The Deal Sheet
KDC picked Transwestern to handle the property and facilities management for its 186-acre CityLine project, which is under construction. (They should have a Bachelor-style reality show for companies to choose property managers.) First phase should open in June ’15.
At the southeast corner of Hwy 75 and the President George Bush Turnpike in Richardson, the project features 2M SF of office space to be leased by State Farm Insurance (who really wants you to know that they're good neighbors), 1,700 apartment units, a boutique hotel (rumored to be Aloft) and entertainment center, a medical office facility, a DART stop, and a 3.5-acre park. Transwestern will manage all aspects of property operations, tenant relationships, comprehensive accounting, and financial reporting. Transwestern central region prez Jack Eimer says this project is the largest mixed-use property/facilities management assignment that Transwestern has undertaken in the Central region.
SALES
Dallas-based Wak Management purchased the 200-unit Hulen Gardens in Fort Worth from the Fortis Co for an undisclosed amount. At the corner of Hulen and Sycamore School roads (7419 Tallow Wind Trail), the property’s high-activity intersection in South Fort Worth is part of its appeal, says CBRE’s Chris Deuillet. He repped both parties in the deal. Wak Management owns another property in the area, which Chris says allows the firm to share its resources while pooling its marketing efforts locally. (Anything to shorten the commute.)
***
Reconciliation Academy purchased the 96k SF former Grand Avenue campus of St. Luke Community United Methodist Church. Plans call for repositioning the former church into a new preparatory school, says Henry S. Miller’s Lane Kommer, who brokered the deal. Several developers were interested in tearing down the church and building either apartments or townhomes, but the neighborhood would not support it. It really came down to finding the right user, he tells us.
***
An undisclosed investor bought 2.2 acres north of El Dorado Market Place on the southbound service road of the Dallas North Tollway in Frisco from American Bank of Texas. Henry S. Miller Brokerage SVP John St. Clair repped the seller. Citywide Alliance Realty repped the buyer.
***
An investment group led by New York-based American Realty Capital Properties purchased a 2.4M SF portfolio of 75 fully leased single-tenant industrial properties (including 24 in the Metroplex) from Mesa Real Estate Partners for $295M. JLL international director John Huguenard and SVP Sean Devaney repped Mesa.
***
Bank of Texas sold 1.3 acres to Frost Bank at the southwest corner of Dallas Parkway and Warren Parkway in Frisco. Cushman & Wakefield’s Steve Wentz repped the seller.
***
Goddard Investment Group closed on the purchase of the 58-story Fountain Place in the Dallas Arts District. The 1.2M SF building is 88% occupied. The acquisition was completed through the Goddard Value-Add Office Fund I. Goddard plans a substantial renovation and repositioning program to re-establish the building as a contemporary, Class-A asset. Specific property improvements include refurbishing the lobby and elevator banks, and enhancing the exterior fountains and landscaping. In addition, Goddard has plans to build a new parking garage adjacent to the building to accommodate a parking ratio substantially above market average. Cassidy Turley will handle leasing.
***
A local investor purchased a 49k SF building at 13375 Branch View Ln. Lee & Associates’ Nathan Denton negotiated the sale with Capstone’s Larry Robbins.
***
BMC Capital’s Brian Gramlich arranged a $2.4M loan for a multifamily property in Fort Worth. The loan featured a 5-year fixed rate at 4.70% and a 25-year amortization. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
***
CapRidge Partners Fund I purchased the 263k SF Crestview Tower at 105 Decker Ct in Irving from Codina Partners. JLL managing directors Evan Stone and Jack Crews, along with associate Lauren Zimmer repped the seller. JLL EVP Jason Piering and VP Adam Mengacci arranged a bridge loan for the acquisition that included a future funding facility.
***
KAH purchased the 18k SF multi-tenant retail property, Cherry Creek Plaza at 8021 Matlock Rd in Arlington. The seller was repped by Structure Commercial’s Troy Morgan. The buyer was repped by KW Net Lease Advisors’ Ken Wimberly.
***
Goldstar Investments purchased a 106k SF building at 8600 Royal Ln in Irving. Transwestern’s Tom Clarke and Scott Walker repped the buyer.
