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Real Estate Bisnow
   
January 8, 2013 
 
 

Glimcher's Big Buy;
The Deal Sheet


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Retail REIT Glimcher Realty Trust purchased the 173k SF University Park Village in Fort Worth for $105M. That could buy a whole lot of Williams-Sonoma sauce pans and Starbucks mochas.

 
University Park Village

The upscale Fort Worth open-air shopping center has tenant sales averaging more than $800/SF. At 97% occupied, the shopping center touts tenants from Apple to Anthropologie, and J. Crew to Madewell. Glimcher used a $60M term loan for the acquisitions with the remaining funds coming from the company’s credit facility. The term loan has an interest rate of LIBOR plus 300 bps and matures on April 8 with expectations to get long-term mortgage financing prior to then. This is Glimcher’s first shopping center in Texas.

 
Bisnow (Sales) Jumbo

NEW BUSINESS

Cabot Properties tapped Lone Star Realty Advisors to handle the sale or lease of a single tenant 75k SF freestanding office/warehouse at 455 Airline Dr in Coppell.

SALES

The Nash Group Real Estate purchased the 40k SF Rosemeade Marketplace in far North Dallas. The market and greenhouse facility was marketed Henry S. Miller Brokerage’s Bill Bledsoe. The new owners leased the facility to Ruibals Nursery and Chuck Cox.

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A Dallas-based privately held real estate investment firm sold the 114-unit Crestwood Place at 3900 White Settlement Rd in Fort Worth to Tailwind Crestwood, an entity of Tailwind Real Estate Equities. Marcus & Millichap’s Boyan Radic and Doug Banerjee had the exclusive listing to market the property. The buyer was represented by Coldwell Banker Commercial’s Gary Vasseur. The property is 99% occupied with a waiting list of over 40 pre-qualified candidates.

***

 

 
Toweron Lake Carolyn

In the last month, KBS has closed on the Tower on Lake Carolyn in Las Colinas, Palo Alto Tech Center, West Loop I & II, 1800 West Loop, and Burbank Collection. The most recent, the 364k SF Tower on Lake Carolyn, is 83% leased with $8M in improvements in the past five years. Eastdil Secured’s Michael McDonald and Kennedy Hicks repped the seller.

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CBRE recently coordinated the sale of a 250k SF Class-A industrial building at 4501 Mountain Creek Pkwy in Dallas as part of a portfolio sale for Houston-based Verde Realty to NY-based Angelo Gordon & Co. The building is 100%, long-term leased to American Leather. CBRE’s Jack Fraker, Josh McArtor, Jonathan Bryan, and Heather McClain Venegoni represented the seller, Verde Realty.

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LTC Properties purchased a six-acre parcel in Frisco for $1M and entered into a lease and development commitment with affiliates of Mustang Creek Estates for about $4.8M for the construction of an 81-unit assisted living and memory care facility.

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Uplift Education purchased a 42k SF industrial building at 9411 Hargrove Dr in Dallas from Restoration Partners. Colliers International North Texas’ Ward Richmond and David Wetherington repped the seller. Solender/Hall’s Eliza Solender represented the buyer. The industrial building will be converted to a charter school, with an opening slated for this fall. Uplift Education also purchased the adjacent property located next door, which will be converted to a parking lot.

***

 
Addison Tech Center

Copaken Brooks purchased two buildings at 4355 and 4505 Excel Pkwy in Addison. The Addison Tech Center Portfolio includes two Class-A, office/industrial flex buildings with 137k SF of combined net rentable area. The property is 94.3% occupied. The purchase at Addison Tech Center is the first acquisition by Copaken Brooks’ newly formed investment platform—Copaken Brooks Private Capital. Avison Young’s Darrell Betts repped the seller. On-site management and leasing will be handled by Holt Lunsford Commercial. Grandbridge Real Estate Capital’s Joe Platt assisted in arranging a loan with Guggenheim Commercial Real Estate Finance.

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The Charleston Apartments at 723 N Marsalis Ave in Dallas closed in 45 days after the buyer was selected from multiple offers. The Cantrell Co & Partners’ Thomas Hooke repped the seller and buyer.

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NAI Robert Lynn closed a number of deals including:

  • Legacy Housing purchased a 50k SF building at 4900 Augusta in Fort Worth. Todd Hubbard repped the seller and Steve Crawford repped the buyer.

  • Brendan Bass Showrooms purchased a 19k SF building at 2001 Irving in Dallas. Robert Blankinship repped the seller. Gerald Solomon repped the buyer.

  • 812 5th Avenue purchased a 140k SF building at 512 5th Ave in Mansfield. Michael Newsome, Todd and Tom Lynn repped the seller. CBRE’s Scott Delphey repped the buyer.

PEOPLE ON THE MOVE

Stream Realty Partners promoted Liz Sheff to EVP and director of customer-focused centralized services. She will provide oversight, management and direction to Stream’s property management, property accounting, engineering, technical and green, and construction management services nationally. She has been with Stream about three years.

LEASES

International Development Co renewed its 330k SF lease at 899 Henrietta Creek Rd in Hillwood’s Alliance Gateway in Roanoke. The company consolidated each of its facilities, which had been located in Southlake, Dallas, and California, into the Alliance location in 2005. In 2006, IDC added 130k SF to its existing 200k SF of leased building space. Hillwood’s Tony Creme repped the landlord. CBRE’s Stan McClure represented the tenant.

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NAI Robert Lynn inked a number of leases including:

  • RPM Co leased 25k SF at 1111 Jupiter Rd in Plano. Dave Peterson represented the tenant.

  • VSW Water Purity leased 21k SF at 920 Minters Chapel in Grapevine. Rick Medinis negotiated the deal.

  • CHEP Aerospace US leased 24k SF at 1300 Minters Chapel in Grapevine. Rick represented the landlord. UGL Equis’ Greg Lance repped the tenant.

  • Jet Engine Solutions leased 32k SF at 13920 Senlac in Farmers Branch. Tyson Erwin represented the tenant.

 

***

Quorum International renewed, expanded, and will consolidate its national distribution center in 203k SF at Railhead Industrial Park. Bradford Commercial Real Estate Services market director Nick Talley and EVP Karen Simon negotiated the deal directly with the tenant. The specialty lighting company leased the 124k SF balance of Sun Life's 305k SF rail-served building, where it presently occupies 79k SF at Railhead Distribution Center at 421-441 Railhead Dr. Tenant improvements are underway on the expansion space and should be ready to occupy in March.


Upcoming Bisnow Events!
 
Thursday, Jan. 10, 7am-10am. Bisnow's Dallas Healthcare Real Estate Summit. Hear the experts discuss what is quickly becoming a healthcare facilities and medical office boomRegister here.

Wednesday, Jan. 30, 7:30am-10:30am. Bisnow's Dallas Hotel Investment Summit. Hear our all-star panel cover how deals are getting done and what the outlook is for financing and development. Register here.
 
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