A prime apartment building near Southern Methodist University is in the hands of a new owner.
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SPI Advisory acquired the 449-unit 5 Mockingbird Apartments in Dallas from Crow Holdings.
The art deco-style asset is 22 years old and sits close to Mockingbird Station and SMU.
This is SPI's second purchase of a Crow Holdings asset after also acquiring The Dylan apartment complex in August. SPI Advisory plans to renovate the building's exterior, bringing back a series of art deco murals that were initially painted on the asset's exterior but have since been covered up.
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EXECS
Stream Realty Partners hired Kristin Millington to serve as a vice president within its Dallas office leasing division.
Millington brings 10 years of real estate advisory expertise to her new position, having previously spent six years at Crow Holdings Capital. At Crow, she most recently served as a director in the retail fund overseeing the purchase of retail strip centers in the Midwest and throughout Texas.
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Prologis announced Kate Rutherford's move to the firm's Dallas office to take on the role of regional vice president of real estate and customer experience. Rutherford will help drive property management and customer experience initiatives in the South-Central region of the U.S.
Prior to moving to Dallas, Rutherford worked for Prologis in Chicago and previously held a leasing leadership role at Colliers International.
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ACQUISITIONS/SALES
Sign manufacturer Optimal Elite Management LLC acquired a 63K SF office/warehouse building in the Great Southwest Industrial Park to house the company's facilities when it moves its Los Angeles headquarters and production assets to DFW in June.
The seller is Breg Inc., which intends to occupy the site for another six months as part of a sale-leaseback agreement with the new buyer.
The two-story facility is located at 2601 Pinewood Drive in Grand Prairie. Bradford Commercial Real Estate Services' Noah Dodge and Jason Finch represented the buyer.
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CanTex Capital acquired a 37K SF industrial building at 910 Avenue M in Grand Prairie. NAI Robert Lynn's Michael Stanzel represented the seller.
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Stonelake Capital Holdings VI LLC acquired a nearly 18K SF industrial building at 2801 Wood Drive in Garland. Stream Realty Partners' Ryan Wolcott and James Mantzuranis represented the seller, Kingsley Industrial LLC.
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Innocom U.S.A. purchased a 12K SF industrial facility at 14203 Proton Road in Farmers Branch. TW Realty Advisors represented the buyer, while Stream Realty Partners' Eric Crutchfield and Mac Hall represented the seller.
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6200 Maple Manor LLC acquired a 25K SF industrial asset at 6200 Maple Ave. in Dallas. The buyer relied on Verry Realty's Stroud Arthur to handle negotiations, while the seller, Mosher Properties, hired Stream Realty Partners' Jason Moser.
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LEASES
Sewell BMW of Grapevine leased 252K SF at 1717 West Airfield Drive in Grapevine. Stream Realty Partners' Blake Kendrick, Jeremy Kelly and Sarah Ozanne represented the landlord, Clarion Partners, while the tenant relied on Centurion Real Estate Partners' Ben Sumner.
THIS OR THAT
Coworking brand WorkSuites is launching a new outdoor-focused concept known as WorkTerrace.
Launching at the firm's 4131 North Central Expressway location on Jan. 1, the concept involves the rollout of a patio-based office model where guests can sit outside near fire pits as they work on-site.
The outdoor desks provided by WorkSuites will offer electrical outlets, USB ports and other outdoor amenities.
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