This Week's Dallas-Fort Worth Deal Sheet

Sometimes one superlative is not enough. Hunt Southwest is building a 300K SF freezer/cold storage warehouse in Fort Worth with no tenant lined up. Hunt believes it is the first spec cold storage property in Texas and the tallest spec warehouse in the state.

The property on 19 acres in South Fort Worth’s Carter Industrial Park will deliver in March. Its location at 8200 Will Rogers Blvd. has access to Interstates 20 and 35W. Though Texas has cold storage facilities, Hunt said this is the first to be built without pre-leasing. Still, the team behind the project is confident demand is there.

“We are big believers in the cold storage space, and Hunt Southwest, with its entrepreneurial capital and industrial development experience, is uniquely qualified to take advantage of the supply-demand imbalance in the sector,” Hunt Southwest Vice President Preston Herold said in a statement.

With 45-foot clear heights, this is reportedly also the tallest warehouse to be built spec in Texas. It can be leased by one tenant or divided down for users as small as 100K SF.

“This building is designed to meet the demand of industrial food occupiers, whether they are food distributors, manufacturers or third-party cold logistics providers,” said CBRE Senior Vice President Kevin Kelly, who is leasing the building with CBRE Senior Vice President David Sours. “These are competitive advantages that have never existed in this part of the country.”

SALES

Corinth Land Co. and Prattco Creekway Industrial purchased Northgate Business Park. The four-building park with 213K SF at the intersection of Miller Road and I-635 in North Dallas/Garland is 100% occupied with 11 tenants. The property was developed by Trammell Crow in 1980. The acquisition was financed by Veritex Community Bank of Dallas with equity provided by Western Production Co., an affiliate of Corinth Land Co.

“This acquisition is now the cornerstone of our portfolio given its significance in the North Texas industrial real estate market,” Corinth Land Co. President and founder Paun Peters said. “The North Dallas/Garland submarket is established, strong and stable.”

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TMGcore, a blockchain technology company, purchased a cryptocurrency mining facility in Plano. CBRE’s Haynes Strader, Brant Bernet and Chris Herrmann represented Pinchal & Co. and its tenant, TMGcore, in the acquisition of the facility from Skybox Data Centers. At more than 150K SF and capable of a 100 megawatt live power load, TMGcore's mining operation will be one of the largest independently owned facilities in the United States and one of the first in Texas. Its mining technology uses a two-phase liquid cooling immersion technology that reduces cooling costs by 90%. Construction commenced in April and the first phase is expected to be complete this month.

"Leveraging the magic of this coolant and groundbreaking mining circuitry, we saw a massive opportunity to capitalize on the nascent and highly lucrative mining industry in a physical, tangible and industrial fashion," TMGcore CEO JD Enright said. "Our American-made, U.S.-driven approach not only pushes the blockchain ecosystem forward but also creates job opportunities for Texas' fast-growing technology community.”

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Gomel Vistana purchased Vistana Apartments, an 82-unit multifamily community at 1404 Weiler Road in Fort Worth. CBRE’s Chris Deuillet and Chandler Sims represented the seller, Josmatava. The property was built in 1972 and was 96% occupied at time of sale. The buyer can update interiors and raise rents.

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Transwestern negotiated four sizable sales:

• Fort Capital purchased 7471 Benbrook Parkway, a 77K SF industrial property in Benbrook. Transwestern’s Todd Hawpe, Jack Huff and Grant Huff negotiated the sale.

• Besco Properties purchased Hemphill Ave. Industrial, a 68K SF industrial building at 3521 Hemphill St. in Fort Worth. Transwestern’s Jeff Givens represented the seller, Gyant Hemphill, and JLL’s Ryan Matthews represented the buyer.

• Armet Dale Street Ltd. purchased 2301 Solona, a 13K SF industrial property in Halton City, from L&D Real Estate. Transwestern’s Todd Hawpe and Jeff Givens represented the buyer.

• Realty Capital Management purchased 9 acres at Summer Creek Station, at the intersection of Summer Creek Drive and Sycamore School Road in Fort Worth. Transwestern’s Lester Day, Steve Williamson and Larry Jordan represented the seller.

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Olympus Property purchased The Village at Crown Park, a 258-unit Class-A multifamily property in Willow Park. It is the only multifamily property in the Aledo School District.

LEASES

E-commerce company RumbleOn subleased 10K SF at 1350 Lakeshore Drive in Coppell, relocating from Irving. Cushman & Wakefield’s Jason Dodson represented the tenant. Sublandlord Good Smoke was represented by The Bart Irby Co.’s Bart Irby. Lincoln Properties owns the building.

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First Choice Bargains leased 11K SF at 4656 Leston Ave. Lee & Associates’ Phil Rosenfeld and Matt Thompson represented landlord Regal Business Center, and Bates and Myers Co. represented the tenant.

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Structure Commercial closed 64K SF in leases:

• MidCities Montessori leased 27K SF of retail space at 209 East Harwood in Hurst. Structure Commercial’s Eric Deuillet and Jake Burns negotiated the deal.

