This Week's Dallas-Fort Worth Deal Sheet
Architecture and design firm Corgan has a new leadership team. Scott Ruch was named CEO, and Lindsay Wilson and Steve Hulsey were named presidents.
The trio will work with Bob Morris, who, after eight years as president and CEO, was named chairman of the board.
These four executives have worked together on projects for Apple, Toyota, University of North Texas, Southwest Airlines, Facebook and Frisco ISD. For the last three years, as Corgan has grown rapidly, they have served as the firm’s executive committee.
“Working together, we’ve seen the firm nearly double in size, opened new offices, and expanded our practices to better serve our notable and diverse client portfolio,” Ruch said in a statement. “It’s a natural extension of Corgan’s culture and our goal is to tap into our team’s varied strengths and experiences to best serve our clients and lead Corgan successfully into the future.”
“It’s a great time for this in our firm,” Morris said in a statement. “We just celebrated our 80th anniversary. Our market sectors are healthy and growing. Our leadership bench is deep and our culture remains strong. It’s a great time for the next generation to move us forward. It’s also a great time for me, turning my full attention to special work as Chairman that I will fully enjoy and can bring value to as I do.”
Ruch was previously executive managing principal and sector leader of the firm’s Critical Facilities practice. Wilson and Hulsey will retain their current roles as sector leaders of the Interiors and Education studios, respectively.
LEASES
Northern Trust Corp. expanded from 8K SF to 13K SF at Harwood No. 6, Saint Ann Court. Harwood International’s Hannah Waidmann and Kelly Whaley negotiated the lease with CBRE’s Harlan Davis, Neal Puckett and Phil Puckett.
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Emissions & Cooling Solutions leased 17K SF of warehouse space at 11455 Newkirk St. in Dallas. Bradford Commercial Real Estate Services’ Joe Santaularia, Brock Wilson and Clayton Hughes represented the tenant. Bradford’s Brian Pafford and Jason Finch represented the landlord, ML Capital Ltd.
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Goodwill leased 10K SF at Benbrook Retail, 8510 Highway 377 in Benbrook. Retail Solutions’ Jeff Lewin and Brian Sladek represented the landlord. Quine & Associates’ Sandra Chapman represented the tenant.
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Blue Sky Land Express renewed 19K SF at 1220 Texan Trail in Grapevine. Mercer Co.’s Turner Peterson represented the tenant, and Lee & Associates’ Phil Rosenfeld represented the landlord, Tarrant County Properties LLC.
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Blue Ribbon Delivery leased 55K SF at 2115 Exchange Drive in Arlington. Lee & Associates’ Mark Graybill and Colton Rhodes represented the landlord, Global Logistic Properties. Their colleague Reed Parker represented the tenant.
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The One Sette leased 5,301 SF of retail/restaurant space at 2614 McKinney Ave. in Uptown. This new bar and restaurant will occupy the space bar/restaurant Idle Rich had used for 14 years. Colliers’ Michael Tran represented the tenant, and Weitzman’s Gretchen Miller and Stephen Wise represented the landlord, J&K Real Estate Investments.
SALES
Marcus & Millichap’s Nick Fluellen and Bard Hoover closed 14 multifamily properties with a total of 2,369 units in the first quarter. Thirteen of the properties are in Texas and one is in Albuquerque, New Mexico. The assets sold for a total of $192M.
The 14 multifamily properties sold in Q1 by the Fluellen-Hoover team are:
- The Lantern at Lake Highlands, 340 units, Dallas.
- Cantera Creek at Lake Highlands, 472 units, Dallas.
- Sunscape, 100 units, Abilene.
- Wynnewood Gardens, 106 units, Dallas.
- Fairmeadows, 200 units, Duncanville.
- Lakewood Terrace, eight units, Dallas.
- Mesa Verde, 243 units, Albuquerque, New Mexico.
- Cove Townhomes, 14 units, Desoto.
- 19Twenty, 184 units, Denton.
- Country Club Manor, 56 units, Terrell.
- Columbus Heights, 24 units, Waco.
- Tinsley Place, 214 units, Waco.
- Castle Rock Apartments, 160 units, Dallas.
- The Vive at Lake Highlands, 248 units, Dallas.
Fluellen and Hoover worked with Institutional Property Advisors’ Will Balthrope, Drew Kile, Joey Tumminello and Max Helgeson on the marketing of Castle Rock Apartments, The Lantern at Lake Highlands, The Vive at Lake Highlands and Cantera Creek at Lake Highlands.
