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157k SF Sale; Deal Sheet

Dallas-Ft. Worth

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157k SF Sale;  Deal Sheet
Conti Warehouses bought the 157k SF former Levitz Furniture in Fort Worth for an undisclosed amount; the empty industrial building had been on the market for about a decade.
 
former Levitz Furniture warehouse in Fort Worth
Henry S. Miller Brokerage's real estate brothers Pete and Drew Richardson repped the owner, California-based Hearthstone Delaware Properties. Located at 6913 West Camp Bowie Blvd., the 10-acre site has been listed and marketed by the Richardsons. “This was a great opportunity, not only for the buyer and seller, but also for the City of Fort Worth and surrounding neighborhood to clean up and revitalize an industrial asset that has been sitting idle for almost 10 years,” Pete says. The buyer was represented in-house by Ryan Wood and plans to use the site as an investment property.

More Sales

Cornerstone Healthcare Plus REIT acquired a 42-bed, 40k SF inpatient rehabilitation facility in Dallas for $15M. It's under a long-term lease to GlobalRehab.

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The two-property Class C portfolio of Top Flight and Star East— totaling 59 units in Dallas at 2700 Grand Ave. and 1628 S. Fitzhugh— was sold to a Manhattan Beach, Calif. LLC for an undisclosed amount. The seller was an LLC in Modesto, Calif.Marcus & Millichap's Dallas office handled the transaction.

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RealEstateAAA.com finalized plans for a 460-acre industrial park at the SWC of I-45 and the 287 Bypass. The rail-served park, aka Ennis Gateway Industrial Park, is about 20 miles south of Dallas. Designed to accommodate more than 7.3M SF of warehouse distribution, manufacturing and telecommunication call center space, the total build-out value is estimated at roughly $300M.

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KW Commercial Southlake director Steve Presti represented the buyers and KW senior director Ken Wimberly represented the seller on an almost 18k SF building and self-storage facility in Crowley.PlainsCapital Preston Center provided the financing.

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TDIndustries  acquired JBS Mechanical in Phoenix. The firm specializes in commercial and industrial HVAC systems and has a client roster of owner-occupied facilities, especially financial institutions. JBS co-owner/prez Robert Stinger will remain with TDIndustries as a senior sales executive. TDI Phoenix VP George Athens will assume day-to-day responsibilities and management oversight. JBS VP Dave Jordan will be responsible for the leadership of the field technicians and customer retention.

Leasing

Famecare Custom Bottling signed a long-term lease for 18k SF at 4912-14 Rondo Dr. in Fort Worth. The firm is relocating from 355 N. Beach St. Bradford Commercial Real Estate Services SVP Todd Lambeth leases the warehouse for Rondo Mark IV Investment Partners. NAI Robert Lynn's Todd Hubbard repped the tenant. The pair negotiated the deal and had it signed within 30 days.

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Fullrich Industries Co. renewed 18k SF of warehouse/distribution space in Venture Business Court, 2707 Realty Rd. in Carrollton. Bradford VP Brian Pafford represented the landlord, Acquiport DFWIP Inc. 3L Realty Group represented the tenant.

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Convergence
CAPSTAR worked two big deals, including the  60k SF 10-year new lease by The Tribune  in Convergence, owned by Brookfield Asset Management. Brokers were Cushman & Wakefield's Rick Hughes and Rob Morris and agents were CAPSTAR's Trey Smith and Johnny Johnson. The other deal is a new 10-year 11k SF lease for New York Life in One Legacy Town Center, owned by Equity Office & JP Morgan. Brokers were Cushman's Matt Heidelbaugh and Karen Decker and the agents were CAPSTAR's Trey along with Ward Eastman.

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Impartial Services Group committed to a 23k SF lease at Crestview Tower at 105 Decker Ct. in Irving. The firm will occupy the third floor of the 65% leased building, up 40% from when Stream Realty Partners took over the leasing assignment. Stream's Tim TerrellSarah Payne, and Rebecca Rambie represented the landlord, TA Associates Realty. Bradford's Dave Besserer and Curt Linn represented the tenant.

