution and warehouse space in DFW Global Logistics Centre at 1200 Mustang Drive in Grapevine from LIT Industrial. Bradford’s Susan Singer and Centric Commercial’s Russell Todd repped the tenant. CBRE’s Steve Koldyke and Kacy Jones repped the landlord.
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North Texas Ductworks leased 8k SF of industrial flex space in Northgate Business Park 4, Building 8 at 2477 Merritt Drive in Garland. Bradford’s Jason Miller and Michael Grant repped the landlord, Merritt Industrial Dallas Texas. Chris Andler of Property Advisers Realty repped the tenant.
FINANCING
Clayton Wells of BMC Capital arranged a $1.5M loan for a multifamily property in Garland. The loan features seven years fixed at 3.99%, non-recourse and amortized over 30 years.
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Virtua Partners recapitalized Midtown Atrium, a 113k SF office complex in Dallas. Virtua assisted the tenant-in-common investors with an extension of the senior loan, and the investment of $2M in preferred equity. The new capital is being used for tenant improvements, leasing commissions and property upgrades.
