The Deal Sheet
SALES
Advenir acquired the 295-unit, Class-A Advenir@Mission Ranch (formerly named Mission Ranch) at US Hwy 80 near Belt Line Road. It is Advenir’s third apartment community purchase in the Metroplex in the last six months. Advenir represented itself. The seller, California-based Virtu Investments, was repped by IPA Texas’ Will Balthrope and Drew Kile. Financing was secured by Braden Harmon of Berkeley Point Capital.
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Gault Co’s Roger Gault and RTG Capital’s Robert Gunby partnered on multiple transactions including the purchase of 5.2 acres at the North Dallas Tollway and Park in Plano from Costco for the development of a 16k SF retail center. In addition to the retail center, two pad sites have been platted, and one has been sold to an undisclosed buyer. The other pad site will be available for ground lease or future build-to-suit. The project is 70% pre-leased and construction will begin in April. The project architect is NCA Architects. The Retail Connection’s Mitch Traub will lease the property. Stillwater National Bank is providing the construction financing.
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A Dallas-based partnership purchased Ridgmar Hills (118 units) and The Steppes (117 units) in Fort Worth. Marcus & Millichap’s Mason Green repped both buyer and seller, Warner Alan Properties. The complexes are next door to one another, north of I-30 near Ridgmar Mall and JRB Air Force Base. The purchaser secured two FNMA loans on the properties through FNMA DUS lender, Arbor Commercial. The loans were non-recourse, 10-year terms. The properties closed 60 days from contract execution and were 94% occupied at the close of escrow. The purchaser plans to upgrade unit interiors and make some moderate exterior improvements.
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HFF closed the sale of Two Addison Circle, a 199k SF Class-AA office property at 15725 N Dallas Pkwy in Addison. HFF and CBRE jointly marketed the property for the seller, Brookfield Property Group. LPC Realty Advisors purchased the asset on behalf of a public pension fund client for an undisclosed amount. Completed in 2009, the six-story property is 89% leased.
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PegasusAblon purchased Galleria North at 5203 – 5229 Alpha Rd in Far North Dallas for the Lionstone Group. The 94k SF retail center is 100% leased. UCR’s Adam Howells and Kevin Catalani represented the seller. Asset management, leasing, and property management services will be provided by PegasusAblon.
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Realty Capital Management sold two acres of commercial land at 5401 Basswood Blvd in North Fort Worth to local developers James Johnston and Honey Goel. The two pad sites were the final parcels of the Park Glen Marketplace office/retail development in Park Glen, which was Hillwood Communities’ first master-planned development south of Alliance Airport. The buyers plan to build medical office condos and associated medical facilities. The seller was represented by Realty Capital Management’s Mark Boone.
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Patterson Land Development sold 73k SF of land at 3/1 DJ Anderson in North Richland Hills. Transwestern’s Lester Day and Ben McBroom with represented the seller. In another Transwestern deal, 5718 Airport Frwy purchased 57k SF in Haltom City. Leland Prowse and Alex Bryant represented the buyer.
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1950 Samuels sold 32k SF at 1950 Samuels in Fort Worth. Transwestern’s Todd Hawpe represented the seller. Todd also repped the seller in a 12k SF sale in Haltom City to Andy and Joyce Greene.
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Valew Quality Truck Bodies purchased a 141k SF industrial property at 4688 SH 16 in Graham with plans to expand from Los Angeles into Texas to manufacture heavy duty truck bodies. The property, which was in foreclosure, is a relatively newly constructed manufacturing plant on 150 acres of prime real estate, and is outfitted with crane service and comes specialized for metal fabrication. Lee & Associates' Mark Graybill and Scott Giordano repped the buyer. Transwestern’s Sarah Everett repped the seller, Meridian Texas Bank.
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Sewell Automotive Cos acquired a seven-acre property at 3500 Manor Way in Dallas, between Sewell’s new and pre-owned Lexus dealerships on Lemmon Avenue. Venture Land Division’s Edward Bogel and David Davidson Jr. represented Sewell. Actio Corporate Asset Advisors represented the seller, Bimbo Bakeries USA. In another Venture deal, Ken Reimer, Edward, and David Jr represented the seller in a 20-acre land sale in Prosper to Matthews Southwest. The land is adjacent to 157 acres the developer already owns. Plans call for a regional mixed-use development. Davidson Real Estate’s David Davidson Sr represented Matthews Southwest. Venture continues to assist Matthews Southwest in securing tenants for the property.
NEW BUSINESS
USAA Real Estate Co and Seefried Properties selected JLL (which officially announced the name change from Jones Lang LaSalle today) to lease the largest spec industrial project being built in DFW. Southfield Park 35 within the Cities of Dallas and DeSoto will occupy 157 acres. The park is planned to be comprised of four Class-A buildings that total 2.3M SF. Building one (1.1M SF) has been approved by USAA and is under construction with a Q3 completion. Building two is pad ready and totals 679k SF with expansion flexibility. Buildings three and four are each 242k SF. JLL’s managing director Terry Darrow, EVP Kurt Griffin, and senior VP Nathan Orbin will lead the leasing and marketing efforts.
FINANCING
HFF secured mortgage financing for the 327k SF Casa Linda Plaza Shopping Center at 9440 Garland Rd in Dallas’ Lakewood area for borrower, AmREIT Casa Linda. HFF placed the four-year, floating-rate loan with GE Capital Real Estate. AmREIT Casa Linda used the new loan to refi an existing CMBS loan that matured in December, as well as for capital to lease up the remaining vacant space at the shopping center. The HFF debt placement team was led by director Adam Herrin.
LEASES
Recovercare inked a 20k SF lease at 913 WN Carrier Pkwy in Grand Prairie from BRE/TX Industrial Properties. Lee & Associates’ Mark Graybill and Scott Giordano represented the landlord. PointLine’s Brian Ritchie repped the tenant.
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First Choice ER - Lewisville subleased 40k SF at Vista Ridge Business Park in Lewisville from Horizon Health Corp. Transwestern’s Greg Baxendale and Evonne Keene represented the subtenant. Transwestern’s Randy Garrett and Jo Thompson represented the tenant, Horizon Health. Randy and Jo also repped Horizon Health Corp in a 22k SF lease at Waters Ridge II in Lewisville.
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Capitol Senior Living leased 26k SF at 14160 N Dallas Pkwy in Dallas. Transwestern’s Robert Deptula, Natalie Snyder, and Nora Hogan represented the tenant.
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Archway leased 106k SF in Freeport IX at 600 Freeport Pkwy in Coppell. Cassidy Turley’s Blake Anderson and David Eseke repped the tenant. The duo also repped Archway in a 41k SF lease in Warehouse Center at 8100 SW 47th St.
