This Week's Dallas-Fort Worth Deal Sheet
Munsch Hardt closed a $24M commercial Property Assessed Clean Energy (PACE) finance transaction on behalf of Alterra International for the Butler Brothers Building redevelopment, a $120M historic redevelopment in Downtown Dallas.
The loan is the largest commercial PACE transaction in Texas. The vehicle provides up to 100% financing for owners who implement energy-efficiency and water reduction projects within existing buildings.
EXECS
Brant Brown, chief financial officer and chief operating officer of Westmount Realty Capital, was appointed to the board of directors for the Association for Corporate Growth DFW Chapter. Brown will serve as the director of private equity real estate for ACG DFW.
SALES
Shirley G. Anton GST Exempt Trust B1 sold its 16K SF building at 8314 White Settlement Road in White Settlement to CRS Equities. Stream’s Forrest Cook represented the purchaser. Vasseur Commercial represented the seller.
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Miami-based One Real Estate Investment purchased The Vibe at Landry Way at 7412 Ederville Road in Fort Worth. Marcus & Millichap’s Tommy Lovell brokered the sale with the help of Kapp Morrison’s Stuart Kapp.
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Marcus & Millichap sold Meadow Ridge, a 484-unit property in Fort Worth, and Arborstone, a 536-unit property in Dallas. Marcus & Millichap’s Al Silva had the exclusive listing to market both properties on behalf of two separate Texas-based sellers.
LEASES
C-III will occupy two floors totaling 57K SF at The Towers at Williams Square at 5221 North O’Connor Blvd. in Las Colinas. NAI Robert Lynn’s Tom Lynn and Zach Stevens represented C-III Asset Management in the renegotiation and extension. Hillwood’s Bill Brokaw represented the landlord.
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INFINITe Electronics Inc. leased 79K SF at CreekView 121 at 301 Leora Lane in Lewisville. Stream’s Blake Kendrick and Eric Crutchfield represented the landlord, EastGroup Properties. ESRP represented the tenant.
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Horizon Forest Products leased 37K SF at 2800 East Plano Parkway in Plano. Stream’s Ryan Boozer represented the tenant. NAI Robert Lynn’s Dave Peterson represented the landlord, Prologis.
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Keller Williams extended and expanded its lease to total 20K SF at Custer Court at 501 West President George Bush Highway in Richardson. Stream’s Matt Wieser and Ryan Evanich represented the landlord.
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El Dorado Furniture Distributors leased 20K SF at 2624-2634 Andjon Drive in Dallas. Stream’s Jason Moser and Todd Poticny represented the tenant. Warehouse Properties represented the landlord, Patsy Queen.
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FinishMaster leased 59K SF at Trinity Crossing in Grand Prairie. Stream’s Cannon Green and Luke Davis represented the landlord, Cabot Properties. NAI Robert Lynn represented the tenant.
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Sunfinity Solar leased 20K SF at Midway Business Center, Building 2, at 3361 Boyington Drive in Carrollton. Stream’s Mackenzie Ford represented the landlord, DRA Advisors. Jackson & Cooksey represented the tenant.
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Safelite Fulfillment Inc. extended its lease to 43K SF at 1601 East Plano Parkway in Plano. Stream’sMatt Dornak and Ryan Wolcott represented the landlord. Pangman Commercial Realty represented the tenant.
DEVELOPMENT
The Irving Music Factory at Las Colinas will stagger openings of its concert and retail concepts starting Labor Day weekend. The Pavilion, the indoor/outdoor concert venue, will open first on Aug. 31 followed by 25 restaurant and entertainment concepts debuting weekly until a grand opening on Dec. 8.
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M2G Ventures will expand The Foundry District with Phase 2 of Wheelhouse to break ground in August. The development will add 9K SF of industrial creative workspaces, a great room and open entries to Inspiration Alley. It will deliver in February 2018.
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In addition, M2G Ventures will start construction on 212 Carroll in the Fort Worth’s Foundry District in late August 2017. The design will have chef-driven cuisine with patios, coffee and workspaces and retail. The spaces will open up to a public micropark. It will deliver in January 2018.
FINANCING
Metropolitan Capital Advisors arranged a $23M loan for the acquisition of Wheatland Towne Crossing in Dallas. Dallas-based Rainier Realty Investments purchased the 208K SF retail center. MCA’s Sunny Sajnani arranged the 80% loan-to-cost floating-rate bridge loan.
