This Week's Dallas-Fort Worth Deal Sheet

GuideStone Financial Resources leased 115K SF in the Pinnacle Tower at 5005 LBJ Freeway near the Galleria. This will replace its old headquarters at 2401 Cedar Springs in Uptown.

GuideStone also sold its 200K SF former headquarters, 2401 Cedar Springs, to Goldman Sachs and Crescent Real Estate. 

JLL’s Brad Selner and Brooke Armstrong represented GuideStone in the leasing negotiations. GuideStone plans to move into its new space in late summer 2018.

JLL’s Jack Crews represented Guidstone in the sale transaction of its former HQ.

EXECS

Robert Babcock was appointed to regional administrator of the General Services Administration’s Greater Southwest Region. Babcock will oversee the GSA’s operations in Texas, Louisiana, Arkansas, Oklahoma and New Mexico. He will also be responsible for 1,476 government-owned or leased buildings and a team of 700 employees.

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Madera Residential Cos.’ Jeff Lowry started his term as 2018 chairman of the National Apartment Association. Lowry will focus on implementing NAA’s new strategic plan as well as education and advocacy. 

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Whitebox Real Estate hired Matthew Otte to the position of senior vice president, director of investment sales. Otte has over 14 years of industry experience and will focus on developing the firm’s new investment sales division, providing disposition and acquisition services for office assets in urban/infill locations across DFW.

SALES

A Dallas-based partnership purchased a 160-unit multifamily property, Toscana in Bedford at 1325 Tennis Drive, from a Lubbock-based seller. Marcus & Millichap’s Al Silva, Ford Braly and Mark McCoy represented the seller. 

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Merritt Industrial Dallas Texas LLC sold a four-building industrial complex, totaling 58K SF at 2345-2355, 2363-2375, 2447-2459 and 2465-2475 Merritt Drive in Garland to Merritt Dallas Properties. Bradford Commercial Real Estate Services’ Brian Pafford represented the seller. Cushman & Wakefield’s Stuart Smith represented the buyer.

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Kaufman Investments purchased Primrose of Cedar Hill, a 115K SF, 132-unit senior housing project from Cedar Hills Senior Housing L.P. CBRE’s Chris Deuillet and Chandler Sims represented the seller.

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The Berkadia investment sales team closed two multifamily deals totaling 420 units between Midlothian and Dallas.

• Azure Urban Living — 17617 Midway Road, Dallas, 240 units
• Timber Oaks — 721 Eastridge Drive, Midlothian, 180 units

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Shango Ko purchased the 9K SF property at 550 East Interstate 30 in Rockwall from Jim Aubuchon. JLL’s Andrew Wiley and Cole Burdette represented the seller. Pacific Century Realty’s Alfred Goh represented the buyer.

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Trademark Property Co. and ALTO Real Estate Funds purchased an 87K SF property at 5000 South Hulen in Fort Worth. The property is a 95% leased open-air retail center.

LEASES

Winston & Strawn leased 56K SF of Class-A office space in PwC Tower at Park District in Uptown Dallas from Trammell Crow and MetLife. The firm will move into its new space, floors eight through nine, in Q2. CBRE Dallas’ Dennis Barnes, Clay Gilbert and Shannon Brown represented the landlords. CBRE Dallas’ Phil Puckett, Harlan Davis and Neal Puckett and CBRE Chicago’s Nancy Pacher represented the tenant.

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Bradford Commercial Real Estate Services closed 27K SF of lease renewals in DFW.

• Fisk Electric Co. renewed 18K SF of industrial flex space at 1617 West Crosby Road in Carrollton. Bradford Commercial's Brian Pafford represented the landlord, RCI Valwood LLC. NAI Robert Lynn's Tyson Erwin represented the tenant.

• Belt Power LLC renewed 9K SF of warehouse space in Woodland Business Center, 2007 108th St. in Grand Prairie. Bradford Commercial's Michael Spain, Brock Wilson and Joe Santaularia represented the landlord, SL4 DFW Industrial L.P. CBRE's Brian Gilchrist represented the tenant.

FINANCING

HFF helped Advenir Inc. refinance its 332-unit multifamily property, Advenir at Frankford Springs in Dallas. HFF will service the Freddie Mac loan. The HFF debt placement team representing Advenir included Managing Director Josh Simon and Senior Managing Directors Eric Tupler and Andy Scott.

DEVELOPMENT

JPI’s Jefferson Silverlake broke ground. The luxury multifamily unit is planned to have 371 units at State Highway 26 and Bass Pro Drive.