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The largest commercial real estate publication in the United States.
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January 10, 2012 |
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HOT HOTELS;
The Deal Sheet |
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| Winstead is among the largest business law firms in Texas. You’ll benefit from its stellar reputation for real estate and financial services counsel. For more information, click here. |
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Hotel demand began to bounce back in 2010 despite economic forces. And, barring any disasters, US lodging fundamentals should to continue to improve, says NY-based LW Hospitality Advisors prez & CEO Daniel Lesser, who's speaking at the Bisnow Texas Hotel Investment Summit this Thursday morning at the Hilton Anatole. Save your spot here. |
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| Daniel’s so great, this will be his fifth appearance at a Bisnow hospitality event (which gets him access to the Bisnow Ambassador's Club, which in turn offers absolutely no perks). He says the hospitality industry’s growth can be attributed to the phenomenon of rising demand coupled with limited new hotel supply. However, he says the overall US economy is suffering from tepid growth and high unemployment, which will challenge the economy and the lodging business, including the hotel transaction market, during the foreseeable future. |
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| LWHA monitors the major US hotel sale transaction market (here’s The Fairmont Dallas, which Inland American Lodging Group bought for $69M this summer). Daniel says LWHA’s 2011 Major US Hotel Sales Survey found about 130 single asset sale transactions over $10M each that are not part of a portfolio allocation. These transactions totaled roughly $8.9B and include about 41,000 hotel rooms with an average sale price per room of $217k. By comparison, the 2010 survey ID'd 84 sales totaling over $5B including 24,000 hotel rooms with an average key price of $200k. Come hear Daniel on Thursday and offer him any tips you have (like don’t cross your skis) for his annual President’s Day ski trip to Snowbird, Utah. And, if you haven’t registered for the Texas Hotel Investment Summit, do it now! Here’s the link. |
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| THE DEAL SHEET |
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| DATA CENTERS |
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CyrusOne bought 30 acres in suburban North Dallas with plans to build the largest data center in Texas. The acquisition follows the company's new strategy of owning the underlying property on which its data centers are built. The existing building on the property has a structure that is approximately 700k SF under roof. Once completed, the facility should have close to 400k SF of raised floor data center space to provide customers with about 60k SF of Class-A office space. The building is slated to provide 250 KWs per foot in a 2N design with expectations of delivering 100% uptime capabilities. The Dallas acquisition marks the third that CyrusOne has completed in Texas in the past two months. In November, the company acquired a 175k SF facility in Houston, and in December, it acquired a 200k SF facility in San Antonio. Jones Lang LaSalle SVP Curt Holcomb and managing director Bo Bond (pictured) completed the site selection work for both this location and the San Antonio location.
*** T5 Data Centers plans to locate its latest data center project, T5@Dallas, at Legacy in Plano. T5 Data Centers, in partnership with Lincoln Property Co, will deliver a fully equipped and operational wholesale data center with 129k SF of raised floor and 18 MWs of critical power at full build-out. Phase 1 will deliver three MWs of critical power by June. T5@Dallas is a 150k SF purpose-built data center shell built on a 20-acre site. The structurally enhanced concrete facility is designed to withstand winds up to 175 mph. The facility will provide up to 30 MWs of redundant power fed from diverse substations. Lincoln will assist in the development of the facility and market the project locally. T5 will develop the building in several phases delivering 3 MW of critical power in Phase 1 by June. |
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SALES
Balcones Urban purchased 7.2 acres at the intersection of Plymouth and Davis in Dallas from SA Challenger. CBRE’s Jim Whitten and Marty Neilon represented the seller.
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Boxer Property acquired the 102k SF five-story Office Alpha (pictured) at 13140 Coit Rd in North Dallas and the 104k SF 14800 Quorum in the Quorum Business Park. Office Alpha is 84% occupied; 14800 Quorum is 96% occupied. The purchases aren’t standard practice for Boxer because the properties were already stabilized at purchase. “Normally we are a distressed or value-add buyer, but we have realized that there is opportunity to buy good quality stabilized Class-B buildings for very attractive going in cap rates,” says Boxer’s lead acquisitions manager Andre Pereira. Transwestern’s Mike Hardage and Steve Simon repped seller KBS Realty Advisors. Boxer Property repped itself in both purchases.
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Del Taco bought a 36k SF retail pad site in the Hickory Center at Preston, a Walmart-anchored shopping center on the southwest corner of Preston Road and Gary Burns Drive in Frisco. Venture Commercial Real Estate’s Ken Reimer and Amy Pjetrovic-Hunnicut along with Integral Real Estate Services’ Joe Gampper represented the seller, Allegiance Frisco. EDGE Realty Partners’ Steve Ewing repped the buyer.
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Rockwall Retirement Residence purchased 186k SF of land at the southwest quadrant of Yellowjacket Lane and FM 205 in Rockwall for a new retirement facility. UCR’s David English represented the seller, Andrews Transport. Scott Forbes Real Estate’s Krista Lake represented the buyer.
*** A partnership formed by Legacy Capital Co and Standridge Cos acquired 33 acres on Hwy 121 in The Colony. One is a 19.6-acre tract is at the corner of Blair Oaks and Hwy 121 and the other is a 13.7-acre tract at the southwest corner of Paige Road and Memorial Drive across 121 from the future site of Nebraska Furniture Mart. Legacy Capital Co principal Peter Aberg says the sites were targeted because of the location’s potential, even before the Nebraska announcement. The ongoing construction of 121 and subsequent bankruptcy of the land’s prior owner were the primary factors that delayed this property’s development. He says the completion of 121 and the likelihood that Nebraska Furniture Mart will draw huge crowds. The property will be marketed by Standridge Cos. |
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LEASES
Petmate inked a 41k SF long-term flex lease at 2300 E Randol Mill Rd in Arlington from RREEF Asset Management. Lee & Associates’ Mark Graybill and Donnie Rohde represented the landlord. Jackson & Cooksey’s Ken Boyd represented the tenant.
