This Week's Dallas-Fort Worth Deal Sheet

EXECS

Megan Dimmer was named CEO of Humphreys & Partners. She has over 15 years of experience at Lexmark International, a Fortune 500 company, and joined HPA four years ago as chief strategy officer. Mark Humphreys will continue to own the company and serve as chairman.

***

United Real Estate Group named Richard Haase as chief operating officer of United Real Estate Group and president of United Real Estate. He will lead the enterprise operations based in Dallas and will oversee operations of United's six business units. He has over 30 years of experience in leadership and brokerage operations, most recently as president of Latter & Blum.

SALES

An undisclosed Plano-based investment group purchased Hebron Fairway Centre, a 15K SF neighborhood shopping center at 1628 West Hebron Parkway. Weitzman’s Kevin Butkus and Derek Schuster handled negotiations.  

***

Bliss Pet Resort purchased 1.3 acres at the southeast corner of Windhaven and Josey Lane in Lewisville, part of the Castle Hills master-planned community. The pet boarding, day care and grooming company will open in the 13-acre Aldi-anchored development in Q4 2019. Bright Realty’s Britton Lankford represented the seller, and Keller Williams’ James Tan represented the buyer.

***

Marcus & Millichap’s Nick Fluellen and Bard Hoover multifamily investment sales team closed the following DFW-area deals through the first three quarters of 2018:

• Wynnewood Gardens, 106 units, Dallas.

• Fairmeadows, 200 units, Duncanville.

• 19Twenty, 184 units, Denton.

• Castle Rock Apartments, 160 units, Dallas.

• Cantera Creek at Lake Highlands, 472 units, Dallas.

• The Vive at Lake Highlands, 248 units, Dallas.

• The Lantern at Lake Highlands, 340 units, Dallas.

• Cooper Park, 180 units, Arlington.

• Lake Highlands Landing, 326 units, Dallas.

• Parkside, 170 units, Fort Worth.

• Mountain Creek View, 304 units, Dallas.

• Highland Hills, 100 units, Dallas.

• Amber Vista, 88 units, Plano.

• Cedar Square, 116 units, Dallas.

• Ravenwood, 122 units, Fort Worth.

• Arbor Terrace, 143 units, Arlington.

• The Reserve, 108 units, Tyler.

• Lakewood Terrace, 8 units, Dallas.

• Cavender Manor, 74 units, Hurst.

• Hanover House, 20 units, Garland.

• Hilltop, 24 units, Farmersville.

• Cambric Park, 8 units, Mansfield.

• Junius Place, 20 units, Dallas.

• Glenn Heights, 14 units, Glenn Heights.

• Amberwood, 62 units, Fort Worth.

• Lavon Terrace, 24 units, Wylie.

• Villa Casita, 11 units, Irving.

The sales team included Institutional Property Advisors’ Will Balthrope, Drew Kile, Jordan Featherston and Joey Tumminello, and Marcus & Millichap’s Trey Caldwell, Peter Flis and Max Helgeson. Tim Speck is Marcus & Millichap’s broker of record in Texas.

***

An undisclosed buyer purchased a 30K SF industrial property at 10930 Petal St. in Dallas. Lee & Associates’ Brett Lewis, Taylor Stell and George Tanghongs represented the seller. Henry S. Miller’s Scott Axelrod represented the buyer.

LEASES

Florida-based coworking concept Venture X is opening in One McKinney in Uptown Dallas. The 22,553 SF space will have common community areas and conference rooms, 240 dedicated desks, and private and virtual offices. Colliers’ Ryan Hoopes represented the tenant. The deal is one of six Venture X communities scheduled to open across North Texas over the next six weeks by franchise owner Jonathan Ellis. Gaedeke Group’s Elliot Prieur and Allison Johnston represented the landlord in-house.

***

Stream Realty Partners negotiated the following leases:

• Champion Distributing expanded to 21K SF at Valwood Distribution Center V, 12901-12919 Valley Branch Lane in Farmers Branch. Stream’s Eric Crutchfield represented the landlord, DRA Advisors. Lee & Associates represented the tenant.

• McClatchy Shared Services leased 14K SF at Freeport Office Center III, 8700 Freeport Parkway in Irving. Stream’s Tim Terrell and Matt Wieser represented the landlord, Principal Real Estate Investors, and CBRE represented the tenant.

• Dairy.com extended its 13K SF lease at Parkwood Office Center, 3801 Parkwood Blvd. in Frisco. Stream’s Ryan Evanich and Chase Lopez represented the landlord, SDI-Parkwood LLC. JLL represented the tenant.

• National Telesystems Inc. renewed its 13K SF lease at Northwest Service Center, 10525 Newkirk St. in Dallas. Stream’s Todd Poticny represented the landlord, Macey Family Properties Ltd.

• Fairbanks Packaging LLC leased 12K SF at GSW Industrial Center #3, 602-630 East Avenue K in Grand Prairie. Stream’s Luke Davis and Sarah Ozanne represented the landlord, DRA Advisors. Insight Realty Network represented the tenant.

• Tempest Telecom Solutions leased 52K SF at Coppell Business Center II, 1461 South Belt Line Road in Coppell. Lincoln Property Co. represented the landlord. Stream’s Eric Crutchfield represented the tenant.

