If you don't see images, click here to view
Story Ideas  .  Events 
 
To ensure delivery, please add newsletter@bisnow.com to your address book, learn how
Real Estate Bisnow
Washington | New York | Chicago | Dallas-Fort Worth | Houston | Boston | Atlanta | Los Angeles | South Florida | Baltimore | National
   
January 6, 2011 
 
 
The Deal Sheet:
Granite Industrial Portfolio Sold

There'll be a smorgasbord of delicious appetizers at Bisnow's first big event of 2011: Power Networking. And to prove it we're giving you a peek at the menu. Check out our event page (click just below the margarita). Tues, Jan 25 at Trece Restaurant. Sign up today!

 
About four months after putting its industrial portfolio on the market, Granite Properties reached an agreement with Exeter Property Group to sell its 1.1M SF Dallas portfolio for $47M.
 
Michael Dardick
Granite Properties prez Michael Dardick (above in a pic we snapped last spring) tells Bisnow the decision to exit the industrial market was made about a year ago and the entire industrial portfolio has been up for sale since August. (We were the first to report the listing.) Granite’s plan? To focus on the office portfolio and look at some new markets, using its new funds for available growth capital. "Now was a good time to sell because the market is paying good prices for industrial properties with high occupancy rates," he adds. The Dallas portfolio is comprised of newly constructed, bulk industrial facilities that are about 70% leased. It also includes two improved development parcels that can accommodate 740k SF of industrial product. Granite investment manager Will Hendrickson handled the sale for Granite.
Rusty Tamlyn
HFF’s Rusty Tamlyn (above), Trent Agnew, Jud Clements, Robby Rieke, and Kelsey Roop repped Granite. Rusty saw the portfolio’s sale as an opportunity for a new owner to come into either city as a substantial landlord, and many of the 25 offers were from new faces. In late December, Exeter purchased the three Dallas assets, and Duke Realty bought two assets by the Port of Houston. Duke and the other Houston buyer are both established in the area, but Exeter is fairly new to DFW with only one property here, Rusty tells us. Granite considered selling the whole portfolio (the largest industrial one for sale in Houston in 15 years) to one buyer, and did get offers for it but decided to split it to maximize profits. The remaining 11 Houston properties are about to go under contract.

Bisnow
Leases
 
13780 Benchmark Dr.
Wisteria leased 119k SF at 13780 Benchmark Dr (pictured) in Farmer’s Branch. Transwestern’s Brant Landry and Bill de la Chapelle represented the tenant. The landlord, Ken Wesson, was represented by Lee & Associates. The Dallas-based firm relocated to support continued growth and will be moving its corporate office, call center, and distribution operations from Carrollton to Farmers Branch. It will employ about 100 people at the new location. “Wisteria was able to accomplish 30% expansion for about the same cost of its former facility due to the soft real estate market,” Brant tells us.

***

Ally US (formerly GMAC) renewed its lease at Tollway Office Park at 5208 Tennyson in Plano for 29k SF. Transwestern’s Justin Miller and Kim Brooks represented the landlord. JLL’s Doug Carignan represented the tenant.

***

Award Solutions expanded and renewed its lease at Greenway III at 2100 Lakeside Blvd in Richardson for almost 17k SF. Transwestern’s Kim Brooks, Fletcher Cordell, and Matt Hurlbut represented the landlord and Banner Commercial’s Andy Kampen repped the tenant.

***

Intechra inked an almost 117k SF industrial lease at 611 S. Royal Lane. JLL VP Forshey Hoobler and managing director David Richards repped the tenant. Duke Realty senior leasing rep Curt Hefner repped the landlord, Duke Realty.

***

Figari & Davenport signed an almost 28k SF renewal at Bank of America Plaza. JLL managing directors Carl Ewert and Brad Selner and senior associate Michael Haggar represented the tenant. Peloton Commercial Real Estate Group’s Sarah Hinkley and Joe Pustmueller represented the landlord.

***

Mike Silliman and Lee Wagner
It was a merry Christmas for Grubb & Ellis’ Lee Wagner as he gets a commission check from Maguire Partners VP Mike Silliman for the firm’s representation of Wells Fargo in its 80k SF lease renewal at Solana. 

***

The Regus Group renewed its 19k SF lease at MacArthur Center II at 5605 N. MacArthur Plaza in Irving. Transwestern's Reid Caldwell and Jeff Anderson represented the landlord and CBRE's Baron Aldrine represented the tenant.

***

Mary Kay renewed 187k SF of industrial space at 1525 W Frankford Rd in Carrollton from CSHV Texas Industrial. CBRE’s Ann Huntington represented the tenant.

