The Deal Sheet
Construction has started on the 313-unit Alta Farmers Market apartment community on 4.7 acres near the Dallas Farmers Market in Downtown. Developed by Wood Partners, the project should be available by Q2 ’15. How can you beat fresh onions and a grilling area to cook ‘em by a covered outdoor social lounge?
Alta Farmers Market, on Cesar Chavez Boulevard near Taylor Street, will be a four-story, 262k SF building with a structured parking garage. Designed by Good, Fulton & Farrell, the top-floor deck and lounge will feature 180-degree views of the downtown skyline, says Wood Partners development associate Ryan Miller. Ryan says the revitalization of the Dallas Farmers Market next door and a resurgence in Deep Ellum will give residents great access to restaurants and entertainment while being close to the downtown office market. (It also means residents will have to be prepared for everyone they know wanting to visit.) Wood Partners is also building on Maple Avenue near the Medical District, West Commerce in Trinity Groves, and at Coit and 190 in Plano. The developer is also involved in the Sylvan Thirty project at Sylvan and I-30.
SALES
An undisclosed buyer purchased a 51k SF three-building property, including two hangars, at 4553 Glenn Curtiss Dr, 4701 Frank Luke Dr, and at 4551 Glenn Curtiss Dr from Hangin Out, which was repped by KW Commercial’s David Tuttle. The fully occupied properties, which are adjacent to Addison Airport with direct runway access, are occupied by two tenants, Starbase Aviation and Martinaire Aviation.
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KBSII Plano Business Park (a subsidiary of KBS Real Estate Investment Trust II) entered a deal to sell the 284k SF Plano Business Park, which includes three light industrial buildings on about 20 acres at 3801, 3901, and 4001 E Plano Pkwy in Plano, according to an SEC filing. Exeter Plano Business Park, an affiliate of Exeter Industrial REIT III, plan to purchase the business park for $23.4M.
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Revest purchased an 18k SF building at 6428 Davis Blvd in North Richland Hills. NAI Robert Lynn’s Michael Newsome represented the seller. Michael also repped the buyer, J. Wales Enterprises in the purchase of a 27k SF building at 4809 Century Dr in Forest Hill. Ramos & Associates represented the seller.
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A 1031 exchange buyer purchased the 39k SF 24 Hour Fitness at 1805 Airport Frwy in Bedford from an out-of-state private investor. Marcus & Millichap’s Jason Vitorino and Jared Aubrey repped the buyer and seller.
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An LLC sold the 21k SF Golden Beach Marketplace at 10716 N Beach St in Fort Worth to an out-of-state individual/personal trust. Marcus & Millichap’s Jason Vitorino repped the seller. Marcus & Millichap’s Jeff Smith repped the the buyer. Financing was arranged by Marcus & Millichap Capital Corp’s Michael Laurencelle.
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Ibrahim Investments bought a 19k SF building on more than an acre at 1915 Westridge Dr. Bright Realty’s Shawn Hall repped the buyer. The seller was repped by Sperry Van Ness’ David Cook.
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Capital Partners LLC was repped by CBRE’s Nathan Lawrence in the purchase of 61k SF from WW Henry Co.
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The Cottages at Bedford was acquired by Busboom Group. The ARA Dallas team of Brian O’Boyle Sr, Brian O’Boyle Jr, Brian Murphy, and Jakob Andersen repped the seller, Equiti Capital Limited. The property was 94% occupied at time of sale.
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Walmart Stores purchased a five-acre parcel at the southwest corner of Teasley Lane and Ryan Road in Denton for a new 41k SF Walmart Neighborhood Market in the Teasley Town Square shopping center, developed by Lockard. Spaces for lease are available and outparcels are for sale, build-to-suit, or lease.
EXECUTIVE PEOPLE
Holt Lunsford Commercial Co started transitioning its ownership base when founder and CEO Holt Lunsford sold an ownership stake in the 20-year-old company to seven key employees. Holt also passed his role as president to the COO Sam Gillespie. Holt Lunsford Commercial’s shareholders include Sam; partners Jim Brice, Matt Carthey; Doug Lueders, and David Cartwright; VP Pat Hamilton; managing principals Scott Moore and Christina Bailey.
