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January 22, 2010 
 
 
YAHOO AND YOU;
THE DEAL SHEET

It's almost here! Join the 500 signed up for our Dallas Happy Hour & Schmooze. Don't miss this premiere gathering of the area's finest in real estate. Jan. 28, 6-8pm, Preston Center. Thanks to sponsors Parmenter Realty Partners and Cousins Properties. Free drinks and hors d'oeuvres, if you sign up now!

 
Wanna rub shoulders with the folks from Yahoo? Here’s your chance. Holt Lunsford Commercial will be leasing the 550k SF, 9-building, Class A Cardinal Park project in Richardson for Hillwood.
 

Home to corporate offices for Yahoo, CVS/Caremark, and SimplexGrinnell, the campus-style environment accommodates office and flex users. Located east of Central Expressway at E. Collins Blvd. and N. Glenville Dr., the complex is 83% leased, with several large blocks available. HLC’s Parke Miller, working with Byron McCoy, says it have several prospects and is working with ownership to finalize property upgrades. Byron tells us some potential tenants are relocations from out-of-state, a positive sign that the economy is slowly recovering and the DFW market is leading the way.

 

Lease Transactions

AFS/IBEX completed a 7k SF renewal at 750 N Saint Paul St. in Saint Paul Place.  Stream Realty Partners’ Tim O. Terrell and Parker Handlin represented the tenant and Peloton Real Estate Partners’ Grant Sumner represented the landlord.

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Barnes Law Firm P.C. added 2k SF to its 5k SF office in Regency Plaza, 3710 Rawlins St. in Dallas. Owned by Gaedeke Group, the firm’s VP Belinda Dabliz repped the landlord while Transwestern’s Michael Griffin represented the tenant.

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Daikin AC renewed 27k SF of distribution space in Valwood 45 at 1645 Wallace Dr. in Carrollton from RCI Valwood. Bradford Commercial Real Estate Services VP Brian Pafford and market director Jason Miller represented the landlord. Cushman & Wakefield of Texas Inc. represented the tenant.

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EC Athletics leased 11k SF of warehouse space at Plano Parkway 190 Business Center at 1601 E. Plano Pkwy, from NWML. Bradford Commercial Real Estate Services’ Susan Singer and Chris Stout repped the landlord. Transwestern’s Joe Whitmer repped the tenant.

 

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Henry S. Miller Brokerage associates Ben Chien and Joseph Duhon negotiated a 5k SF lease at 204 W. Virginia in McKinney for the Pub in McKinney, slated for a February opening.

 

Sales Transactions

Crest Haven properties sold a 4k SF property at 8605 Mid Cities Blvd. in North Richland Hills to Reddoch Agency on behalf of Nationwide Insurance. Stream Realty’s Russell Webb represented the seller.

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The Dallas office of HFF closed three sales, representing Weingarten Realty Investors in two New Mexico sales.

 

  • The 84k SF Plaza at Cottonwood retail power center in Albuquerque. HFF senior managing directors Doug Hazelbaker and Jim Batjer and managing director Ryan Shore represented the seller. The buyer is North American Development Group.

  • The 250k SF DeVargas Center mall in Santa Fe. Hazelbaker, Batjer, Shore, and senior managing director Chris Turnerrepped the seller. Fidelis Realty Partners is the buyer.

HFF also repped seller David Berndt Interest in the sale of 160k SF Woodlake Crossing shopping center in San Antonio, led by Hazelbaker and Shore. Inland American, an entity of The Inland Real Estate Group of Companies, purchased the property.

 

Development

NorthMarq and Dallas-based The Apartment Group formed a strategic alliance in Texas for multifamily finance and investment sales. The Apartment Group is a brokerage firm focused on the sale of multifamily properties. The firm has offices in Dallas and Austin, while NorthMarq’s Texas offices are in Dallas, Houston, and San Antonio. NorthMarq EVP William Ross says the alliance will allow the company to offer sales and finance through one source.

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Dividend Capital Total Realty Trust named Jones Lang LaSalle as leasing agent for two Dallas buildings totaling 324k SF: the 177k SF Park Place on Turtle Creek at 2911 Turtle Creek Blvd (75% occupied) and the 147k SF Preston Sherry Plaza (90% occupied) at 8201 Preston Road in Preston Center. JLL SVPs Jeff Eckert and James Esquivel are directing the efforts.

 

Bankruptcy

Dallas-based residential windows and patio doors firm, Atrium Companies, Inc., reached an agreement with more than two-thirds of its senior secured lenders on a plan to reduce the company’s outstanding debt by more than $350 million, or more than 50% of its existing debt, through a pre-negotiated restructuring of its balance sheet. The company filed voluntary Chapter 11 petitions with the United States Bankruptcy Court in Delaware. The company’s Canadian subsidiary initiated reorganization proceedings under the Companies’ Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice in Toronto. Atrium intends to move forward with the restructuring on an expeditious basis and complete the restructuring process in approximately three to four months. The firm garnered a $125 million new equity investment from the company’s current majority equity owner, Kenner & Company, Inc., and its co-investor, Golden Gate Capital. The company has secured a commitment for Debtor-in-Possession (DIP) financing of $40 million from its prepetition secured lenders to provide liquidity to meet normal operating costs during the restructuring process. The company’s legal advisors are Kirkland & Ellis in the U.S. and Goodmans LLP in Canada. Moelis & Company is serving as financial advisor.

Executives on the Move

Chris Petta joined Innovative Developers, Inc. as SVP for real estate services.

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Gaedeke Group and Gaedeke Oil & Gas hired Julie Lennon as general counsel. She is responsible for all legal aspects of the real estate and oil and gas businesses.

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Butler Burgher Group appointed Liz Allen-Knight managing director.

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t. howard & associates architects hired Bob Bullis, AIA LEED AP as a director. He will help lead strategic initiatives, business planning, and firm operations.

 

Deals or ideas for Bisnow? Contact Tonie Auer, tonie@bisnow.com

 
 
 
 
 
 
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