***

Daikin AC (Americas) leased 80k SF of industrial space at 1100 N 28th St in DFW Airport from LIT Industrial Texas. CBRE’s Steve Trese and Adam Hammack represented the landlord while Hughes Commercial’s Craig Hughes and Cushman & Wakefield’s Ashley Pope represented the tenant.

***

One McKinney Plaza
Signing a long-term extension and expansion for 41k SF, Bell Nunnally & Martin will expand to two full floors at One McKinney Plaza. Belinda Dabliz, VP of leasing for Dallas-based owner Gaedeke Group began negotiations in the spring with CBRE vice chairman of brokerage services Jeff Ellerman, who reps the tenant. The office tower is now 98% occupied.

***

Verizon Wireless renewed more than 55k SF of industrial space at 2840 Commodore in Carrolton from Walton CWTX Frankford 91. CBRE’s Steve Trese and Adam Hammack represented the landlord.

***

Consolidated Container Co renewed 46k SF of industrial space at 4525 Joseph Hardin Dr in Dallas from Weingarten Realty Investors. CBRE’s Steve Berger, David Easterling, and Sarah Carter represented the tenant.

***

General Electric Co renewed its lease for 22k SF of industrial space at 3010 Red Hawk Dr in Grand Prairie from Walton CWTX 360 I CC89. CBRE’s Steve Koldyke and John Brewer represented the landlord while Steve Berger, David Easterling, and Sarah Carter represented the tenant.

***

Lee & Associates completed a 15k SF industrial lease renewal at 1120 Jupiter Rd in Plano. Nathan Denton represented the tenant, ASC Signal. The landlord, Property Reserve, was represented by JSC Realty & Investment Services’ Paul Tichacek.

***

Crouch & Ramey signed a new lease for 21k SF at Trammell Crow Center relocating from Fountain Place. Katy Cleary represented the owner, CW-#11 Limited Partnership.

***

Strayer University signed a seven-year lease for almost 18k SF at 8111 LBJ Freeway from Hartman FM 1960 Properties, an affiliate of Hartman Income REIT.

***

North Texas Ice/Baker Distributing Co renewed a 20k SF lease at 8301 and 8205 Sovereign Row in Dallas, with A&R Investments. Bradford Commercial Real Estate Services VP Brian Pafford negotiated the direct deal.

Sales
 
Sierra at Las Colinas
An affiliate of RiverOak Investment Corp acquired a 100% fee-simple interest in the 172k SF Sierra at Las Colinas fully net-leased MOB at 6655 N. MacArthur Blvd for $31M, with a projected cap rate on year one NOI close to 9%. Built in 1998 and recently renovated, the property is fully leased as the corporate HQ for Caris Diagnostics. The 132-month lease began in June 2009 and includes multiple rent escalations. RiverOak will continue to pursue MOB's in the months ahead, says RiverOak managing director Stephen DeNardo.

***

Hartman Richardson Heights Properties, an affiliate of Hartman Income REIT, purchased Richardson Heights Shopping Center from CSMC 2007-C3 Richardson Heights Village through LNR Partners as special servicer. The 201k SF building retail center with three single-tenant pad sites is at the intersection of Central Expressway and Belt Line Road. The 56%-occupied property was recently renovated with a new facade, awnings, and roofs. Hartman’s business plan is to stabilize the center at current submarket rates. CBRE’s Jennifer Pierson and Beth Pierson represented the seller, LNR Partners. Hartman Richardson Heights Properties’ Dave Wheeler and Julian Kwok represented the buyer, Hartman Richardson Heights Properties.

***

Kansas City Southern Railway Co purchased a 28-acre tract of land in Wylie in the NEQ of Spring Creek Parkway and Centennial Drive. The acreage is the last remaining tract of raw land with heavy industrial zoning in the immediate area that the railroad does not own. It will incorporate the additional acreage into its existing rail yard and will use a portion of the property for future development. Henry S. Miller Brokerage Dallas-Fort Worth Land Division VP Tom Grunnah repped the seller, Pooran. The buyer was represented by JLL’s Andrew Ward and Terry Darrow.

***

Arapaho Gardens Office, a 38k SF institutionally owned office property in Richardson, was sold to an owner/user in Dallas for an undisclosed amount. The new debt on the 69%-occupied property was financed by Texas Brand Bank. Marcus & Millichap VP for investments Ron Hebert had the exclusive listing to market the property on behalf of the seller, a private investor in Iowa. Eleven offers were received in the first three weeks of marketing the property, and the top bidder purchased it after his due diligence period. Twenty-nine investors reviewed the marketing package and the property. “The market for suburban office buildings has definitely bounced off the 2009 bottom and continues its barbeque recovery—low and slow. The mid-term elections, increasing consumer spending, improvement in employment, and increases in transaction volume are all positive signs,” Ron says.

