This Week's Dallas-Fort Worth Deal Sheet
IKEA installed a 182K SF solar panel array on its soon-to-be-completed Grand Prairie store. The array will produce 2 million kilowatt hours of electricity annually.
This is solar project No. 47 for IKEA in the United States; 90% of its U.S. stores have a solar array. Sun Power was in charge of development and design. Installation was handled by MYCON Construction. The new array reduces the carbon footprint by 1,406 tons, the equivalent of 197 cars' yearly emission or 208 homes' yearly emission.
EXECS
Brandon Coutu joined JLL's Dallas industrial team as senior vice president. He previously served as executive vice president for the industrial division of NAI Robert Lynn.
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Citadel Partners promoted Taylor Dickerson to principal and Andy Goldston to senior adviser.
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Chris Storm was promoted to vice president of investments and land at Henry S. Miller.
SALES
Arch Street Capital acquired Suite 2801, a 417-unit multifamily property in Euless, on behalf of an undisclosed client in a joint venture with Cortland Partners.
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NVTX1 Apartments bought Mountain Valley Apartments, a 312-unit complex at 5875 Mountain Valley Lane in Dallas, from Eureka Holdings. National Apartment Advisors’ Sam Pettigrew represented the buyer, and Eureka Holdings represented itself.
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DFW Lee & Associates closed the following sales:
- A 40K SF industrial building at 2109 Vanco Drive. DFW Lee & Associates principal Adam Graham and associate Corbin Blount represented the seller, Premier Technical Plastics.
- A 48K SF industrial building at 2510 National Drive. DFW Lee & Associates principal Brett Lewis and principal George Tanghongs represented the seller, Vesgro Corp.
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NAI Robert Lynn closed the following sales:
- SOHO/Davis FG LLC purchased a 174K SF building at 11882-11910 Greenville Ave. in Dallas. NAI Robert Lynn’s Mark Robertson represented the buyer.
- GAJ LLC purchased a 27K SF building at 3733 Flory St. in North Richland Hills. NAI Robert Lynn’s Michael Newsome and Todd Hubbard represented the seller.
LEASES
Spaces leased 23K SF of office space at 550 Reserve St. in Southlake from Granite Properties. CBRE’s Steve Rigby and Mike Cleary represented the tenant.
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Event Technology Services leased 30K SF of industrial space from Bethel Industrial. Stream Realty’s Ryan Boozer represented the tenant. CBRE’s Steve Trese and Wilson Brown represented the landlord.
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Paragon Distributing Co. expanded the lease on its North Texas distribution center at 11925 North Stemmons Freeway in Dallas by 25K SF. JLL’s Michael Haggar and Craig Phelps represented the tenant. Billingsley Co.’s George Billingsley represented the landlord, Billingsley Development Corp. The additional space brings the total lease up to 75K SF.
FINANCING
Metropolitan Capital Advisors arranged a non-recourse permanent fixed-rate mortgage for Jarvie Property Acquisitions for the purchase of the 47K SF Franklin Village retail center in Waco. MCA's Sunny Sajnani arranged the $5M mortgage with Rialto Mortgage Capital.
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Brian Gramlich of BMC Capital's Dallas office arranged a $4M loan for the purchase of a 130-unit multifamily property in Fort Worth and a $1M loan for the purchase of a 28-unit multifamily property in Dallas.
DEVELOPMENT
Southern Land Co. announced the development of Morada Plano, a mixed-use apartment community at 1009 14th St. in Plano. Construction on the 183-unit, two-building, five-story development is projected to be complete next year and will include 13K SF of restaurant and retail space.
THIS AND THAT
The Irving Music Factory is now called the Toyota Music Factory, as Toyota recently purchased the naming rights.
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Co-working company WeWork will open its first Fort Worth location in 2018. Located at 5049 Edwards Ranch, it will be able to host 850 people.
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Trademark Property Co. is fundraising relief for survivors of Hurricane Harvey. The company has pledged to match up to $150K in companywide donations.
CORRECTION, SEPT. 22, 12:07 P.M. CT: An earlier version of this story incorrectly listed Taylor Dickerson and Andy Goldston's company. They work for Citadel Partners.
