This Week's Dallas-Fort Worth Deal Sheet
PIRET purchased 35|820 @ Mercantile Center, a 657K SF, Class-A industrial building in Fort Worth.
The property delivered in August 2017 and has 36-foot clear height, 152 overhead dock doors, four drive-in doors and a low office finish. It is on 34.5 acres at 4800 North Sylvania Ave. in Fort Worth’s Meacham/Fossil Industrial submarket, which has limited supply and high occupancy rates, according to HFF. HFF’s Jody Thornton, Adam Herrin and Stephen Baily represented the seller, Hunt Southwest.
EXECS
NorthMarq Capital added a six-person team of multifamily investment sales specialists in Dallas, the company’s top-producing debt and equity advisory office. Taylor Snoddy, the top overall producer for Transwestern the past two years, joined NorthMarq as managing director. He will lead the multifamily business line growth in Texas. With James Roberts and Philip Wiegand, both of whom joined as senior vice president, Snoddy’s team closed $2.5B in multifamily sales totaling more than 45,000 apartment units in the past few years. They are on pace to close more than $1B in sales this year. Eric Stockley, Devin Etzod and Charles Hubbard also joined NorthMarq in analysis/support roles.
The move is part of an expansion of NorthMarq’s multifamily business nationwide, including new teams in Phoenix and Albuquerque.
SALES
The Bascom Group acquired Jefferson Stonebriar, a newly built, 424-unit, Class-A multifamily community in Frisco. Bascom acquired the property from the developer, JPI. The property consists of three residential buildings spread across 9 acres.
Debt financing was arranged by Berkeley Point Capital’s Tip Strickland and Braden Harmon, and ARA Newmark’s Brian Murphy and Richard Furr represented the seller. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
***
An undisclosed, Texas-based company purchased Franklin Park of Desoto, a 240-unit, apartment asset for residents 55 years and older in Desoto. It is the only market-rate, age-restricted multifamily property in the area, according to Marcus & Millichap’s Rod Llanos, who represented the seller with colleague Doug O’Toole. Institutional Property Advisors’ Will Balthrope and Jennifer Campbell represented the buyer, which retained the current management company, Franklin Cos.
***
Citymark Capital and CAF Capital Partners purchased Spring Parc, a 304-unit multifamily property in the Carrollton/Addison/Coppell submarket north of Dallas.
***
A franchisee from The Goddard School purchased 4.1 acres on the northwest corner of Corinth Parkway and Shady Lane in Corinth. Davidson Bogel’s Edward Bogel represented the seller, and Tenant Real Estate Advisors’ Josh Bryan and Ruben Reynoso represented the buyer. Tenant Real Estate Advisors also helped Goddard acquire a tract in Castle Hills this year, at the southeast corner of Parker Road and Old Denton Road.
***
Venture Commercial Real Estate’s Clay Mote completed two transactions for Northern Tool + Equipment in San Antonio and Denton. Mote is Northern Tool’s master broker across the U.S. as it grows aggressively. The Dallas-area deal was the acquisition of 3.1 acres at 3601 Interstate 35 in Denton to develop a Northern Tool location. Standridge Cos.’ Stacy Standridge and Thomas Crowell represented the seller, Texas Blue Horseshoe Ltd. Mote represented the buyer, Oppidan Holdings.
***
An undisclosed local buyer purchased Rock Island Apartments, 154-unit, Class-C property at 2002 Rock Island Road in South Irving. It is a value-add play, with only 81 of the units needing renovations to bring rents up to market, SVN’s Byron Griffith said in a news release. Griffith and SVN’s Todd Franks represented the buyer as part of a 1031 exchange.
***
American Mercer Properties purchased a 53K SF property at 1250 American Parkway in Richardson. Mercer Co.’s Chandler Mason represented the buyer. The seller, American Presidential Properties, was not represented.
***
An undisclosed investor purchased an 81K SF showroom/warehouse facility at 4450 Alpha Road in Farmers Branch. NAI Robert Lynn’s Chad Albert represented the purchaser, and Colliers’ Greg Cannon represented the seller.
***
Beachwold Residential purchased 250 Lancaster, a 130-unit apartment complex with ground-floor retail in Downtown Fort Worth. The Class-A complex delivered last year. Institutional Property Advisors’ Will Balthrope, Drew Kile and Joey Tumminello represented the seller, the city of Fort Worth.
***
An undisclosed private investor purchased the Shawnee Capital Trust Portfolio, a 196K SF industrial portfolio in Irving, Dallas and Haltom City. Marcus & Millichap’s Adam Abushagur listed the properties, which are at 1120 Luke St. in Irving, 2526 Manana Drive in Dallas and 1655 Hickory Drive in Haltom City. They were built between 1976 and 1985.