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Bright Realty negotiated 5k SF in new leases for Castle Hills Village Shops from three tenants: TRU SalonCastle Hills Chiropractic, and Edward Jones Financial Planning Services. All three locations will open in the fall.

People in the News

Marcus & Millichap Real Estate Investment Services promoted Ron Hebert to VP investments. Most recently, Ron was associate vice president investments. He joined Marcus & Millichap in 2004, specializing in office and industrial property investment sales. He has consistently ranked as one of the top 10 agents in the Dallas office.

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1st Service Solutions prez/CEO Ann Hambly was named one of Real Estate Forum's “Women of Influence” for 2010. Since starting the firm in 2005, Ann led 1st Service Solutions in resolving more than $3B in loans for CRE borrowers. In the last year alone, the firm has executed more than $1.7B in loan restructuring and assumption transactions.

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Nickie Taylor, a 25-year lease administration and property management veteran, joined Grubb & Ellis Co. as VP, managing director of lease administration. Jason Huggins also joined as VP, lease administration and director of retail accounts. Nickie came from SRS Real Estate Partners and will be responsible for overseeing Grubb & Ellis' lease administration portfolio. She will report to SVP Suzanne MacLennan. Jason was previously senior director of lease administration and worldwide GIS at Blockbuster, where he oversaw the monthly payment and processing of more than $50M in rent payments. He will be responsible for overseeing lease administration for retail clients and will report to Nickie.

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Physicians' Capital Investments added Mats Wahlstrom  as chairman of PCI's board of managers. Mats served as co-CEO of Fresenius Medical Care North America and CEO of Fresenius Medical Services. Mats is currently the chairman of Leonard Capital. He will work with the PCI board and management team to refine PCI's medical real estate development business model and to accelerate the growth of the company. With the addition of Mats, the company's executive management team will include Pedro Vergne-Marini, MD, Pedro Juan Vergne-Morell, and Jerry Huffman.

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Randy Baird joined HFF as a senior managing director in the investment sales group in its Dallas office. Randy has more than 20 years of experience in CRE and will join HFF's Jud Clements and Robby Rieke in focusing on industrial investment sales. He will also assume a role in the guidance of HFF's national industrial sales platform. During his career, he has been involved in the sale of more than 350M SF of industrial real estate totaling $16B in transaction value. Most recently, he was a managing partner at Baird Fitzgerald Partners. Prior to that, he was an EVP at CBRE and an executive director at Cushman & Wakefield.

Development

The Dallas office of HFF was retained by Wells Fargo to market the 42-acre infill Walnut  Park development site in Dallas. HFF senior managing directors Doug Hazelbaker  and Bill Miller and managing director Ryan  Shore will market the site on a fee-simple basis. Walnut Park is located on the NWC of North Central Expressway and Walnut Hill Lane adjacent to the Preston Hollow neighborhood.

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Pacrim International Capital, an investment holding company with investments focused to date mostly in southern China, entered into a MOU with Country Place Living, an assisted living developer, to develop diabetes clinics and assisted living residences in China and the US. Pacrim intends to develop the assisted living residences under the U.S.'s EB-5 business immigration program, relying on Pacrim's previous experience with business immigration programs in Canada. The first residence will be initiated by December.

 
Financing
 
The Berkeley
The Dallas office of HFF arranged a $32.75M permanent financing for The Berkeley, a 406-unit  Class A multi-housing community at 2001 Park Hill Dr. in Fort Worth. HFF executive managing director Jody Thornton and associate director John Ahmed  worked exclusively on behalf of the borrower, owned by Lincoln Property Co.  and a multifamily development fund operated by Sarofim Realty Advisors, to secure the 35-year, fixed-rate FHA 223(f) loan through MAP lender, Metropolitan Funding Corp. Proceeds will be used to retire the existing construction loan and recapitalize the asset with assumable, long-term, non-recourse financing.