This Week's Dallas-Fort Worth Deals
Dallas-based B/K Real Estate Funds purchased the 286-unit Brazos Apartments in Plano in a JV with Rockstreet Partners. JLL arranged a $10M JV partnership for the buyers.
JLL managing director Jeff Price says the deal demonstrates the continued strength of multifamily in North Dallas. JLL EVP Mark Brandenburg arranged the partnership. The new owners plan interior renovations at the complex (at the Dallas North Tollway and President George Bush Turnpike). Exterior renovations and updates are planned, as well, including the addition of a dog park, playground and some patio yards.
KUDOS
Uptown Dallas Inc named the new members of its 2015 board of directors. Gables Residential’s Katy Slade will chair. The new members of the 2015 board members include: Trammell Crow Residential’s Joel Behrens, Stanley Korshak’s Leigh Friend, Good Fulton Farrell’s Larry Good, Hotel ZaZa’s Benji Homsey, PegasusAblon’s Kevin Hickman, Madewell Clinic’s Yolanda Lawson (who is also an Uptown resident) and CBRE’s Phil Puckett. In 2015, Uptown Dallas will be working with The Richards Group on creating a marketing strategy and will continue to work with Space Between Design Studio on a plan for urban development. Additional plans include redesigning the Anita Harris Phelps Park located at 220 Cedar Springs Rd, adding playground and basketball court amenities to Griggs Park and hosting the second annual Uptown Ciclovía.
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The Real Estate Council’s Associate Leadership Council, in association with The Real Estate Council Foundation, announced a partnership with Mercy Street to renovate the Mercy Street HQ building as the ALC Class of 2015 community service project. Mercy Street is dedicated to transforming West Dallas by investing in the youth of the community. The organization’s goal is to furnish a mentor to every West Dallas public school student that wants one. With a preliminary renovation budget of $90k, funded by cash and in-kind donations to be raised by the ACL, the class will transform the existing HQ space with the revamping of a multiuse room, modernizing the library, rehabbing the corridor and lobby, and adding an amphitheater and rain garden in the landscaping.
LEASES
Title Source is the first tenant at the new Hillwood Commons I office complex at Alliance Town Center (on the north side of Heritage Trace Parkway), leasing more than 10k SF.
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Domestic Corp leased 39k SF at 1401 E Dallas Rd in Mansfield from Conti Broad Street. Bradford CEO Kevin Santaularia and EVP Susan Singer repped the tenant. Conti Warehouses’ Ryan Wood repped the landlord.
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ProSource Texas leased 23k SF at 989 W Sandy Lake Rd in Coppell from H2C Enterprises. Bradford’s Erik Blais repped the landlord. Century 21 Lynch & Associates’ Whitney Harris repped the tenant.
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Nina Kelley Designs leased 37k SF at 2364 Merritt Dr in Garland. NAI Robert Lynn’s Stephen Cooper repped the tenant. Holt Lunsford Commercial’s Josh Barnes repped the landlord. Stephen also repped Bio Med Laboratories in its 38k SF lease at 8181 Eastpoint Dr in Dallas. CBRE’s John Hendricks repped the landlord.
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Weil, Gotshal & Manges subleased its 22k SF at 300 Crescent Ct in Dallas to Schiff Hardin. The former Weil space was a secondary floor, which means that a reception area, break room and conference rooms will need to be constructed for Schiff Hardin’s new office. Schiff Hardin will occupy the entire fourth floor once the renovations are complete. Colliers International Dallas’ Hunter Blanks, Travis Ewert and Scott Hage repped Weil, Gotshal & Manges. Colliers International Chicago’s Bob Chodos and Steve Levitas repped Schiff Hardin.
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NESCO leased 73k SF at 1400 E Hwy 67 in Alvarado from Hal Allen Family. Transwestern’s Jeff Givens and Tracy Georges repped the landlord.
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Hammond Machine Works leased 24k SF at 4120 Billy Mitchell in Addison. NAI Robert Lynn’s Chad Albert repped the landlord. Coldwell Banker’s Greg Cagle repped the tenant.
SALES
Beta Rd acquired a 13k SF warehouse on an acre at 13765 Beta Rd in Farmers Branch from End Holdings. Bradford’s Susan Singer repped the buyer. Lee & Associates DFW’s Adam Graham and Corbin Blount repped the seller.
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2100 E Union Bower purchased a 129k SF building at 2100 Union Bower in Irving. NAI Robert Lynn’s Craig Jones repped the seller. E. Smith Realty’s Brant Landry and Sharon Morrison repped the buyer.
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Hudson Peters Commercial’s Scott Jackson repped Haeussler Properties in its sale of a 23k SF parcel at I-35 and 531 & 601 Rolling Ridge Dr in Lewisville.
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RLM Real Estate sold a 32k SF industrial building at 3300 North Freeway in Fort Worth to CMC Trailer Distributors. Transwestern’s Sarah LanCarte repped the buyer. Transwestern’s Todd Hawpe and Jeff Givens repped the seller.
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JTL Capital sold 30 acres at the southeast quadrant of SH 121 and Cookie Lane to residential developer Centurion American, which was self-represented. In a separate transaction, JTL sold approximately four acres on the northeast corner of Parker and Old Denton roads to Parker Denton Crossing, which was self-represented. Venture’s Ken Reimer, David Davidson Jr. and Edward Bogel repped JTL Capital in both transactions.
EXECUTIVES
Jon Dooley joined Colliers International North Texas as the managing director of real estate management services. He will oversee all aspects of REMS operations in the Dallas-Fort Worth market. Jon joins Colliers International from UrbanAmerica Advisors, where he served as a senior managing director responsible for acquisitions/asset management and managed more than $400M of General Services Administration assets.
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Henry S Miller Brokerage promoted Andrew Doster (right, with colleague Darden Oster) to senior broker. Andrew will continue with business development for the multifamily/investment team.
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Trammell Crow Co promoted Joel Behrens to principal in the Dallas-Fort Worth business unit. He will continue to lead Trammell Crow’s Dallas multifamily division, under the High Street Residential brand, including responsibility for the origination, financing, JV structuring and execution of multifamily investments throughout Texas. Joel is currently overseeing the residential development of more than 1.5M SF.
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Melissa Hodges joined Anderson Hanson Blanton as corporate communications manager. Melissa started her career at AHB and returns after seven years at Henry S. Miller, where she served as VP of marketing and research.
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Inland American Communities hired Troy Manson as EVP of investments, where he will oversee IAC’s investment activities as well as assist with the company’s future strategic direction. He joins IAC from HFF, where he was managing director and co-head of the national student housing investment sales practice.
DON’T MISS THIS
The Real Estate Council Young Guns is hosting its ninth annual Young Guns Casino Night from 7 to 11pm on Thursday, Feb. 19, at South Side on Lamar at 1409 S Lamar St. The event will benefit the 2015 Young Guns Foundation project for Genesis Women's Shelter. Get tickets here.
DEMOLITION
Trammell Crow Co imploded the northernmost building at 3988 North Central Expressway in Dallas on Sunday morning to make way for a Sam’s Club-anchored retail center. The vacant 12-story office building was once home to Xerox and Affiliated Computer Services. Baltimore-based Control Demolition oversaw the building implosion. The demolition involved 553 pounds of explosives and cost about $1.5M, sources tell us. Some of the materials will be recycled in the retail project.
