This Week's Dallas-Fort Worth Deal Sheet
After roughly a year on the market, the 1.4M SF former American Airlines headquarters sold to Austin-based Capital Commercial Investments Inc.
The three-building property sits on 40 acres just off Fort Worth's Amon Carter Boulevard. About 6 acres is undeveloped land.
The campus is roughly 3 miles away from Dallas-Fort Worth International Airport and served as the longtime home of American Airlines until the airline moved its headquarters to a newly constructed facility last year. It is also the former home of American Airlines Federal Credit Union.
Transwestern's Mike Hardage, Alan Harrington, Steve McCoy and Brooks Creech brokered the transaction alongside Weston Commercial Real Estate's Troy Barron. Transwestern has been selected to handle leasing and property management for the new owner, with Duane Henley and Nathan Durham tapped to handle leasing and Becky Dennis overseeing property management.
Capital Commercial Investments intends to renovate all of the buildings' lobbies while adding model suites and improving lighting and common areas.
Architectural firm KAI Enterprises named Tim McMinn design principal. He will oversee creative direction and architectural design quality for KAI's Atlanta, Dallas-Fort Worth and St. Louis offices. McMinn previously owned his own consulting practice. He is also a novelist who divides his time between St. Louis and Dallas.
SALES AND ACQUISITIONS
Ten medical office buildings in Dallas-Fort Worth are now in the hands of a new owner thanks to investors on fundraising platform CrowdStreet.
Dallas-based Ridgeline Capital Partners said it acquired the mostly occupied buildings with the help of $5.3M in equity capital raised from 79 investors on CrowdStreet's platform. Overall, investors on CrowdStreet pledged $15M to help with the acquisition, which mainly involves properties in Tarrant County, Texas.
The deal covers single-story and two-story facilities. Two of the primary tenants are dialysis center operator U.S. Renal Care and healthcare firm PPG Health, which has 30 locations across DFW.
Vision Commercial Real Estate Services' Michael Gonzalez in recent months handled the sale of three offices with a combined 92K SF across DFW:
- The 2520 West Irving Blvd. building in Irving sold to an investment group organized under the name Irving Business Plaza LLC. It's a four-story office building with 75K SF and a 36% occupancy rate. Gonzalez represented the buyer; the seller was self-represented.
- The 1052 Texan Trail single-story office building in Grapevine also sold to a local investor. The 10K SF single-story building is 100% occupied and just signed leases with renewing tenant Toll Brothers, along with PRA Event Inc. Gonzalez represented the seller, while Bridge Realty's Phyllis Garcia represented the buyer.
- The 1605 North Garland Ave. building in Garland sold to a local physical therapy group. The facility is a multi-tenant medical office facility with two long-term dentists as tenants. Gonzalez represented the seller, while the buyer was represented by Alex Acuna of KW Commercial.
The 19-block District of Harwood has a new tenant with Dallas-based LURIN choosing to move its business into roughly 13K SF of office space inside Harwood No. 10.
Harwood International's Kelly Whaley and Hannah Waidmann negotiated the lease terms with Cushman & Wakefield's Robbie Baty and Travis Boothe.
Fulfillment by Eagle inked a 19K SF lease inside 8181 Jetstar Drive in Irving. The landlord is National Real Estate Management Corp. Transwestern's Brett Owens and John Fulton represented the landlord, while Stream's Mac Hall and Ryan Boozer represented the tenant.
Rhythm Band Instruments leased 39K SF at the Saginaw D.C. Industrial Park on the 900 block of Cook Lane in Saginaw, Texas, for its musical instrument and education services firm.
The company is moving to this Class-A building from 2051 Franklin Drive. Transwestern's Todd Hawpe and Jeff Givens handled negotiations for the tenant.
THIS OR THAT
Longtime retail real estate professional Andy Anderson founded a new firm that specializes in providing services to investors, owners and occupants of restaurant space.
The new firm, Restaurant Properties Group, allows Anderson to advise and support all parties to a restaurant lease transaction. His new firm also launched a lease structure to help restaurant businesses deal with tenancy issues stemming from the coronavirus pandemic.
Anderson previously served Henry S. Miller as a vice president and private real estate firm ACRES as a vice president and president.