***
An undisclosed local LLC syndication purchased Boulder Ridge Apartments, a 66-unit apartment property at 3131 Springwood Lane in Dallas. Marcus & Millichap’s Mark Allen and Courtland Charles marketed the property.
***
An undisclosed Texas LLC purchased Burleson Commons Shopping Center, a 24K SF, three-building property in Burleson. It was 100% leased at time of sale. SHOP Cos.’ Tommy Tucker, Tim Axilrod and Cameron Burk represented the seller.
***
An undisclosed local buyer purchased Country Place Apartments, a 33-unit, Class-B community in the Ellis County submarket of DFW. SVN’s Byron Griffith handled the deal, which closed for the asking price.
***
Lodging Opportunity Fund REIT purchased two hotels in Tyler: the 125-room Hilton Garden Inn at 220 East Grande Blvd. and the 113-room Homewood Suites by Hilton at 3104 Golden Road. The assets were sold by Rupali L.P. and Hemlata LLC, respectively. CBRE’s Michael Yu, Rahul Bijlani and Agrama Mannapperuma handled the transactions.
LEASES
West Monroe Partners leased 12K SF at One Arts Plaza in the Dallas Arts District. It will relocate its office from Mockingbird Station by January. Thirty-Four Commercial’s Sarah Hinkley and Luke Walter represented the landlord, Billingsley Co. CBRE’s Layne Mayfield represented the tenant.
***
Builders First Source leased 117K SF of industrial space at 8701 Sterling St. in Irving. Lee & Associates Dallas/Fort Worth’s Reid Bassinger and Trey Fricke represented the tenant. Transwestern’s Brett Owens represented the landlord, Colony NorthStar.
***
Ulrich Barn Builders subleased 23K SF in the Pier 1 Imports Building to relocate its headquarters to Fort Worth from Cleburne. JLL’s Cannon Camp and Jamie Galati represented the tenant, and JLL’s Todd Burnette and Pat McDowell represented Pier 1.
***
LeSaint Chemical Logistics leased 54,500 SF of office/warehouse space at 4650 Simonton Road in Farmers Branch. NAI Robert Lynn’s Chad Albert represented the landlord, and Stream Realty’s Eric Crutchfield represented the tenant.
***
Baylor Health Care System renewed its 80K SF lease at 4051 La Reunion in Dallas. Holt Lunsford Commercial’s John Gorman represented the landlord, AEW Capital Management. Nathan Lawrence of CBRE represented the tenant.
***
TSI Products expanded to 150K SF at 809 110th St. in Arlington. Lee & Associates’ Mark Graybill and Colton Rhodes represented the landlord, IC Industrial REIT. ESRP Advisory Dallas represented the tenant.
***
Sharp Show Services expanded to 32K SF at 4653 Leston Ave. in Dallas. Lee & Associates’ Phil Rosenfeld and Matt Thompson represented the landlord, Regal Business Center, and NAI Robert Lynn’s Jim Svidron represented the tenant.
***
Wintrust Commercial Finance leased 19K SF at 3201 Dallas Parkway, the newest building in Hall Park. It is an expansion from its original 7K SF lease in Hall Park in 2015. Citadel Partners’ Tyler Thomas, Mac Morse and Scott Morse represented the tenant, and Hall’s Kim Butler, Brad Gibson and Cynthia Cowen represented the landlord.
DEVELOPMENT
2GR Equity and SHOP Development are redeveloping a 147K SF retail center at the northwest corner of Hillcrest and Arapaho in Far North Dallas. The new JV acquired the property in August — SHOP will oversee the extensive exterior and interior redevelopment, which will take place over the next 12 to 24 months. It will raze one of the six retail buildings to build a 1.5-acre city park and will also implement substantial landscaping, irrigation, exterior lighting, facade, signage and lighting improvements and structural, mechanical and parking lot repairs. The JV will be reimbursed up to $3M by the city of Dallas for certain improvements to the property. 2GR provided equity.
***
KDC topped out on Independent Bank Group’s 165K SF corporate HQ, which will become McKinney’s tallest building. Dubbed McKinney Corporate Center Craig Ranch, the building is on 10.4 acres at State Highway 121 and Grand Ranch Parkway. It will deliver in February and serve 400 employees, and is seeking LEED Silver certification. The project team includes Avison Young, design firm SmithGroup and general contractor Rogers-O’Brien.
THIS AND THAT
PMRG was awarded leasing and management of Park Ventura Office Park at 5025, 5055 and 5085 West Park Blvd. in Plano. The three one-story, Class-B office buildings total 194K SF. LNR Partners owns them, and Shea Byers and Kurt Cherry will lead leasing.