***
A local private investor sold the 88-unit La Costa Townhomes at 4303 Mariposa Dr in Irving to a Dallas-based buyer. Marcus & Millichap VP Al Silva repped both buyer and seller. The property attracted seven offers during a three-week marketing period and closed just 45 days after an agreement was reached. The buyer plans on making improvements to the property to make it more competitive in the rental market.
LEASES
Ebby Halliday Realtors inked a 10k SF lease at 8333 Douglas in Preston Center from The Lionstone Group. PegasusAblon’s Ruth Griggs repped the landlord. Jefflyn & Co repped the tenant.
***
EPE Industries USA extended its lease for 26k SF at 1225 Capital Dr in Carrollton. Cushman & Wakefield’s Dean Collins and Mark Collins repped the tenant.
***
Hanley-Wood Exhibitions signed a 29k SF lease in Las Colinas Highlands from MLCFC 2006-4 Office 6191. PMRG EVP Kurt Cherry repped the owner. Cushman & Wakefield’s Mari Jones, Billy Gannon, and Emily Hoffman repped the tenant.
***
LW Flooring leased 11k SF at 1600 Vantage in Carrollton. Structure Commercial’s Bob Kent negotiated the lease.
***
Medical City of Dallas leased 11k SF at 5974 W Northwest Hwy in Dallas. CASE Commercial Real Estate Partners’ Bill Archer repped the landlord. LH – CSG Brokerage’s Rhodes Baker and Brian Bacharach repped the tenant.
***
Finetechwin leased 21k SF at 1299 Commerce in Richardson from Stockbridge Capital Partners. Holt Lunsford Commercial’s Joshua Barnes repped the owner. Carey Cox Co’s Justin Jordan repped the tenant.
***
Tempest Telecom Solutions leased 19k SF at 1825 Monetary Ln in Carrollton. Transwestern’s John Fulton repped the landlord.
***
Commercial Aircraft Technologies leased 15k SF at 10490 Markison Rd in Dallas from Frontier Equity. Holt Lunsford Commercial’s Joshua Barnes repped the owner. NAI Robert Lynn’s Stephen Cooper repped the tenant.
***
Hartline Dacus Barger Dreyer leased 24k SF at 8750 N Central Expwy in Dallas. Transwestern’s Fletcher Cordell and Duane Henley repped the landlord.
THIS & THAT
Tesla made its grand opening at Northpark and Billingsley Co’s Marijke Lantz, Cresa Dallas’ Susan Arledge, and Dowdle Real Estate’s Lynn Dowdle were there. Tesla has had a retail outlet at the Galleria in Houston for more than two years and corporate anticipates even better sales out of the Dallas store at Northpark, Lynn says. And, unbeknownst to many, Tesla will be coming out with an SUV at the end of the year. But, the funny part about the retail store; no one can quote prices on either the car or the battery pack, she says.
KUDOS
The Congress for the New Urbanism selected David M. Schwarz Architects as the recipient of this year's Charter Award - Best District Plan for its work in Sundance Square in Fort Worth. Charter Awards are given annually to a select number of winners who are recognized for fulfilling and advancing the principles of the Charter of CNU.
***
Energy Plaza has become the first building in the US to be awarded the IREM Certified Sustainable Property certification by the Institute of Real Estate Management. The building is owned by Energy Future Holdings and managed by Transwestern.
***
Wynne/Jackson principal Michael Jackson is the new chairman of the North Texas District Council of the Urban Land Institute. He replaces outgoing chairman Robert Folzenlogen of Hillwood.
EXECUTIVE PEOPLE
Spire Realty Group promoted Jon Ruff to prez. He joined the firm in 2000 as an assistant VP and was most recently SVP. Jon will be responsible for company-wide operations including acquisitions, dispositions, leasing, management, financing, and strategic planning of the company’s $600M real estate portfolio.
***
Venture Commercial hired Steve Church and Michael Wilson and promoted Elizabeth Ellenwood (to SVP) and Michael Dearden to VP. Steve will be an SVP and comes from Tailwind Realty Capital. Michael will be an assistant VP. Prior to joining Venture, he was with Triumph Commercial Real Estate.
***
Paul Harmon joined Bright Realty as VP. He brings with him more than 25 years of commercial real estate experience in Texas. He’s worked for Henry S. Miller Commercial and Retail Street Advisors.