Matt Aslan, Evan Burke, Trey Caldwell, Joseph Murry and Sean Scott provided representation on the sales of Lakewood Terrace, Cove Townhomes, Sunscape, Columbus Heights, Tinsley Place and Country Club Manor. IPA Capital Markets’ Jake Roberts arranged financing for the Mesa Verde and Sunscape acquisitions. Matt Reeves is Marcus & Millichap’s broker of record in New Mexico and Tim Speck is the firm’s broker of record in Texas.
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Peter Emish purchased 1.4 acres at 2905 Thomas Ave. in Dallas. Bradford Commercial Real Estate Services’ Richmond Collinsworth represented the buyer, and J. Elmer Turner Realtors’ Michael Turner represented the seller, McKinney Square Properties No. 1 Ltd.
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A Dallas-based investment group purchased a 22,500 SF warehouse in Valwood Industrial Park. The property on 1 acre at 1208 Tappan Circle in Carrollton is 60% leased. Purchaser CCG Valwood L.P., which targeted this 53-year-old building because it is two blocks from Downtown Carrollton, now owns five industrial properties in North Texas. Bradford Commercial Real Estate Services’ Richmond Collinsworth represented the buyer. Caddo Holdings’ Scott Gregory represented the seller, Caddo Valwood L.P. Bradford Commercial Real Estate Services is leasing the project.
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Disney Investment Group brokered the sale of two shopping centers for $17.1M: the 43K SF McDermott Towne Crossing in Allen and the 14K SF Carrollton Retail Center at Hebron Parkway and Midway Road in Carrollton. DIG’s David Disney and Adam Crockett represented the seller, Westwood Financial. The centers were bought by the same undisclosed Texas-based private buyer.
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An undisclosed Dallas-based LLC purchased Country Living, a 12-unit apartment complex in Sachse. Marcus & Millichap’s Courtland Charles and Mark Allen represented the seller, Gomel Capital Partners. The buyer intends to build a portfolio. Due to increasing population and demand for the area, the city of Sachse obtained part of the property for street expansion.
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A Texas-based private investment group purchased Anchor Bay Boat & RV Storage, a 71K SF self-storage facility at 2750 West Shady Shores Road in Corinth. Marcus & Millichap’s Brandon Karr marketed the building for the undisclosed seller. Karr, Danny Cunningham and Will Parisi secured the buyer.
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A Dallas-based private investor purchased Kennedale Self Storage, a 37K SF, 324-unit facility at 813 East Kennedale Parkway. Marcus & Millichap’s Brandon Karr and Danny Cunningham represented the seller, which built the property in 1985.
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An undisclosed seller purchased a 21K SF industrial building at 5201 Grisham Drive in Rowlett. Lee & Associates’ Taylor Stell, Brett Lewis and George Tanghongs represented the seller, Favcon Partners.
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An undisclosed private investor purchased Magnuson Hotel Park Suites Plano, an 84-room property at 640 East Park Blvd. in Plano. Marcus & Millichap’s Allan Miller and Chris Gomes represented the seller. The property was built in 1995 and renovated in 2015.
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An undisclosed Texas-based private investor purchased Park Glen Market Place, a 10K SF retail and medical property at 5421 Basswood Blvd. in Fort Worth. Marcus & Millichap’s Chris Gainey and Philip Levy represented the seller and secured the buyer.
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Sanderson Sylvania LLC purchased a 39K SF land tract at 955 North Sylvania in Fort Worth. Transwestern’s Grant Huff represented the buyer, and Century 21 Mike Bowman’s Keith Beasley represented the seller.
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RealtyMogul purchased two Texas multifamily properties through its MogulREIT II. The assets — one in Fort Worth and one in San Antonio, totaling 450 units — were purchased in partnership with Comunidad Realty Partners.
DEVELOPMENT
McCarthy Building Cos. completed the Southwest Airlines Wings project adjacent to Love Field Airport. The Southwest headquarters campus expansion added a 425K SF office building, Leadership Education and Aircrew Development Center and 1,950-space garage, and took two years. The 375K SF LEAD Center includes 18 flight-simulator bays to train pilots. It is built with a pre-cast hardened structure designed to withstand the forces of a tornado with wind speeds of up to nearly 210 mph. It also includes a blast slab, two-layer roof and a 20-by-20-foot elevator, which is the largest elevator ever built in a flight-simulator facility. McCarthy was the construction manager at-risk with architect BOKA Powell.
