This Week's Dallas-Fort Worth Deal Sheet

Finial Group, a Houston-based full-service commercial real estate firm, has closed its first acquisition in the DFW area, and is looking to expand more in the market.

The company purchased the Westmoreland Business Center, a two-building light industrial project totaling 85K SF in the Redbird submarket of Dallas. Finial Group will lease and manage the property itself, and represented itself in the acquisition.

The Redbird submarket is one of the stronger industrial submarkets with market vacancy of 2.8%, and Finial Group said a vast majority of the properties around the Westmoreland Business Center are 100% leased.

Finial Group is seeking additional acquisition opportunities in the DFW market and said in a release it plans to expand its presence in the market in the coming months.

EXECS

Crescent Real Estate’s Angelique Wade was promoted to general manager of McKinney & Olive. Her role entails much more than oversight of that one building, though — she will also handle direct property management of 2401 Cedar Springs (Crescent’s newest development), oversee property management of Greenhill Towers and 511 East John Carpenter Freeway, work on Crescent acquisitions and help onboard and mentor Crescent employees.

Wade helped open McKinney & Olive in Uptown Dallas two years ago; in September, the mixed-use property reached 100% leased. Wade, who joined Crescent in September 2015, has more than 25 years of CRE experience and obtained DFW’s first LEED certification for Existing Building Operations and Maintenance.

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Stephen Crosson rejoined Integra Realty Resources, a company he helped found two decades ago, as national practice leader of the Integra Litigation Practice Group. This group provides litigation support services for real estate-related legal cases throughout the U.S. and Caribbean. Crosson has nearly 50 years of experience in this arena, and is rejoining IRR from Capright. He will be based out of the IRR Dallas office and will focus on expanding that practice.

SALES

Rich Uncles NNN REIT purchased Northpoint III, a 39K SF medical office building at 9250 Amberton Parkway in Dallas. It is fully occupied by Texas Health Resources. NKF’s Sean Fulp, Garth Hogan, Ryan Plummer and Mark Schuessler represented the seller, a California private investor. The buyer represented itself.

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ML Realty Partners purchased a 102K SF building in Valwood Industrial Park (1445 West Belt Line Road) in Carrollton. It will implement a substantial exterior renovation. Paladin Partners’ Greg Nelson represented the seller and will lease the 82K SF of availability for ML Realty.

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Transwestern closed the following sales in the Dallas-Fort Worth area:

• KBW Property Ltd. sold 4801 Esco, a 150K SF industrial property in Fort Worth, to Empire Roofing. Transwestern’s Jack Huff and Grant Huff represented the seller.

• Ameriassets Inc. and Amerifood Inc. purchased 52K SF at Alta Mere Drive and Fairway Drive in Westworth Village. Transwestern’s Steve Williamson, Larry Jordan and Cullen Finnegan represented the sellers, Alta Mere Crossing L.P. and Brytar’s Scott Remphrey. Myles Kelley of Realty Ventures represented the buyer.

• Russell Clark Realty Co. sold The Offices at Green Oaks, a 36K SF office building at 1950 Green Oaks Blvd. in Arlington, to Grandona Investment Associates. Transwestern’s Steve Simon, Steve Rowland and Jeff Givens represented the seller.

• Hickory Pointe LLC purchased 3308 Royalty Row, a 69K SF industrial property in Irving, from Reece Supply Co. of Dallas. Transwestern’s Timothy Veler represented the buyer.

• PlainsCapital Bank sold 1.47 acres at 7300 Sand St. in Fort Worth to HopeOne LLC. Transwestern’s Jeff Givens and Jack Huff represented the seller.

• Mid Cities Health Facilities Partners sold a 24K SF medical clinic at 2737 Sherman St. in Grand Prairie to the Department of Veteran Affairs. Transwestern’s Jim Sager represented the seller.

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An undisclosed 1031-exchange buyer purchased View Pointe Apartments, an 85-unit property in Irving. Rowan Properties represented the seller.

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An undisclosed single-family homebuilder purchased The Edge at White Rock, a 98-unit townhome property built in 1963 close to White Rock Lake. The 5-acre site was purchased as a redevelopment play — the buyer will tear down the buildings and build a new three-story for-sale townhome property in its place. Greysteel’s Doug Banerjee, Boyan Radic, Andrew Hanson, Andrew Mueller, Scott Simon and Jack Stone negotiated the deal.

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St. Regis Properties purchased RiverVue Apartments, a 375-unit multifamily asset in Fort Worth. Institutional Property Advisors’ Will Balthrope, Drew Kile and Joey Tumminello represented the buyer. IPA’s Jake Roberts arranged 10-year fixed-rate life company acquisition financing.

LEASES

Frisco Ranch will celebrate the openings of a number of upscale Asian-influenced retailers in Q4. This month, 85° C Bakery & Café, Daiso Japan, Kung Fu Tea and T-Swirl Crepe are opening, followed by Education One, 99 Ranch Market and Gen Korean BBQ in November and December.

