This Week's Dallas-Fort Worth Deal Sheet
Gaedeke Group refinanced One Legacy West, a 14-story office development in Plano.
With the help of JLL Managing Directors Tim Jordan and Mark Brandenburg, the developer obtained funds to refinance the building, which houses 307K SF of office space at 7950 Legacy Drive in West Plano.
The refinancing comes at a time when One Legacy West is nearing full occupancy, JLL said.
Gaedeke Group also is kicking off its next office product, Two Legacy West, which will be a five-star office tower offering 300K SF with the possibility of expanding up to 600K SF, JLL said.
EXECS
Real estate investment firm Fort Capital hired Steve Wolff as vice president of industrial acquisitions.
Wolff will drive the company’s acquisition of warehouse, distribution, light manufacturing and flex industrial assets in Dallas, Fort Worth, Houston and San Antonio.
Wolff started his career in office and industrial investments at The Staubach Co., which later merged into JLL. Wolff then joined NAI Global Investment Service Group where he helped complete more than $180M of transactions in just one year. He also served Pacific Century Holdings in Los Angeles as chief acquisitions officer and strategic finance director.
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Dallas-based hotel fund manager Phoenix American Hospitality appointed Jan Kuehnemann vice president of acquisitions and asset management.
Kuehnemann brings 15 years of experience in hotel investment, strategic planning, asset management and operations to her new role. She recently served as vice president of the capital transactions group at FelCor Lodging Trust.
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Cushman & Wakefield has named Ryan Stevens managing director within its institutional capital markets group. Stevens will serve on a team led by Michael McDonald and Jonathan Napper, the company announced.
Stevens formerly served Lionstone Investments as vice president in the real estate acquisitions group and worked in originations at Berkadia Commercial Mortgage and as a development associate with Oden Hughes LLC, an Austin-based multifamily developer.
SALES
The Lumen Hotel, a four-story hotel near Southern Methodist University, is under new ownership and undergoing renovations.
Adventurous Journeys Capital Partners acquired the property and will rebrand it as Graduate Dallas, making it part of the eclectic Graduate Hotels collection series, which strives to create hotel destinations that complement collegiate neighborhoods.
The renovation will be completed in the spring of 2020. The hotel will offer 95 guest rooms, a communal lobby, a Poindexter coffee shop, a rooftop lounge and an upgraded pool courtyard.
The hotel is on Hillcrest Avenue, directly across from the SMU campus.
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JLL Capital Markets’ Adam Howells, Tom Salanty and Caroline Binning recently sold over 634K SF of retail space with a value of $90.8M in Texas. One of the assets sold, Firewheel Commons, is at 3046 Lavon Drive in Garland. The center was purchased by Shayan Holdings with JLL representing the seller, Elm Creek Real Estate and Reserve Development LLC.
The retail center is 64K SF and sits on more than 5 acres.
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Domain Communities purchased Villas of Josey Ranch, a 198-unit apartment complex in Carrollton.
HFF’s Bill Miller, Roberto Casas, Rob Key and Greg Toro marketed the property on behalf of the seller, a partnership of Harbert Management Corp. and Balfour Beatty Communities.
The complex is located at 2050 Keller Springs Road near Jimmy Porter Park.
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An undisclosed buyer purchased 0.85 acres at the southwest corner of East Main and Silken Crossing in Midlothian. The buyer was represented by Retail Solutions’ Brian Sladek, while Hi View Real Estate’s Andrew Garrett represented the seller.
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United Bag Manufacturing & Converting Co. sold 19K SF at 3536 Executive Blvd. in Mesquite to Military Mercer Properties LLC. The buyer was represented by Mercer Co.’s David Wilganowski. DFW Lee & Associates’ George Tanghongs, Taylor Stell and Brett Lewis represented the seller.
LEASES
Europa Furniture finalized a lease for nearly 50K SF of retail space at 2325 Stemmons Freeway in Lewisville.
Structure Commercial’s Scott Rose handled negotiations for the tenant while W Inc. Retail’s Jennifer Reynolds represented the landlord.
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Brixmor Property Group selected NAI Robert Lynn’s retail division as the brokerage firm for Wynnewood Village in Oak Cliff.
The village, located at Illinois Avenue and Zang Boulevard, is a shopping center undergoing a $25M redevelopment and is expected to include 110K SF of new building and site construction.
NAI Robert Lynn’s Andrew Shaw and Basil Mitchell are handling all lease negotiations for the property.
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Casson-Mark Corp. inked a deal to lease 12K SF at Richardson Distribution Center in Richardson. Holt Lunsford Commercial’s Josh Barnes and Ben Wallace represented the landlord, ATCAP Partners. Mercer Co.’s Tucker Cason represented the tenant.
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Signature Services Corp. leased nearly 14K SF at Dallas Commerce Center. Holt Lunsford Commercial’s Canon Shoults and Maddy Canty represented the landlord, TA Realty Associates. CBRE’s Jack Gosnell represented the tenant.
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J & C Warehousing leased 70K SF at Miller Road Business Center. Holt Lunsford Commercial’s Josh Barnes and Ben Wallace represented the landlord, TA Realty Associates, while CBRE’s John Hendricks represented the tenant.
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Inkjet Printing International renewed a 40K SF lease at 4443 Simonton Road in Farmers Branch. Holt Lunsford’s Andrew Gilbert represented the landlord, TA Realty Associates, while Cushman & Wakefield’s Adam Curran represented the tenant.
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M2G Ventures’ development The Foundry District in Fort Worth has seven new companies slated to help anchor the district. Some of the firms have already moved in, while others are set to open their doors by the summer.
M2G also acquired two adjacent buildings in the district, at 2623 White Settlement Road and 2628 Whitmore St.
Architecture firm 97W is helping repurpose the acquired spaces, which will be available for lease by July and will offer creative offices, a design showroom and a small bar and/or restaurant.
The Foundry already has leases with oil and gas tech firm KCF Technologies; franchise branding business EnfoPlatform; Blackland Distillery; boutique gym PowerFit FTW; The Grand Berry Theater, which opens June 1; and commercial furnishings dealer GL Seaman & Co.
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Vision Commercial RE DFW said it is working with Brixmor Property Group to attract new tenants to the Trinity Commons Shopping Center in Fort Worth’s retail corridor at the intersection of Hulen Street and Bellaire Drive. The center already has notable tenants such as Tom Thumb, Ulta Beauty, DSW and Starbucks.
The center sees 48,000 vehicles per day and is close to Texas Christian University.
Vision Commercial said so far the companies have received bites from a national fitness firm, trendy restaurant concepts and dental groups.