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Public Storage opened a two-story, 750-unit self-storage facility at 2047 Witt Road in Frisco. Public Storage has been expanding in North Texas, following an increase in people moving to the area.
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A major renovation is underway at Trinity Plaza, a 59K SF shopping center built in the 1970s at North Josey Lane and President George Bush Expressway. The property is getting a new facade, including several new raised sections for visibility, new landscaping, lighting, parking and LED-lit signature towers. The architect for the remodel, which will complete in Q3, is Hodges & Associates. Joe Lea is directing the renovation on behalf of the center’s ownership. Weitzman has a slew of professionals working on the property: Kathy Detrick is overseeing construction, Matt Luedtke and Byron Howard handle leasing and Zoe Lopez is the property manager.
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DG Hotels Ventures opened the 256-room dual-branded AC Hotel and Residence Inn Dallas by the Galleria, and purchased the property from Atlantic Hotels Group. The five-floor property has 17K SF of meeting space. DG Hotels Ventures is an affiliate of Pacific Hospitality Ventures; this asset is the company’s first hotel in Texas and first dual-branded Marriott property.
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Allen City Council approved zoning and concept plans for a 32-acre Collin College Technical Campus. The campus will have four primary buildings totaling 340K SF of classroom lab and office space south of State Highway 121 between Alma Drive and Exchange Parkway. It will open in fall 2020.
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Robinson Weeks Partners began construction of a 563K SF industrial building at Airport South Logistics Center. The Class-A spec building is at 3400 East Airfield Drive on the south side of DFW Airport. The cross dock facility has 190-foot truck courts and 36-foot clear heights and can be divided down to 140K SF. The construction team includes Alliance Architects, Pacheco Koch and The Conlon Co.
FINANCING
HFF’s Trey Morsbach and Jim Curtin refinanced 9111 Cypress Waters Blvd., a 223K SF Class-A office building in Dallas. Borrower Billingsley Co. received a 15-year fixed-rate loan through Lincoln Financial Group to take out its construction loan. The property was delivered in 2017 and is 94% leased.
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HFF’s Pete Fehlman arranged $23M in acquisition financing for a two-property hotel portfolio totaling 190 rooms in Grapevine. Atlantic Hotels Group purchased the portfolio near DFW Airport with a three-year, fixed-rate loan with two one-year extensions. A subsidiary of Resource Capital Corp. provided the loan. The properties are the 94-room Hampton Inn & Suites Dallas-DFW Airport North-Grapevine at 1750 Texas-121 and the 96-room Comfort Suites DFW Airport North Grapevine at 1805 Enchanted Way.
EXECS
Derek Schauer joined Westmount Realty Capital as senior director of office acquisitions. He was previously with Solid Rock Group and Cawley Partners. He is a member of Young Real Estate Professionals, the Jesuit Real Estate Group and The One Society, an organization that supports Dallas-based Children's Health by engaging and fostering young leaders to make life better for children through philanthropic, educational, fundraising, volunteer and social opportunities.
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Sam Arnaout joined Stantec as senior principal engineer. He has more than 38 years of pipe and pipeline design and construction experience and is a member of the American Water Works Association and the American Society of Civil Engineers.
THIS AND THAT
Fort Worth-based Altitude Trampoline Park reached an Area Development Agreement with a group of investors across the U.S. to open, own and operate 100 facilities by 2020. It has identified 750 locations across the United States to accommodate this expansion. ATP has more than 60 facilities in operation and an additional 33 in construction for a total of 93 parks in 32 states, seven countries and on three continents. Altitude will have more than 190 facilities with additional ADAs in development.
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Plano Fire-Rescue used One Legacy West for high-rise fire response training. Property owner Gaedeke Group offered up the 308K SF property for firefighters from Lewisville, The Colony, Frisco, McKinney, Allen, Richardson and Murphy to practice suppression of high-rise fires and hone multiagency coordination and communication.
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CF Real Estate Services received property management assignments from Provident Realty Advisors for five multifamily properties in Dallas, Houston, Austin and San Antonio. CF will now manage:
- Hyde Park at Ribelin Ranch in Austin.
- Tintara at Canyon Creek in Austin.
- Hyde Park at Enclave in Houston’s Energy Corridor.
- Hyde Park at Montfort in Addison.
- Manor at Castle Hills in San Antonio.
