On Wednesday, U.S. Bank filed to foreclose on Four Seasons Resort and Club Dallas at Las Colinas, home of the PGA’s Byron Nelson Championship. The lenders for the 400-acre hotel, spa, and golf club in Irving are seeking repayment of a $183 million loan. California-based BentleyForbes, a national commercial real estate investment and operations company, went on a buying spree in 2006 and 2007, acquiring properties across the nation, including the Four Seasons in '06. The foreclosure posting is the largest in North Texas in more than 20 years, said McGraw-Hill Construction senior economist Jennifer Coskren at a forecast event Thursday. BentleyForbes also owns three other Dallas properties— Preston Commons, Sterling Plaza, and Park Center—totaling 958k SF.
Golden Classic Auto Parts inked a 71k SF lease in the Waters Ridge I industrial warehouse facility. Waters Ridge I was repped by CBRE’s Steve Trese. Henry S. Miller Brokerage’s EVP Dan Spika repped the landlord. The 600k SF Lewisville industrial facility is fully leased.
Placemark Investments, Inc. renewed its 26k SF lease at One Hanover Park, with Transwestern’s Kim Brooks and Justin Miller representing the landlord, LNR Partners. Colliers International’s John Dolan represented the tenant.
Chazaq Inc. inked (fun if you say that out loud) an 18k SF industrial space lease for 812 N. Blue Mound Road. Bradford Commercial Real Estate Services SVP Todd Lambeth and EVP Karen Simon repped the owner, Steele Folsom Martin JV. Robert Lynn Co.’s Todd Hubbard repped the tenant.
Henry S. Miller Brokerage’s Richard Wells negotiated a 10-year, 3k SF lease for Burger House at 919 East I-30 in Rockwall. Woodmont Group’s Dorinda Cavender repped the landlord, Rockwall Crossing.
As a landlord, KBS Realty Advisors signed a slew of deals with Transwestern brokers repping them.
- Justin Miller represented KBS in a new 2k SF lease at Tollway North Office Park, with Grubb & Ellis’ Steven Schneider representing the tenant, Intergalactic Sports Authority. The team of Justin and Steven also worked another deal in Tollway North, a 9k SF lease renewal for Ingersoll-Rand Company. Additionally, Justin worked a deal for a 4k SF new lease at 14800 Quorum for Lakeview Lending Corporation (tenant rep: Finley Morrow Commercial’s Brad Devine).
- Fletcher Cordell repped KBS in a new 3k SF lease at Gateway Tower; McIlhenny Real Estate’s Lance McIlhenny repped the tenant, Advanced Valuation Systems. Another 3k SF Gateway deal included a lease renewal for Titan Outdoor, which was repped by CBRE’s Nicole Tessier. KBS also renewed a 3k lease for Medical Connections, Inc. at Pacific Center (tenant rep: Banner Commercial’s Rob Meche).
- Matt Didyk inked a 2k SF new lease at Office Alpha with Michael D. Anderson, who was repped by Transwestern’s Howard Watkins.
- Excalibur Signs renewed its 2k SF lease at The Shops at Promenade with Staci Fletcher repping KBS and David Little Real Estate’s Larry Eubanks working for the tenant.
Transwestern’s Kim Brooks, Matt Didyk, and Justin Miller represented Equastone in two deals at Palisades Central I.
- Cheryl Mullin & Associates renewed and expanded its lease for 9k SF with North Pointe Commercial Realty’s Kurt North representing the tenant.
- MEI Financial Services renewed its lease for 2k SF with NAI Robert Lynn’s Kent Smith representing the tenant.
QuikTrip Corp. leased 8k SF of distribution space at 2701 E. Plano Parkway from RREEF Management. Bradford Commercial Real Estate Services’ Chris Stout represented the landlord. Lincoln Property Co.’s Michael Peinado represented the tenant.
Texas Health Resources purchased land in north Tarrant County with plans to build a full-service hospital near the intersection of I-35 and Golden Triangle Boulevard. Groundbreaking for the new hospital is scheduled for the fall, with hopes to begin offering services in late 2011. Texas Health is currently in the early designing and planning stages of the hospital, which will include an ER, outpatient and surgical services, physician offices, and acute-care inpatient beds.
Construction and Development
The Armory Building LLC contracted Innovative Developers to do the interior finish-out and exterior enhancements of its building at 1289 South Hemphill St. off Magnolia. The Fort Worth Police Department’s Neighborhood Policing District 2 and Gang Unit will occupy 20k SF of the building’s 27k SF. PM Casey Herrell and superintendent Gary Childress expect to finish the work by April 1. Architect for the renovation was Robert W. Kelly Architect, Inc.
Mycon General Contractors was awarded the contract to build Encore Wire’s new R&D facility in McKinney. The 13k SF building will be completed later this year. Architect: PageSoutherlandPage.
Piedmont Office Realty Trust selected Jones Lang LaSalle as exclusive leasing agent for its 120k SF office building at 3900 Dallas Parkway in Plano. JLL SVPs Jeff Eckert and James Esquivel are directing the leasing efforts with assistance by associate Conor McCarthy.
Executives on the Move
BNSF named Dean Wise VP for network strategy over BNSF Railway Company's haulage management, interline management, network strategy development, public-private partnerships, and short line business development functions, effective Feb. 1.
Silverleaf Resorts’ board elected Harry J. White, Jr. as Silverleaf’s CFO, effective immediately. Harry has been with Silverleaf since '98; he previously served as the company’s CFO from June '98 until February '08, when he relinquished that position to focus on other financial duties for the company, most recently as VP-Treasurer.
Encore Construction selected Jay Graham and Julian Wells as VPs. Jay’s primary focus will be multifamily developments. Julian will focus on the firm’s investor network and identify projects that meet the company's investment criteria.
KW Commercial/Laurex Realty Advisors prez Alex Johnson was elected 2010 president of the North Texas CCIM chapter. The chapter's 2010 slate of officers also includes KW Commercial/ McClure Partners prez Susan McClure; Colliers International EVP Joe Garrett; and US Trust Bank of America SVP Pamela Spadaro.
The Real Estate Council hired Beth Lambert-Saul as VP of community affairs and Tessa Doiel as membership manager. Beth will manage and organize public policy matters and Tessa will work on recruiting new members, retaining members, and engaging current members in TREC projects.