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TIER REIT named its current president, Scott Fordham, as the company’s CEO. He joined the company in 2008. He has since served in various capacities, most recently holding the positions of CFO and president. Prior to joining the company, he held various finance and accounting positions with Apartment Investment and Management Company and Prentiss Properties Trust. The company also hired Dallas Lucas to serve as its CFO. He joins the company bringing a depth of financial and real estate experience, serving most recently as CFO of Intrawest ULC.
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Steve Toppel joined Trademark as EVP, lifestyle and mall leasing. He comes from General Growth Properties, where he was senior director of leasing.
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Jon Bolsins joins Morrow Hill as corporate advisor.
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Transwestern promoted Henry Terech to SVP. In his new role, Henry will provide project management services, construction management, and project consulting and management services to clients throughout the region.
LEASES
KONE committed to be the lead tenant for the $26M first phase of AllenPlace, a master-planned, 22.5-acre, 700k SF, five-building Class-A office park along North Central Expressway’s east side between West Bethany and West McDermott drives in Allen. The project is being developed by Houston-based Sentinel Capital in partnership with Centra Partners, and Triad Real Estate. KONE’s lease will kick off a 102k SF Class-A office building that will contain 77k SF of available contiguous spec office space for other tenants. Construction will be underway this year on the seven-acre first phase of development, and KONE is expected to take occupancy in the first half of 2015. The AllenPlace complex is being designed by the architecture firm Goulas + Associates. Site Selection Group SVP Jeff Patman handled the economic incentive and lease negotiations for KONE. Paladin Partners partner Ben Appleby represented Sentinel Capital and will handle the leasing at AllenPlace moving forward.
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Fee, Smith, Sharp and Vitullo signed a 20k SF lease at 13155 Noel Rd in Dallas from GT Dallas Properties. CBRE’s Josh White repped the tenant. Colliers International’s Chris Lipscomb repped the landlord.
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Tenet Healthcare Corp extended and expanded its lease by 30% at 1445 Ross Ave in Dallas bringing its office size to 242k SF. CBRE’s Phil Puckett, Harlan Davis, and Chris Herrmann represented Tenet. Cassidy Turley’s Johnny Johnson and Lauren Napper represented the landlord, JP Morgan.
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Reliable Automatic Sprinkler Co inked a 90k SF lease at Mercer Business Park. The lease will commence in the first quarter of 2015. JLL’s Nathan Orbin represented the teanat. The landlord, Billingsley Co, was repped in-house.
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Pronto Delivery signed a 34k SF lease at 1034 Avenue M in Grand Prairie. Bradford’s Brendan Smith represented the tenant. Landlord, Proterra Properties, was repped by in-house brokers Chris Bly and Dan Lawson.
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Dollar Tree inked a 10k SF lease at the northwest corner of Camp Bowie & Las Vegas Trail in Fort Worth from Mila Properties. The Retail Connection’s Shelley Taylor and Brandon Trimble repped the landlord and TRC’s Jim Weir and Jack Weir repped the tenant.
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XL Parts Partnership leased 11k SF at 1401 Summit Ave in Plano. NAI Robert Lynn’s Dave Peterson and Stephen Cooper represented the landlord. Transwestern’s Clint Riley represented the tenant.
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Liquidity Services leased 97k SF at 2701 Shiloh Rd in Garland. NAI Robert Lynn’s Stephen Cooper and Tom Lynn repped the tenant. Stream Realty’s Seth Koschak repped the landlord.
KUDOS
Citadel Partners managing partners Scott Jessen and Scott Morse were named Society of Industrial and Office Realtors designee members.
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Gaedeke Group earned a real estate excellence award from CEL & Associates for customer service. Only five companies in the US were accorded top honors. Gaedeke has received the Crystal Award for superior service, which is reserved for companies with fewer than 15 buildings. Its 274 tenants had an overwhelmingly positive 91.3% response rate in the annual survey, resulting in a “Best in Class” tie for Category IV.
