The Deal Sheet

Towne Air has just signed an 88k SF lease renewal at 1065 Texan Trail in Grapevine. With industrial vacancies hovering around 7% and limited choices, renewals will be the best strategy for many tenants, says E Smith Realty industrial services prez Brad Struck.

Locking in an industrial lease is a new ball game now that occupancy is on the rise, Brad says. He tells us the industrial lease rates are going up and landlord incentives are on their way out. It’s a big challenge for tenants looking for space today. He repped Towne Air in the lease. Lincoln Properties’ Gil Stroube repped the landlord, Prologis. Brad reps Towne Air nationally and also recently inked a 73k SF lease in the Indy market, too. (That’s Brad with his wife, Erin, at his recent birthday party.)

In the last two years, there’s been an increase in competition for the best space. That creates less leverage for the tenant, too, he says. That should change, he thinks, as the new development comes online later this year and next. Developers are coming out of the ground with spaces that can house both big players and the smaller users requiring 20k to 30k SF spaces.

SALES

Capital Commercial Investments purchased Two Hickory Centre (97k SF) at 1750 Valley View Ln in Farmers Branch from Cathay Bank. CBRE’s Shannon Brown, Michael Dudley, and Ben Davis repped the seller. The trio will also be the leasing agents.

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LLI Vargon Holdings purchased a 10k SF building at 13505 Vargon St in Dallas. NAI Robert Lynn’s Dave Peterson and Stephen Cooper repped the seller.

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Hutmel Investments One purchased a 36k SF building at 1408 Vinylex in Carrollton. NAI Robert Lynn’s Robert Blankinship repped the buyer. Lee & Associates’ Nathan Denton repped the seller.

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Canada-based Olymbec Group purchased the 1.3M SF 1700 Pacific in the CBD from Berkeley Investments. CBRE’s John Alvarado, Gary Carr, Eric Mackey, and Robert Hill repped the seller. JLL’s Capital Markets managing director Tim Jordan and EVP Mark Brandenburg secured the financing. JLL managing director Jeff Eckert, EVP James Esquivel, and associate Ashley Curry will handle property leasing. Justin Klumak led efforts for Olymbec.

LEASES

North Hills Pediatric Surgery Center signed a 16k SF lease on the North Hills Hospital campus at 1153 Booth Calloway in North Richland Hills. Lincoln Harris CSG’s Jason Manske negotiated the lease.

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LaBodega Meat renewed and extended its 96k SF lease at Logistics Pointe/Garland for an additional 15 years at 2600 McCree Rd in Garland from a Westmount Realty Capital affiliate. CBRE’s David Sours and Kevin Kelly repped the tenant. 

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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 the tenant. NAI Robert Lynn’s David Peterson repped the landlord, Shana Tova Realty. 

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Bottle Rocket leased 50k SF at 14841 Dallas Parkway in Addison. The firm will relocate from Wellington Centre, also in Addison, by year’s end. CBRE’s Jeff Eiting repped Bottle Rocket in site selection, lease negotiations, and economic incentive evaluation. Sooner Management’s Sarah Catherine Norris, Mark Jordan, and Ben Jones repped the landlord, JP Aberdeen Partners.

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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.

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Outsource Partners International leased 13k SF at 7929 Brookriver in Dallas. Transwestern’s Nathan Durham and Blair Huddleston repped the landlord. 

GROUNDBREAKING

Stoneleigh Cos broke ground last week on One Dallas, a 20-story mixed-use high-rise at 2619 McKinney Ave. Here’s Hunt Construction Group’s Jack Sovern, Dallas City councilman Philip Kingston, Cheng Investments’ Paul Cheng, Stoneleigh Cos’ Rick Cavenaugh, Style & Grace’s Peter Lloyd, and Humphreys and Partners Architects’ Phil Shephard. One Dallas will feature 198 luxury apartments, a 475-car underground parking garage, and more than 18k of retail and restaurant space. The project team includes Phil as concept designer, Humphreys & Partners as the project architect; Hunt Construction Group as the GC; and Waterford Residential, the property manager affiliate of Stoneleigh. Bank of America is the construction lender for One Dallas and iStar Financial Group is the institutional equity partner.

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Stoneridge Business Park buildings 11, 12, and 13 broke ground last week at South Hampton and Danieldale Road in South Dallas. This three-building project totals 690k SF. Among Holt Lunsford Commercial’s project team are McFadden and Miller, RGA Architects, Pacheco Koch, and TA Associates, and the Frontier Equity team. 

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We received the list of KDC’s project team for Raytheon’s construction. Among the team members are Adolfson & Peterson Construction (construction management and MEP design build); HKS Architects (architect); Kimley-Horn (civil engineer); Syska-Hennessey (MEP engineer); RL Goodson (structural engineer); TBG Partners (landscape architect): and Vilhauer (earthwork.)

EXECUTIVE PEOPLE

Velocis hired Robert Kruzel as the director of asset management. He will be responsible for managing Velocis Fund’s nine properties in Texas, and one each in Colorado, Georgia, North Carolina, and Florida. Prior to joining Velocis, he was the SVP of operations at RM Crowe.

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Lindsay Wolcott joined Colliers International as a senior associate in brokerage. She will be working primarily with Chris Lipscomb and Michael Carmichael in the agency leasing division. Lindsay joins Colliers from Wellington Realty in Dallas.

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Berkshire Communities promoted Bryan Jackson to redevelopment VP. He will oversee the implementation and management of value-added programs for new acquisitions and existing assets. He was previously national construction manager for Berkshire.

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Christopher Schafer joined E Smith Realty Partners at VP. He will be responsible for expanding and pursuing E Smith Realty’s national accounts. Prior to joining E Smith, he served on the acquisitions due diligence team at Behringer Harvard. 

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Colliers International added Bo Estes as EVP. He comes to the firm from Newmark Grubb Knight Frank, where he served as a managing director for global corporate services. 

KUDOS

Hudson Peters Commercial’s Sanober Syed earned CCIM designation.