The Deal Sheet; Creative Offices Include Doggie Daycare
What's more desirable than a downtown address in a high-rise tower? A collaborative space with more parking. And, believe it or not, doggie daycare. (Puppies are the key to the wallet.) Those are just a few of the things we learned this morning at Bisnow's Creative Office Summit at the Westin Galleria.
Cresa Dallas managing principal Susan Arledge (left, with panel moderator, Mary Miano of GL Seaman & Co) says she's never had a client (yet) tell her that money is no object. (Where's Howard Hughes when you need him?) Instead, tenants are seeking flexible spaces for collaborative working. And, in the case of one tenant, a doggie daycare. It was the driving factor in inking a deal with a developer: Doggie daycare or no deal, she says. We'll tell you more about the event in next week's Bisnow Dallas-Fort Worth. So, come on back Monday for more coverage!
LEASES
Sheplers Western Wear inked a 19k SF lease in Preston Valley at the southwest corner of LBJ and Preston Road. The Weitzman Group’s Steve Gray repped the landlord. Transwestern’s Frank Bullock repped Sheplers, which will open Nov 1. Tuesday Morning also renewed its 10k SF lease.
***
Two leases were signed at the Logistics Pointe/Garland property at 2600 McCree Rd in Garland including the 149k SF lease to Calavo Growers and the 68k SF lease to H&M Bay. CBRE’s David Sours repped the landlord, Westmount Realty Capital. CBRE’s Kevin Kelly repped Calavo. The duo repped the landlord in H&M Bay deal. JLL’s Chris Stout and John Cashion repped H&M Bay.
***
Habitat for Humanity Garland leased 17k SF at Firewheel Commerce Center in Garland for a Habitat ReStore. Solender/Hall’s Eliza Solender and Herrin Commercial Real Estate’s Sharon Herrin repped Habitat for Humanity Garland. NAI Robert Lynn’s David Peterson repped the landlord, Shana Tova Realty.
***
Outsource Partners International leased 13k SF at 7929 Brookriver in Dallas. Transwestern’s Nathan Durham and Blair Huddleston repped the landlord.
***
Distribution International Southwest inked a 175k SF lease at 2301 W Commerce St in Dallas from IndCor Properties. Lee & Associates’ Ken Wesson repped the landlord. Stream Realty Partners’ Ryan Boozer repped the tenant.
***
Hydrofarm leased 32k SF at 915 Ave S in Grand Prairie. NAI Robert Lynn’s Michael Stanzel repped the tenant. Prologis’ Cody Riles repped the landlord.
***
Quest Resources Management Group subleased 11k SF from Google at 6175 Main St in Frisco. Cushman & Wakefield’s Steve Wentz repped the sub-tenant.
DEVELOPMENT
Construction started on the 82-unit assisted living and memory care facility, Elan Oaks at 3821 Long Prairie Rd in Flower Mound. The facility will be owned and funded by a JV of StoneCreek Real Estate Partners and The Collin Fund, with financing from NorthStar Bank of Texas. The community will be managed by Civitas Senior Living under the leadership of Wayne and Misti Powell. Resource Commercial Construction is building the project.
SALES
Patronus Data Centers bought a 35-acre site at the Dallas North Tollway and Main Street in Frisco with plans to develop a multi-tenant data center. The first phase of the project (starting before year’s end) includes 125k SF valued at more than $60M. JLL managing director Bo Bond and senior associate Ali Greenwood repped the buyer. Capstone Commercial repped the seller, PNL Cos. Gensler designed the new facility.
***
UCR Investment Sales closed on three properties including two in the Fort Worth area totaling 178k SF, with a combined value of $37M, which includes:
• Cross Pointe Center: 45k SF retail center at 1441 N Saginaw Blvd in Saginaw. The center is 97% leased.
• Confidential Transaction: 98% leased specialty center in the Alliance area of Fort Worth.
UCR’s Adam Howells, Jace Hinderland, and Jessica Donnelli marketed the assets for separate ownerships, and all closed within a two week period.
***
Tualatin-Lake Oswego purchased a 67k SF showroom warehouse (the Meletio Lighting & Electric Building) at 10930 Harry Hines Blvd in Dallas from Meletio-Hines Corp. NAI Robert Lynn’s Bob Spletter handled the sale.
***
Rafael Alfaro purchased a seven-acre tract at 4028-4128 Finch and 4029-4145 Love Bird Lane in Dallas from Angelina Partners. Hudson Peters Commercial’s Michelle Hudson repped the seller.
***
Avera Development purchased seven acres from Riverbend East I Partnership at 1751 Gravel Dr, 7400 Jack Newell, and 7400 Mosier View Ct in Fort Worth. Cushman & Wakefield’s Mark Collins, Dean Collins, and Shannon Johnston repped the buyer.
***
Huemmer-Near Properties sold 25k SF at 8221 Chancellor Row in Dallas. Transwestern’s Clint Riley and Tim Veler repped the seller.
***
An LLC sold the 14k SF Hebron Plaza foot retail property at 2425 W Parker Rd in Hebron. Marcus & Millichap VP Philip Levy repped the seller. The 92% occupied building was built in 2008.
***
J Mauldin Enterprises purchased a 24k SF building at 4216 Hahn Blvd in Haltom City. NAI Robert Lynn’s Todd Hubbard repped the seller and Jerry Barton repped the buyer.
EXECUTIVE PEOPLE
Henry S. Miller Brokerage promoted Lane Kommer to VP of the Dallas-Fort Worth, investments-land division. Lane has been with HSM for five years. He represents developers, institutions, and high net worth clients in with the acquisition and disposition of all real estate classes with a focus on high density redevelopment opportunities, bank REO assets, multifamily, and land transactions.
***
Crescent Real Estate Holdings announced several promotions including: Joseph Pitchford has been promoted to managing director. He is responsible for identifying new opportunities to expand Crescent’s development capabilities including oversight for two new developments, the McKinney & Olive and 6 Houston Center projects in Dallas and Houston, respectively. Crescent also promoted Mark Cox, Kevin Crum, Jeff Dyer, Chris Hanrattie, Andrew Lombardi, Dan Novelli, Montie Rouze, and Allison Whitlock to VP in their respective areas.
CONSTRUCTION
Frazier Revitalization is developing a new 44k SF outpatient clinic on a 5.6-acre site at the northwest corner of Hatcher Street and Scyene Road in South Dallas. The project is the first of its kind to be built in this community in decades. The project is a public-private venture between Parkland Health & Hospital System and Frazier Revitalization. It’s designed to serve geriatric and behavioral health patients, including adults and children. Adjacent to the DART Hatcher Station, the project is scheduled for occupancy by the first quarter. Hill & Wilkinson started construction on the $20M clinic, which was designed by BOKA Powell. Kimley-Horn and Associates is the civil engineer; Bury is the structural engineer; and SWA Associates is the MEP for the project.