• Roadtex Transportation Corp. renewed its 28K SF lease at Interstate DC VII, 10701-10737 King William Drive in Dallas. Lee & Associates represented the landlord, EastGroup Properties, and Stream’s Ryan Boozer represented the tenant.  

• Trinity Hardwood Distributors renewed its 22K SF lease at 4165-4185 Billy Mitchell Drive in Addison. Lincoln Property Co.’s Gil Stroube represented the landlord, Dart Development Co. Stream’s Jason Moser represented the tenant.  

• Airgas USA leased 12K SF at GSW Industrial Center #1, 602-630 East Avenue K in Grand Prairie. Stream’s Luke Davis and Sarah Ozanne represented the landlord, DRA Advisors, and NAI Robert Lynn represented the tenant.

• AJ Adhesives leased 12K SF at International Corporate Park III, 900 Alpha Road in Richardson. Stream’s Matt Dornak and Ryan Wolcott represented the landlord, Entrada Partners. Dominus Commercial represented the tenant.

***

Exalt Printing Solutions leased 30K SF at 1628 West Crosby Road in Carrollton. Lee & Associates’ Ken Wesson and Adam Graham represented the landlord, EastGroup Properties, and Mercer Co.’s Keenan Cook represented the tenant.

***

ML Realty Partners completed 500K SF in Dallas-Fort Worth industrial real estate lease transactions:

• Black Horse Carriers (64K SF), Cort Business Services Corp. (22K SF), Metro Warehouse (38K SF) and Jack Black (41K SF) signed new leases at Park West Crossing in Coppell.

• George O’Day’s (14K SF) signed a new lease and General Services Administration (8K SF), Wilhouse Sheet Metal (10K SF) and Julio & Sons Co. (20K SF)  renewed their leases at Union Bower Business Park in Irving.

• GA Communications renewed its 13,500 SF lease and Pine Environmental Services signed a new 4K SF  lease at Park West Commerce Center in Coppell.

• Factory Blue signed a new 66K SF lease at 4395 Diplomacy Road in Fort Worth.

• Southern Glazer’s Wine and Spirits of Texas renewed its 97K SF lease at 13755 Diplomat Drive in Farmers Branch.

• Able Machinery Movers signed a new 104K SF lease at 2002 Avenue R in Grand Prairie.

***

Honeywell International leased 26K SF at 12880 Valley Branch Lane in Farmers Branch. Lee & Associates’ Adam Graham and Nathan Denton represented the landlord, IC Industrial REIT, and  Realty Insight Group’s Neil Schorr represented the tenant.

DEVELOPMENT

T2V Properties broke ground on a three-story, 35K SF office building at 1410 Westridge Circle North in Las Colinas. The property, Phase 1 of the Irving IT Park, is designed for up-and-coming IT companies and will particularly cater to small users between 2,500 and 10K SF. The 90K SF Phase 2 will break ground in 2019; together the phases will total 125K SF of Class-A office space. T2V co-founders Sam Kilaru and Vinay Vattikuti will occupy the third floor with their own companies, Yasmesoft and Vendithera, though if a tenant wanted the entire building, the duo would move their companies to Phase 2. The building is 75% sold to investors, with a heavy emphasis on EB-5 investors in the Phase 1 capital stack because the project is in a certified targeted employment area. There are opportunities for 20 EB-5 investors across both phases. Gebren Consulting Services’ Stephen Gebren is the project manager, Hoefer Wysocki is the architect, and Arch-Con Corp. is the general contractor.

***

Weitzman completed renovations of Trinity Plaza, adding a new facade, signage, landscaping, seating areas, parking and lighting to the 59K SF shopping center. The architect for the remodel is Hodges & Associates. Asset manager Joe Lea directed the renovation on behalf of the center’s ownership, and Weitzman’s Kathy Detrick oversaw construction of the renovation. Approximately 350K SF of retail owned by Weitzman at the North Josey Lane and SH-190 intersection will be renovated eventually; Trinity Valley, 275K SF at the northeast corner, is next.

FINANCING

The Federal Home Loan Bank of Dallas awarded $14M in Affordable Housing Program grants to 29 projects in Arkansas, Louisiana, Mississippi, New Mexico and Texas, which will result in the creation or rehabilitation of 1,853 housing units. FHLB Dallas annually returns 10% of its profits in the form of AHP grants to the communities served by its member institutions. AHP funding is utilized for a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down-payment and closing-cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.

THIS AND THAT

Napali Capital formed Napali Hospitality Group to focus on the acquisition of hospitality assets. Napali Capital co-founder Tim Black, who has 32 years of experience in hospitality and entertainment, will lead Napali Hospitality Group with his brother and co-founder Thomas Black. Tim was most recently chief operating officer of Great Wolf Resorts and in the past was a park president for Six Flags Entertainment. Former Great Wolf Resorts CEO Kimberly Schaefer is joining Napali Hospitality Group. Former Hershey Entertainment and Resorts CEO Bill Simpson and Rilous Carter (formerly of Hyatt Hotels and Resorts and Walt Disney World Resorts) are also joining its advisory board.

Napali Hospitality Group's first acquisition, the Holiday Inn DFW Airport Area West, has been offered to investors.