This Week's Dallas-Fort Worth Deal Sheet
BroadSoft will occupy an entire 36K SF floor in Building One at Platinum Park, a 166K SF, Class-A office project at 6000 Tennyson Parkway in Plano.
Stream’s Matt Wieser and Ryan Evanich represented the landlord in-house. Granville Jenkins with Swearingen represented BroadSoft.
Stream developed, manages and leases Platinum Park. Stream’s Jerry Mays managed the construction and interior finish-out of the office space that includes a fitness center, tenant lounge, and conference facility.
EXECS
Andrew Martin joined Westmount Realty Capital as director of private capital. He will work as an operating partner for Westmount’s private capital investors.
SALES
CBRE Hotels arranged the sale of an 812-room, five-property hotel portfolio on behalf of Xenia Hotels & Resorts. The portfolio was acquired by an affiliate of Summit Hotel Properties for $163M, or $201K/room, and includes the 203-room Courtyard by Marriott Fort Worth Downtown/Blackstone Hotel in Fort Worth. The other four properties are in Pennsylvania, Missouri and Maryland. CBRE Hotels’ Arpit Shah, Ron Danko and Andy Wimsatt represented the seller.
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Plano-based Greenbrick Partners purchased 14 acres at the southeast corner of Plano Parkway and Parker Road in Carrollton with plans to develop 86 single-family lots. Younger Partners’ Tom Grunnah, Michael Ytem, Kevin Harrell and Jeremy Lillard represented the buyer. Sabre Realty’s John West represented the seller, Mustang Carrollton Properties.
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JPI sold South Side Flats by Jefferson in the Cedars to Waterton. Matthews Southwest partnered with JPI on the community, which is the first newly constructed market-rate multifamily community built in the area. CBRE represented JPI and Matthews Southwest.
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Transpacific Development Co. acquired a 713K SF Class-A distribution building at 3000 Cantrell Sansom Road in Fort Worth. The project is still under construction by developer DHL Real Estate Solutions and terms of the deal were not disclosed.
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Newmark Knight Frank arranged a sale-leaseback of a Dallas-area industrial property on behalf of the buyer, Brennan Investment Group. The acquisition of the 476K SF facility is valued at $21M and includes a long-term leaseback to the occupying tenant. E Smith Realty Partners’ Jim Hazard and Brad Struck represented the private owner.
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A major out-of-market investor purchased Victory Shops at Royal shopping center at 411 East Royal Lane in Irving from Victory Group. JLL’s Rose Meza represented Victory Group. Steve Music with Steve Music Co. represented the buyer of the 15K SF center on 1.5 acres.
LEASES
Grain Market leased 10K SF at 10645 King William Drive in Dallas. Mercer Co.’s Keenan Cook represented the tenant. Colliers’ Greg Cannon represented the landlord.
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San Antonio-based Cooper’s Meat Market signed its first Dallas lease at Sylvan Thirty. Cooper’s will occupy the 3,100 SF space adjacent to Cox Farms Market. The center’s retail occupancy is now 74%.
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Calhoun, Bhella & Sechrest renewed and expanded its lease at Republic Center, a 704K SF Class-A office building at 325 North Saint Paul Street in Dallas. The firm will double its 6K SF office. Stream’s Todd Noonan represented the tenant. Kathy Permenter, Sarah Savage and Trae Anderson with Younger Partners represented the landlord, Four Point Star.
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Surplus Building Materials recently expanded its warehouse from 65K SF to 150K SF and will open a 5K SF design showroom at 3404 Belt Line Road in Farmers Branch.
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Signature Global Logistics leased 99K SF at 8551 Esters Blvd. in Irving. Stream’s Ryan Boozer represented the landlord, Twin Lakes Investments. Ronald Bullock with Scott Brown Commercial represented the tenant.
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Hilton Domestic Operating Co. expanded by 24K SF at 15301 North Dallas Parkway in Addison. Stream’s J.J. Leonard and Ryan Evanich represented the landlord, Fortis Property Group. JLL’s Paul Whitman represented the tenant.
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MCI Communications Services renewed its lease of 48K SF at One Main Place at 1201 Main St. in Dallas. Stream’s Sara Terry and Matt Wieser represented the landlord, KFK Group. CBRE represented the tenant.
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Dynamic Glass leased 55K SF at Trinity Crossing in Grand Prairie. Stream’s Cannon Green and Luke Davis represented the landlord, Cabot Properties. Cushman & Wakefield represented the tenant.
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Accu-Tech Corp. renewed its 26K SF lease at 1500 Luna Road in Carrollton. Stream’s Blake Kendrick and Mackenzie Ford represented the landlord, GLP. Cresa Partners represented the tenant.
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Bearcom Operating renewed its 91K SF lease at Gateway East Business Center at 4009 Distribution Drive in Garland. Stream’s Matt Dornak and Ryan Wolcott represented the landlord, Barings. Avison Young represented the tenant.
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MedNetwoRx renewed 8K SF at 3 Park Central in Dallas. Younger Partners’ Kathy Permenter and Sean Dalton represented the landlord, McKnight Realty Partners. CBRE’s Harlan Davis and John Ellerman represented the tenant.
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Snap Kitchen Investments leased 30K SF of kitchen, freezer and distribution space in River Park Business Center at 15600 Trinity Blvd. in Fort Worth. Bradford’s Michael Spain and Clint Manning represented the landlord, SCG River Park Business Center.
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Tidal Hardware leased 8K SF of industrial flex space in Westfork Business Center Building 1 at 1475 Avenue S. in Grand Prairie. Bradford’s Michael Spain and Jim Ferris represented the landlord, DCT-TX 2004 RN Portfolio I. Stream’s Sarah Ozanne represented the tenant.
FINANCING
Modern Message, creator of Community Rewards, raised $2M in Series A funding. The Series A funding round was led by AXA Strategic Ventures. The company expects $4M or $5M in revenue in 2017.
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F10 Hotels closed on a $27M loan for the Crowne Plaza Dallas Downtown hotel. The 10-year fixed rate loan at 4.66% has 65% LTV with an 11% debt yield.
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Walker & Dunlop closed financing for a 962-unit multifamily portfolio totaling $77M with Fannie Mae. The collateral was backed by three Class-A, garden-style properties in Grand Prairie and Katy. The Grand Prairie property, Stone Lake Apartment Homes, totaled $28M. Walker & Dunlop’s Doug Hart led the origination team in arranging the debt.
DEVELOPMENT
Developer Hall Group, general contractor Austin Commercial and architect HKS topped out on Hall Park’s 17th office building at 3201 Dallas Parkway in Frisco. The 300K SF, 12-story building will deliver in December 2017.