Openings also are on the horizon for Marufuka Ramen and Cute Crush. Last month, Kura Revolving Sushi Bar, Rice Chicken and Ace Periodontics & Implant Dentistry held soft openings. Meanwhile, property owner NewQuest is finalizing leases with SomiSomi Ice Cream & Frozen Yogurt, 7 Leaves and Sul & Beans, a Korean shaved ice dessert retailer. The 45K SF 99 Ranch store will include a food court with six offerings, including Beard Papa’s, a Japanese sweet shop that selected Frisco Ranch for its second Texas location.

The 100K SF property in the North Platinum Corridor is 91% leased, and NewQuest’s Heather Nguyen and John Nguyen are pre-leasing a 16K SF second phase.

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Bradford Commercial Real Estate Services inked three leases:

• Aethon Energy Operating leased 48K SF of office space in Park Central-Lakeside Square, 12377 Merit Drive in Dallas, from YP Park Central LLC. Bradford Commercial Real Estate Services’ Melanie Hughes, Richmond Collinsworth and Bret Cooper represented the landlord. Trenary & Associates’ Russell Trenary represented the tenant.

• Browning Oil Co. leased 12K SF of office space in Park Central-Lakeside Square. Bradford’s Melanie Hughes, Richmond Collinsworth and Bret Cooper represented the landlord, and Jackson Cooksey’s John Beach represented the tenant.

• Cooper Flooring Ltd. leased 27K SF of industrial flex space in Valwood 45, 1645 Wallace Drive in Carrollton, from RCI Valwood LLC. Bradford’s Brian Pafford represented the landlord. Younger Partners’ Shawn Street and Carter Crow represented the tenant.

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Civil engineering company Reinforced Earth Co. signed a long-term lease for 10,514 SF at Richland Corporate Centre, 9001 Airport Freeway in North Richland Hills. Cresa’s Alex Coe, Scott Bumpas and William Tidwell represented the tenant, and Centurion Real Estate Partners’ Ben Sumner and Keith Fisher represented the landlord, KOC Gran Via Richland LLC. The nine-story office building was renovated recently.

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Brierley+Partners is moving its global headquarters to 57K SF in The Offices One at Frisco Station. Cushman & Wakefield’s Randy Cooper, Craig Wilson, Kate Sudol and Wills Bauer represented the tenant, and Cushman & Wakefield’s Johnny Johnson, Chris Taylor and Clint Madison represented VanTrust.  

Frisco Station is being developed by the Frisco Station Partnership, which is composed of The Rudman Partnership, Hillwood Properties and VanTrust Real Estate.

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Intrusion Inc. leased 22,590 SF of office space at Corporate Place, 1101 East Arapaho Road in Richardson. NAI Robert Lynn’s Kent Smith represented the tenant, and Sooner Management’s Scot Florsheim represented the landlord.

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Amerisleep is increasing its brick-and-mortar footprint with new locations in Dallas-Fort Worth, Portland and Denver, and is opening an international flagship showroom in Gangnam, Seoul, South Korea. The retailer opened its first physical location in 2017.

DEVELOPMENT

Adolfson & Peterson Construction completed construction of the 45K SF Wise Health Surgical Hospital in Argyle. The facility is at 7218 Crawford Road and is an ambulatory surgery center with an emergency department, full-service imaging offerings, six surgical suites and 12 patient beds. It focuses on orthopedics and spine surgery. The property is owned by Wise Health System and was developed by Castle Development Group and designed by Mike Hale Architects.

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Adolfson & Peterson Construction completed a new senior living facility at 8130 Meadow Road in Dallas. Designed by Page, developed by Corsair Ventures and financed by US Freedom Capital, the boutique senior community includes a 77K SF, three-story building with 80 skilled nursing units and 29 assisted living suites.

FINANCING

Canyon Partners Real Estate provided $16.7M of preferred equity to a joint venture with Bright Realty LLC to finance the ground-up construction of The Realm at Castle Hills Office. The nine-story, 235K SF office tower with ground-floor retail space is in the Realm at Castle Hills mixed-use property in the Upper Tollway submarket of far north Dallas. Construction of The Realm at Castle Hills Office began in April and is expected to be completed by year-end 2019. Colliers International is leasing the office space, and Bright Realty is marketing the retail space.

THIS AND THAT

JLL is acquiring ValuD Consulting, a provider of IBM software integration and consulting services in the United States and India. The acquisition will add 300 highly skilled technology experts to JLL’s technology solutions team around the world and will provide clients with technology systems that enable faster, more informed real estate decisions and improved business performance, JLL said in a statement. ValuD founder Gopi Latpate and ValueD Chief Commercial Officer Scott Williamson are taking leadership roles in JLL’s IBM Practice Group.

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Texas Central, developer of the high-speed train between Dallas and Houston, has engaged global construction and engineering firm Salini Impregilo ­(an Italian firm operating in the U.S. with The Lane Construction Corp.) to lead the civil construction consortium that will build the Texas passenger line.

Under a Limited Notice to Proceed agreement, the project’s design-build participants will proceed with the front-end engineering and design of the train's civil infrastructure. Other services include optimizing execution approaches, strategies and logistics, as well as performing analysis to develop construction costs and schedule estimates. That work helps to develop a design-build contract that will be used to complete the civil infrastructure program. This is a precursor to financial close, after which construction of the civil infrastructure segments of the project will begin, Texas Central said in a statement.