The Deal Sheet
The 270-unit Alta Ridge Apartments at 2241 South Business Hwy 121 in Lewisville is getting a new name and a new look after Westmount Realty Capital snapped up the Class-A garden-style property from Wood Partners. (It's almost like a multifamily witness protection program.)
It'll be redubbed as the Westmount at Vista Ridge. Renovations to the property will begin in Q1 and are expected to be completed in 18 months. Westmount’s Paul Panza repped the buyer, while Moran & Co repped the seller. Management of the property has been contracted with Knightvest Management of Dallas, which also made an equity investment in the property. Financing for the acquisition was arranged by the Dallas office of NorthMarq Capital.
SALES
Brook Partners sold a 50k SF retail/showroom at 4700 Alpha Rd to an out-of-state furniture retailer. CBRE’s Campbell Foster and Scott Muller negotiated the sale with Capstone Commercial’s Larry Robbins.
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LaSalle Investment Management purchased the 120k SF Oak Grove Plaza at Hwy 78 and Bunker Hill Road in Sachse from Invesco Advisers. CBRE SVP Chris Cozby, first VP Chris Gerard, and VP Kevin Holland repped the seller.
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The trustee of Progressive Concepts sold a 57k SF two-story flex building on six acres of industrial-zoned land at 5718 Airport Fwy, and an adjacent 6.9-acre industrial tract at 5722 Airport Fwy in Haltom City to BMS Enterprises d/b/a Blackmon Mooring. Bradford VP Nick Talley represented the seller. Transwestern’s Leland Prowse and Alex Bryant represented the buyer.
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JRP Properties sold 50 industrial-zoned acres at 3020 E Hwy 80 in Mesquite to Agarita Management Co. Bradford VP Joe Santaularia and SVP Brock Wilson represented the seller. The buyer's in-house broker was Ryan Smith.
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Menyon Capital Partners purchased the 69k SF Vineyard Centre I & II office project at 1450 Hughes Rd in the Grapevine/Westlake submarket. CASE senior director Susan Gwin Burks, director Bruce Butler, and principal John Bowles represented the buyer. CASE will be responsible for the leasing of the project, which is 80% occupied.
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A private investor purchased the 82-unit Park Place apartments at 2115 and 2116 N Garrett Ave in Dallas. Marcus & Millichap specialist Stephen Crittenden repped both buyer and seller. The property was 94% occupied.
FINANCING
HFF arranged $41M in financing for a five-building office and industrial portfolio totaling 700k SF in Texas, Georgia, and Florida. HFF repped FRAPAG America to secure the 10-year, fixed-rate loan through The Royal Bank of Scotland. Proceeds were used to refinance maturing debt on the properties including the fully leased 301k SF Riverpark Distribution Center at 15000 Grand River Rd in Fort Worth. The HFF team was led by senior managing director Mark Sixour and associate director Bill Ireland.
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Metropolitan Capital Advisors senior directors Todd McNeill and Justin Laub arranged a $15.5M loan with a regional bank for LG Campbell Preston for the purchase of the 173k SF Preston Trail shopping center in Dallas.
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CBRE’s debt and structured finance group arranged acquisition financing for Ridge Rock Plaza in Fort Worth for Thackeray Partners to obtain an $11M non-recourse loan. The eight-year loan has a fixed rate for five years then will float over LIBOR for the remainder of the term. The fully leased 114k SF power center is on Overton Ridge Boulevard in Southwest Fort Worth. CBRE’s Patrick Benoist, Scott Lewis, and Matt Ballard originated and secured the financing for the borrower. CBRE’s national retail investment group’s Chris Cozby, Chris Gerard, and Kevin Holland repped the seller.
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HFF also secured $73M in financing for the 369k SF 17Seventeen McKinney in Uptown for Granite Properties. The seven-year, fixed-rate loan was arranged through Regions Bank to replace the original construction loan. The HFF team representing the borrower was led by senior managing director Trey Morsbach and associate director Jim Curtin.
NEW BUSINESS
Hillwood Communities announced its newest development, Union Park, a 787-acre master-planned community located along the US Hwy 380 corridor in Little Elm. The $600M project includes an abundance of parks and open space and is scheduled to break ground this spring. The project includes about 2,400 single-family homes.
KUDOS
NTCAR’s 2014 officers include president Steve Trese of CBRE, president-elect Blair Oden of CBRE, and secretary/treasurer David Glasscock of Colliers International.
LEASES
Corepoint Health leased 15k SF at 3010 Gaylord Pkwy in Frisco. Cassidy Turley’s Craig Wilson and Randy Cooper repped the tenant.
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Crescent Real Estate Holdings inked a trio of deals at The Crescent in Uptown including a 22k SF lease to Holland & Knight. Sunwest Real Estate’s Marc Grossfeld and Dan Zeltser represented Holland & Knight. Additionally, H.I.G. Whitehorse Management renewed its lease of 11k SF. Avison Young’s Greg Langston and Art Green represented H.I.G. Whitehorse. Crescent Real Estate leasing VP Tony Click repped the landlord in both deals.
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Pegasus Info Tech leased 11k SF at 3001 N Skyway Circle in Irving from Life Is A Skyway. Coldwell Banker Commercial Alliance DFW’s Renee Efimoff represented the landlord. Bradford’s Sharon Friedberg and Melanie Hughes represented the tenant.
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Judity Kirby, MD leased 10k SF at 9301 N. Central Expwy in Dallas. Cassidy Turley’s Frank McCafferty repped the tenant.
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TDAF leased 78k SF at 2050 Roanoke in Westlake. TDAF was repped by CBRE’s William Callahan. Cassidy Turley’s Chris Taylor repped the landlord, Lexington.
THIS & THAT
Presidium Group hosted a commissioning ceremony last week for its recently installed microturbine at the firm’s East Dallas property, The Grove at White Rock. Here’s Robust Energy principal Rich Herweck, Texas House Rep Kenneth Sheets, Presidum Group CEO John Griggs, and Dallas County judge Clay Jenkins. The new turbine will provide 18% of the power demand of the property. In addition, it will produce excess heat, which will be utilized in the property’s hot water system.
EXECUTIVE MOVES
Bradford Commercial Real Estate Services promoted Nick Talley and Joe Santaularia to VP. The duo previously served as market directors for the Fort Worth and DFW Airport markets, respectively.
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Jones Lang LaSalle hired Byron Howard as a VP to work under the direction of Dallas retail brokerage lead, Clay Smith. Byron joins JLL from Xceligent, where he was a regional director of sales and client services.
MEA CULPA: We tried to give HSM’s Michael Dee a brand new name in Monday’s issue. We have since correctly typed his name about 156 times to get the message through.