• Altitude Trampoline Park leased 37K SF of retail space at 4728 Bryant Irvin Road in Fort Worth. Structure Commercial’s Eric Deuillet and Jake Burns negotiated the deal.

• Central Tubing leased 25K SF of industrial space at 7865 Will Rogers Blvd. in Fort Worth. Structure Commercial’s Monika Guzman negotiated the lease.

• Antique Treasures leased 6,623 SF of retail space at 201 Harwood Road in Bedford. Structure Commercial’s Eric Deuillet and Jake Burns negotiated the deal.

• Jump Mania leased 9,600 SF of retail space at 3045 West 15th St. in Plano. Structure Commercial’s Jeremy Cummings and Eric Deuillet negotiated the lease.

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Transwestern inked six leases:

• Pacheco Koch Consulting Engineers signed a new lease for 26K SF of office space at 4020 Bryant Irving Road in Fort Worth. Transwestern’s Kirk Kelly and Jack Huff represented the landlord, FW Waterside Office. Jackson Cooksey’s Brad Mason and John Beach represented the tenant.

• Layne Glass Co. signed a new lease for 21K SF of industrial space at Riverbend Business Park, 7500 Jack Newell Blvd. S. in Fort Worth. Transwestern’s Jeff Givens negotiated on behalf of the landlord, Riverbend Industrial Partners Ltd., and Stablemade Group’s Amber Calhoun and Trey Neville represented the tenant.

• Diamond Chain Co. renewed its lease for 12K SF of industrial space at 9120 Premier Row in Dallas. Transwestern’s Joe Rudd represented both the landlord, Bock Interests, and the tenant.

• Denke McBride & Ryan CPAs signed a new lease for 6,696 SF of office space at 4200 South Hulen Office Building in Fort Worth. Transwestern’s Whit Kelly and Dallas Margeson represented the landlord. JLL’s Pat McDowell represented the tenant.

• Funky Picnic signed a new lease for 4,600 SF of retail space at Retail on Bryan Ave, 401 Bryan Ave., in Fort Worth. Transwestern’s Todd Hawpe and Grant Huff represented the tenant, and Vision Commercial’s Jeff Marek represented the landlord.

• Scopelitis Garvin Light Hanson Feary signed a new lease for 4,420 SF of office space at 777 Main in Fort Worth. Transwestern’s Whit Kelly and Jason Harrell represented the landlord, and JLL’s Matt Montague represented the tenant.

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Mueller Streamline Co. renewed 56K SF at Dallas Commerce Center in Dallas. Holt Lunsford Commercial’s Canon Shoults represented the landlord, TA Associates. Savills Studley’s Blake Anderson represented the tenant.

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C & R Trailer Repair renewed 16K SF at 810 East St. in Garland. Holt Lunsford Commercial’s Josh Barnes and Ben Wallace represented the landlord, 4040 Forest Lane Partners.

DEVELOPMENT

Rubicon Development and Bow River Capital Partners broke ground on the Rubicon medical office development, a 70K SF Class-A medical office building in Las Colinas. The property is at the northwest corner of SH 161 and Gateway Drive, five minutes from DFW International Airport. It will have medical office space and an ambulatory surgery center and will be anchored by UT Southwestern, which has pre-leased space on the upper two floors. Clinical Pathologies Labs leased a portion of the first floor. The property, which will deliver in June, is adjacent to a recently delivered 95K SF medical office building, or MOB, which is occupied by 50 primary care physicians.

FINANCING

CBRE Capital Markets’ Jay Wagley, John Fenoglio, Matthew Miller, Marc Sallette and Olga Lepow arranged financing for Alamo Manhattan to develop the proposed Marriott Uptown hotel at the intersection of Carlisle and Fairmount streets. The team arranged a $61M loan from IBC Bank to finance the construction. Marriott Uptown will be a 278K SF full-service hotel with 255 guest rooms and 13K SF of meeting space. It is slated to open in May 2020.

THIS AND THAT

Stream Realty Partners was selected by GLL Real Estate Partners to lease and manage Tollway Center, a 197K SF Class-A office building in Addison. Stream’s JJ Leonard, Rhett Miller and Renee Matthews will handle the assignment.

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TCOR Hotel Partners formed an equity joint venture with TriGate Capital for $30M. The venture will focus on the acquisition of branded premium select-service hotels. TCOR will create value at the hotels by implementing property improvement plans, aggressively asset managing operating performance and engaging best in class third-party management companies. The TCOR/TriGate JV signed a definitive agreement for its first acquisition, expected to close in late August. HFF assisted in the arrangement of the JV, which expects to purchase five or six hotels.

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Holt Lunsford Commercial was awarded leasing and management of a 1.1M SF portfolio recently acquired by Circle Industrial. The portfolio consists of the following properties: Berry Business Center, Village Creek Business Park, Northeast Business Center, Glenville Business Center, The Plaza on Walnut Hill, Valpointe Business Park and Beltwood Tech Center.

HLC’s George Jennings and Thomas Grafton will be leasing the Fort Worth properties. Andrew Gilbert, Clay Balch, Maddy Canty and Ben Wallace will be leasing the Dallas properties. Traci Devereaux will take lead on all property management for the buildings.