This Week's Dallas-Fort Worth Deal Sheet
The Pauls Corp. sold a 22-property, four-parcel, 3.75M SF industrial portfolio to Clarion Partners.
The property has strong cash flow but room to add value by leasing up vacant space and developing land parcels.
CBRE’s Randy Baird, Jack Fraker, Ryan Thornton, Jonathan Bryan, Darla Longo, Chris Riley and Jim Bolt represented Pauls Corp.
“The PAULS portfolio allowed Clarion to acquire a critical mass of best-in-class industrial properties in one single transaction and gain instantaneous economies of scale and sizeable U.S. market share,” Baird said in a statement.
Four of the 22 properties are in Dallas-Fort Worth totaling 645K SF. The rest of the properties are in Las Vegas (698K SF), Denver (1.9M SF) and Atlanta (479K SF and 103 acres).
EXECS
Stream Realty Partners hired Rhett Miller as a senior associate in its office leasing division. Prior to joining Stream, Miller worked at VTS Inc. as national director of enterprise sales.
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Sheppard, Mullin, Richter & Hampton LLP is opening an office in Dallas, the firm’s 11th in the United States and 16th worldwide. The founding partners include:
- Gemma Descoteaux, Stephen Fox and William Mateja from Polsinelli LLP;
- Jennifer Klein Ayers and Steven Schortgen from K&L Gates LLP;
- Carolyn Benson and Yvette Mabbun from Quilling, Selander, Lownds, Winslett & Moser P.C.;
- Jason Mueller from Locke Lord LLP;
- Dwight Francis from Gardere Wynne Sewell LLP (now Foley and Lardner LLP); and
- Evan Williams from Hunton & Williams LLP (now Hunton Andrews Kurth LLP).
The Dallas office will be led by Fox, Schortgen and Descoteaux.
The firm subleased 26K SF of office space at Chase Tower, 2200 Ross Ave., in Dallas. Transwestern’s Alan Harrington, Steve McCoy, Roy Reis and Ford Childress represented Locke Lord, and JLL's Brooke Armstrong and Jeremy McGown represented the sublessee.
SALES
Albertsons completed two North Texas dispositions totaling 124K SF. Venture Commercial represented Albertsons in the sale of the properties at 150 East FM 544 in Murphy and 8428 Denton Highway in Watauga. 356 Development, represented by Capstone Commercial Real Estate Group, purchased both properties.
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An undisclosed local group purchased Plaza Del Lago, a 320-unit multifamily community at 3330 Webb Chapel Extension. Transwestern’s Taylor Snoddy, Philip Wiegand and James Roberts represented the seller, DIJ Plaza Del Lago LLC.
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A West Coast buyer purchased Three Fountains, a 192-unit multifamily community at 6011 Melody Lane. Transwestern’s Taylor Snoddy, Philip Wiegand and James Roberts represented the seller, CC Fountains LLC.
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Three VP Texas L.P. purchase a 6-acre site on the northeast corner of 75 and Legacy in Plano from Jerry Spencer L.P. JLL’s Chris Gibbons represented the buyer. Texas Hotel Brokers' Ryan Patterson and Phil Patterson represented the seller.
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A New York investor purchased a 22K SF Office Depot in Mesquite from an undisclosed private investor. Strive’s Adam Gottschalk represented the seller.
LEASES
Serendipity Labs will lease 25K SF in Hall Park as part of a joint venture with Hall Group. Hall’s Kim Butler, Brad Gibson and Cynthia Cowen represented Hall Park. JLL’s Kimarie Ankenbrand and Michael Berman represented Serendipity Labs.
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Arcadia Inc. leased 87K SF from FE_SI Ambassador Row L.P. at 7601 Ambassador Row in Dallas. Mercer Co.’s Keenan Cook represented the tenant. Holt Lunsford Commercial’s Canon Shoults represented the landlord.
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L&J Services Center leased 12K SF at 2606 Sea Harbor Road in Dallas from Mattu Enterprises LLC. CBRE’s Blair Oden represented the tenant. Mercer Co.’s Jeremy Mercer represented the landlord.
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Burgess Construction Consultants leased 15K SF of office space at 1255 West 15th St. in Plano. NAI Robert Lynn's Kent Smith represented the tenant. Holt Lunsford Commercial's James Engels and Holden Lunsford represented the landlord.
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Chewy leased 50K SF for its new service center at Infomart in Dallas.
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CM Holdings LLC signed a new lease for 27.5K SF of industrial space at Prologis Stemmons 11 at 151 Regal Row in Dallas. Transwestern Vice President Timothy Veler represented the landlord, Prologis, and Stream Realty's Hanes Chatham represented the tenant.
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Balfour Beatty Construction renewed its 44K SF lease at Citymark on the Katy Trail, 3100 McKinnon Ave. in Dallas, from 3100 McKinnon L.P. Bradford Commercial Real Estate Services’ Richmond Collinsworth represented the landlord. CBRE’s Phil Puckett, Neal Puckett and Harlan Davis represented the tenant.
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EM Squared Ltd. leased 13K SF of industrial flex space at 3245 West Story Road in Irving from Las Colinas AAA Investment LLC. Bradford Commercial Real Estate Services’ Brian Pafford and Jason Finch represented the landlord in the direct deal.
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Tom’s Mechanical Inc. renewed its lease for 18K SF of industrial space at Arlington Business Park, 731-745 109th St. in Arlington. Transwestern principal John Brewer represented the landlord, Vista Verde Industrial.
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Vixxo Corp. signed a new lease for 11K SF of office space at 2711 LBJ Freeway in Dallas. Transwestern principals Justin Miller and Nathan Durham and associate Cohen Howard represented the landlord. Steven Schneider of Site Selection Group LLC represented the tenant.
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Baik Brands Inc. leased 47K SF at 2025 Royal Lane in Dallas from G&I IX Royal Lane LLC. Mercer Co.’s Jeremy Mercer represented the tenant. Stream Realty Partners’ Todd Poticny represented the landlord.
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R&T Distributors Inc. renewed its 16K SF lease at 1223 Security Drive in Dallas. Mercer Co.’s Jeremy Mercer represented the tenant. Paladin Partners’ Brett McMillan represented the landlord, Vantage Properties Ltd.
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New Glazing Industries Ltd. leased 40K SF at Turnpike 4, 2130 French Settlement Road in Dallas. Younger Partners’ Carter Crow represented the landlord.
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Top Level Printing Ink leased 25K SF at 1343 Round Table Drive in Dallas from ATCAP Fund Dallas/OKC L.P. Mercer Co.’s Jeremy Mercer represented the tenant. Stream Realty Partners’ Jason Moser represented the landlord.
DEVELOPMENT
Driven Elite Fitness and Health, founded by former Green Bay Packer Donald Driver and former Detroit Tigers baseball player Aaron Westlake, is opening its second DFW location in a 24K SF facility at Grapevine Mills.
Update, April 24, 2018, 4:00 P.M. CT: This article has been updated to include the names of brokers involved in the Three VP Texas L.P. land purchase.
