The Week in Deals: Part 2
NEW BUSINESS
McKinney city leaders and Starwood Hotels & Resorts Worldwide marked the topping out milestone in the development of the new Sheraton McKinney Hotel. The City of McKinney and the McKinney Community Development Corp teamed up with Champ/Beck Development to build the $38M Sheraton McKinney Hotel at the corner of Hwy 75 and the Sam Rayburn Tollway. The 186-room Sheraton will be McKinney’s first upscale, full-service hotel and will be connected to a 20k SF event center; both slated to open in February.
LEASES
Gardere Wynne Sewell signed a 109k SF lease at McKinney & Olive, Crescent’s newest development in Uptown. The tenant was represented by CBRE’s Jeffrey Ellerman and Phil Puckett. Crescent expects to break ground this summer on the 3.1-acre site at McKinney Avenue and Olive Street with estimated completion for the 530k SF development in summer 2016.
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Sharewell HDD Drilling Products leased 16k SF at the intersection of FM 2449 and South Florence Road in Ponder from New Castle Properties. Transwestern’s Brett Owens repped the tenant. Henry S. Miller Brokerage’s Grant Brodeur represented the landlord.
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Americredit leased 22k SF at 220 E Las Colinas in Irving. Americredit was represented by JLL’s Alan Wood. Cassidy Turley’s Chris Taylor and Rodney Helm represented the landlord, Parmenter.
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Barnsco leased 19k SF at 13880 N Stemmons Frwy in Farmers Branch. JLL’s Michael Haggar represented the tenant. Robert Ray Real Estate’s Robert Ray repped the landlord.
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Tuesday Morning leased a former 15k SF Circuit City at 2325 I-35 in Lewisville. JLL’s Mark Newman represented the landlord, Moran Capital. Edge Realty’s Greg Bracchi represented Tuesday Morning.
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Callison signed a 10-year 21k SF lease at Bryan Tower. Mohr Partners’ Charles Daggett and Stephen Hemphill repped the tenant. Spire Realty Group’s Andrew Schendle and Allison Johnston repped the landlord, Spire Realty Group.
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Chadwell Supply inked a 60k SF lease at 1111 Executive Dr in Coppell from Primera Cos. Lee & Associates’ Tom Walrich, Reed Parker, and Billy Snowden repped the tenant. Primera was represented in-house by Pete Richardson and Drew Richardson.
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Hirschbach Motor Lines signed a 20k SF lease at 4501 N Elm fronting Hwy 77 on the northwest side of Denton surrounded by Loop 288 and I-35. Henry S Miller’s Huntley Luna repped the tenant. Axis Realty’s Alex Payne represented the landlord.
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Brinkley-Sargent Architects signed a 10k SF renewal lease at 5000 Quorum in Dallas. Myers Commercial’s Bob Myers repped the tenant. Stream Realty’s Ryan Evanich and Ramsey March repped the landlord.
SALES
Steadfast Income REIT purchased the 148-unit, Class-A Mapleshade Park at 6606 Mapleshade Ln in Dallas. The complex was 96% occupied. Approximately 15% of the apartments have been renovated; Steadfast plans to continue the interior upgrades when turning the units between residents. CBRE’s Ryan Reid, Dirk Goris, and Jeremy Faltys represented both the buyer and the seller in the transaction. The Austin office of Berkadia Commercial Mortgage originated $15.2M for Mapleshade. SVP Matt Greer arranged the seven-year loan through Berkadia’s Freddie Mac program.
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Physicians Realty Trust closed a sale/leaseback with New LifeCare Hospitals of North Texas for a long-term acute care hospital in Fort Worth and a facility in Pittsburgh for $40M.
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The DFW franchisee for Kids ‘R’ Kids Learning Academies purchased a 2.3-acre land tract at the southeast corner of FM 407 and Country Meadow Drive in Flower Mound. Venture Commercial’s Clay Mote represented the buyer. CBRE’s Marty Neilon and Jim Whitten represented the seller.
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Stage Equity Partners acquired two Class-A MOBs (35k SF) at 4921 and 4951 Long Prairie Rd in Flower Mound. American Momentum Bank provided financing for the project.
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The NRP Group purchased 10 acres in the Bear Creek Riverwalk development in Euless, at the northwest corner of Hwys 183 and 360 for single-family residential, multifamily, and commercial use. Stratford Group’s Andrew Prine brokered the deal. NRP plans to build 300 urban units with groundbreaking expected to begin by summer.
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A private investor purchased the 91-room Holiday Inn Express & Suites at 4609 Citylake Blvd in Fort Worth. Marcus & Millichap’s Chris Gomes and Allan Miller represented the seller. Chris also repped the buyer. Allan and Chris also repped the seller, an LLC, in the disposition of a 54-room Comfort Suites at 1223 Greenway Dr in Irving. Again, Chris repped the buyer, too.
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Bright Realty and Century 21 Commercial Judge Fite Co brokered the sale for a new RaceTrac in Frisco. The new gas station/convenience store will be on two-plus acres at the northeast corner of Parkwood and Lebanon in Frisco. Bright’s Britton Lankford and Century 21’s Larry Harbour represented the buyer.
THIS & THAT
Here are Hudson Peters Commercial's Elizabeth Ocando, Michelle Hudson, Fort Worth Mayor Betsy Price, Hudson Peters' Debi Carter, Janice Peters, Sanober Syed, Cincha Kostman, and Scott Jackson, at a recent North Texas CCIM chapter luncheon at the Park City Club. Scott tells us he recently inked a 2,000 SF lease for a vetrinary clinic at 7451 N Beach in Fort Worth. The landlord was represented by NAI Robert Lynn's Bobby Montgomery.
EXECUTIVE PEOPLE
Randall Stebbins joined Cencor Realty Services as SVP/ DFW asset management director. He comes from Barnes & Noble, where he was director of development for a 22-state region.
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Studley promoted Ric Kanatzar to managing director in the Dallas regional office.