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Johnstone Supply signed a 21k SF lease at 2505 Willowbrook Rd in Dallas from Sealy & Co. Lee & Associates’ Nathan Denton represented the tenant. Sealy & Co was internally represented by Todd Marchesani.
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CBRE’s Jeffrey Ellerman partnered with colleagues to ink 259k SF of leases:
- Kosmos Energy renewed and expanded its lease for a total of 100k SF at The Offices at Park Lane (pictured) in Dallas from Northwood PL Holdings. Jeffrey and Robert Blount represented the tenant. Peloton’s T.D. Briggs and Grant Sumner represented the landlord.
- AMN Healthcare renewed 93k SF of office space at 5001 Statesman Dr in Irving from GE Commercial Finance. Jeffrey and William Callahan represented the tenant.
- Comstock Resources renewed and expanded for a total of 66k SF of office space at Comstock Tower in Frisco from Stonebriar Partners. Jeffrey and Corbin Crews represented the tenant. Fults Commercial’s Tracy Fults represented the landlord.
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JLL brokers inked six office and industrial deals, totaling 114k SF:
- Airband Communications leased almost 19k SF of office space at Keller Springs Technology Center at 3220 Keller Springs Rd in Carrollton. JLL VP Andy Leatherman and managing director Jeff Staubach repped Airband Communications, while Grubb & Ellis SVP Russ Johnson and senior associate Sean Dalton represented FN Keller Springs.
- Metropolitan Property and Casualty Insurance Co leased 16k SF of office space at 3660 Regent Blvd in Irving. JLL managing director Steve Thelen, SVP Alan Wood and VP Patrick Wood-Prince represented the tenant. Cassidy Turley managing director Clint Madison represented the landlord, Persis DFW.
- ValuePart extended and expanded its current lease at 9804 Chartwell in Dallas by 22k SF raising its total building footprint to 85k SF. JLL SVP Nathan Orbin and associate Ben Phillips represented the tenant. Stream Realty SVP Cannon Green and senior associate Seth Koschak represented the landlord, BRE/TX Industrial Properties.
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PEOPLE ON THE MOVE
David Quisenberry has joined Colliers International’s Dallas office as an EVP of agency leasing. He will be responsible for agency leasing services and new business development throughout the North Texas region. David joins Colliers with 30 years of experience on the building owners side in the North Texas CRE market, most recently operating his own company focused on office tenant representation. He also spent time working with Hines as a senior director focused on office building and land acquisition, build-to-suit and leasing services. Prior to Hines, he spent 27 years with Lincoln Property Co.
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Richmond Collinsworth of TIG Real Estate Services was promoted from to VP. He joined TIG in 2009 as a marketing rep directly after graduating from the University of Alabama (Roll Tide!). While in school, he began his real estate career with Dominion Land and Minerals as a petroleum landman. He then worked for Advantage Realty in Tuscaloosa interning with TIG.
*** John Hampton joined Jones Lang LaSalle as SVP on the solutions development team in the firm’s corporate solutions business. In his new role, he will focus on enhancing JLL’s suite of strategic solutions for the firm’s global occupier client base. He joins JLL from The Regus Group where he served as VP. |
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| KUDOS |
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As a sponsor of last month’s White Rock Marathon corporate relay challenge (which consists of five-person relay teams that run a total of 26.2 miles), Behringer Harvard had a record year with eight relay teams (40 people), 13 half–marathoners, five marathoners, and 50 volunteers working the event. Winners in different categories share a $30k purse, which is donated back to the Texas Scottish Rite Hospital for Children. Here’s Behringer Harvard SVP Andy Bruce and EVP Michael Cohen serving water to runners. Thanks to Lee Dean for the photo.
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The employees of SCM Real Estate Services embraced the holiday spirit by donating toys and clothing to foster children and families. Arrow Child and Family Ministries of Arlington, providing services for kids and families, received wrapped gifts from SCM. Beginning in 1992 with foster care, Arrow Child & Family Ministries has served children rescued from abuse through Arrow Christian Foster Care by recruiting, training, licensing and supporting Ambassador Foster Families. |
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MEET OUR SPONSOR:
GENSLER’S CROWDED HOUSE |
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| The office of the future is already here, says Gensler principal Cindy Simpson, studio director in the Dallas HQ. The design firm has nailed the generational expectations for the modern office. For the first time in memory, Cindy tells us, four generations work together in the same space. Baby boomers value face time and live to work; Gen Xers don’t want or need face time and work to live. Millennials (ages 18-33) work best as a team and value an equal work/life balance, and Generation C (age 0-17 and yes, we’re running out of letters) work as a global community, and for them, work and life are blurred. This complex mix is taken into consideration at every Gensler “visioning” session. The need to think generationally is now a given, from free food and wireless to more collaboration space (but keep the land phones for the baby boomers). For more info on our sponsor, click here. |
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| DayQuil: I love you for halting the sneezes and sore throat. Drew Brees endorses you, but why must you taste like alcoholic licorice herbal mouth wash? Email your allergy remedies and news to tonie@bisnow.com. |
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2010, Bisnow on Business, Inc., 1817 M St., NW, Washington, DC 20036. All rights reserved. |
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