Good Deeds

SCM Real Estate Services donated $2,000 to charities on behalf of its employees as part of its annual Christmas employee donor program. “In 2010, with the help of our employees, we made progress digging out of the economic hole, and we feel fortunate enough to be able to give back to the community and others in need at this holidays,” said SCM prez Gary Walker. Beneficiary organizations include Alzheimer's Association, Boys & Girls Club of Arlington, Susan G. Komen for the Cure, Arlington Pregnancy Center, Samaritan House, Mission Arlington, Cook Children's Health foundation, Casa of Tarrant County and many others.

Development

Mi Cocina purchased 1.4 acres at Alliance Town Center in north Fort Worth for a 7,500 SF restaurant, which will be the chain’s largest. It is is scheduled to open in Q2 ’12. Cousin's Bar-B-Q recently opened in Alliance Town Center and a 123k SF Kroger Marketplace is set to open this month.

New Assignment

Transwestern’s Dallas office was selected as the marketing team for Sunridge Business Park located in South Dallas. The 900-acre business park has approximately 410 acres available for industrial, retail and commercial development. The master-planned park is in South Dallas across I-45 from Union Pacific’s $100M intermodal terminal. Transwestern’s industrial team of Sharon Morrison, Brant Landry and Blake Matthews will be leading the marketing efforts. The same team has also been engaged to assist in marketing a 110-acre rail-served industrial development site just south of Union Pacific’s Intermodal Terminal.

***

Bradford Commercial Real Estate Services gained the leasing assignment for a four-building, Class-A industrial portfolio totaling 520k SF for Toronto-based Sun Life Financial. Bradford EVP Karen Simon and market director Nick Talley are the new leasing agents for the three-building Railhead Business Station at 500, 600 and 800 Railhead Dr. and a 305k SF bulk distribution center at 401 Railhead Dr. Sun Life's year-end decision was the largest leasing assignment change in Fort Worth in 2010.

 
People in the News
 
Kimberly Lay and Ebby Halliday
Hudson Peters Commercial VP Kimberly Lay was awarded the North Dallas Chamber's Paul Hanson Service Award by past chairwoman Ebby Halliday. The award is named for Ebby’s brother. It honors one person annually who has had a positive impact on others, serves at least one council, and participates by introducing new members to the organization.

***

Good Fulton & Farrell architect Allison Dryer recently earned a Green Globe, which enlists voluntary standards to ensure the building is more environmentally friendly. Allison has advised several firms regarding Green Globes including Capital One, Pizza Hut and the Perot Museum of Nature and Science.

***

The John Bowles Co promoted Taylor LeMaster to VP. He’s been with the firm since 2003 and was promoted from associate to associate VP in 2008. 

***

Nate Will joined Henry S. Miller Brokerage’s Dallas-Fort Worth office and industrial division as VP. Prior to the move, Nate was an associate at Banner Commercial where he specialized in sales and lease transactions as well as tenant representation.

***

Stephen Pickard joined Good Fulton & Farrell as an associate principal and studio director of Church Works. A former principal with Alliance Architects, and more recently a principal with BASIC Architecture, Stephen’s career began in New York City at Hardy Holzman Pfieffer.

Deaths

Carla Jean Higgins, the 2006 Fort Worth CREW president, died Dec. 17 after a long bout with cancer. She was a wife, mother, grandmother and highly respected professional in the real estate industry known for serving as a leading example in the art of mentoring and closing a deal. In lieu of flowers, donations may be made to The Women's Center of Tarrant County, 1723 Hemphill, Fort Worth, 76110.

 
Kudos? Achievements? Big deals? Tell us all about 'em at tonie@bisnow.com.
 
 
 
 
The Colony EDC_DFW_RE
 
 
Bisnow Advertise DFW2
 
 
CMA Architects (11.3)
 
 
Bisnow Events DFW
 
 
Toby BOMA (spirit)
 
 
Beck Group4
 
 
Haynes Boone 3
 
 
Eagle Landscape DFW
 
 
Renaissance_DAL RE
 
 
American Airlines DC ATL
 
 
Microsoft (Share)
 
 
Ernst and Young Dallas
 
Advertise
 
 
CONTACT EDITORIAL                             CONTACT ADVERTISING                              CONTACT GENERAL INFO

 

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.

Real Estate Bisnow Sent Using iContact