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42-Story Groundbreaking; Deal Sheet

Dallas-Ft. Worth
42-Story Groundbreaking; Deal Sheet
The rumors that the 42-story, $200M Museum Tower project was finally getting started were true. It broke ground this morning in the Dallas Arts District. Brook Partners principal John Sughrue (one of the developers) says now is the time for all good men … no, wait, he says now is the  time to begin.
 
Museum Tower rendering
Because the Dallas economy is stronger than the rest of the country, John says, he's confident in the project's location in the cultural district and Big D's CBD. With condo prices starting at $1.1M and a 2013 scheduled completion, the project's biggest selling point is its location between the Nasher Sculpture Center and the Morton H. Meyerson Symphony Center.  Museum Tower is owned by the Dallas Police and Fire Pension System and is being developed by Brook Partners and Turtle Creek Holdings.

Leases

Shared Technologies plans to consolidate its Coppell and Richardson operations into a new 45k SF space at 2425 Gateway Dr. in Irving. JLL's Chelby Sanders and Steve Thelen repped the tenant and Altschuler Hoctor Co.'s Jon Altschuler  and Edward Bogel repped the landlord.

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Altus Traffic Management signed a 9k SF lease at 3600 Kim Dr. in Irving. Mercer Co.'s Ryan Boozer represented the landlord while RE/MAX Abrams' Robert Blome represented the tenant.

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Grubb & Ellis Co. VP Heather Densmore and SVP Chris Wright represented Intercity Investment Properties in a 23k SF office lease to Women of Faith in Democracy Place in Plano. The organization will take occupancy of its new HQ at 5300 Democracy Dr. on Nov. 1. Signing a 7-year, 6-month lease, this transaction brings the property's occupancy rate to 100%. Cherry & Associates' Mylinda Vick repped the tenant in conjunction with Spencer Commercial Real Estate's Kathy Hansen.

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Payment Relief Center leased almost 19k SF of office space in Parkwood Office Center at 3803 Parkwood Blvd. in Frisco. CAPSTAR Commercial Real Estate Services' Clint Madison and Ward Eastman negotiated for the landlord, Sealy Parkwood II with Newmark Knight Frank's Clay Vaughn repping the tenant.

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Bright Realty's Castle Hills Village Shops expands with new tenants. Edward Jones Financial Planning Services is the latest lease  inked joining other new tenants including Celebrate It! Balloons & Gifts, That's the Cake Bakery, Doors 4 Pets and People, and American Legend Homes Design Gallery. The Castle Hills Village Shops and Plaza is located south of Hwy.121 near the Dallas North Tollway, Hwy. 121, George Bush Turnpike and I-35E.

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United Commercial Realty worked four deals with UCR's Michael NagyRobert NagyClair Parker, and Ashley Allen repping the landlords in two of those deals. Those are:

  • The Londoner Pub leased 6k SF of retail space at Watters Creek on US Hwy. 75 in Allen. UCR repped Coventry II DDR/Trademark Montgomery.
  • Bonnie Ruth's Café Trottoir leased 6k SF of retail space at Watters Creek at Montgomery Farm in Allen. UCR repped Coventry II DDR/Trademark Montgomery.
  • Other UCR deals include the 6k SF CarHop lease at 1452 N. I-35E in Lancaster from WFO Motorsports. UCR's Thurston Witt repped the tenant. ReMax leased 4k SF of retail space at Granite Park in Plano. UCR's Darrell Hernandez and J.D. Robertson repped the landlord, Granite Park II.

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Structure Commercial negotiated a 6k SF lease for Authentic Strength at 2515 Rosemeade in Carrollton. Structure's Eric Deuillet and Bob Kent repped the landlord and Cresa Partners' Brian Whittington and Brian Kimberly repped the tenant. Structure also inked three other retail deals totaling almost 8k SF as well as two office deals totaling 3k SFJack Manning, Bob and Eric all had a hand in the deals.

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Transwestern worked three leases for landlord KBS Realty Advisors including Fletcher Cordell repping KBS in the first two deals:

  • Baylor Health Network renewed and expanded its lease at Gateway Tower for 7k SF. CBRE's Jennifer Young repped the tenant.
  • Nerve Software renewed its lease at Compass Bank Building for 6k SF. Newmark Knight Frank's John Shaunfield and Matt Smoot represented the tenant.
  • Crocker & Reynolds Construction signed a new 6k SF lease at Millennium Tower with Transwestern's Kim Brooks and Matt Didyk repping the landlord and The Webber Co.'s Ladd Webber repping the tenant.
  • Kim and Fletcher also worked more than 5k SF of new leases at 2525 McKinnon and Pacific Center II for landlord KBS. Jack Hines Co.'s Jack Hines and Hudson Peters Commercial's Sara Fredericks both worked on those deals repping the tenants.
  • Transwestern's Bill de la Chapelle and Sharon Morrison repped Shermco Industries in a new lease at 2100 E Union Bower Rd. for 25k SF and a 10k SF expansion lease for Retail Communications GP at 4700 Nall Rd.

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National Multi-Family Security Corp. renewed 8k SF of warehouse/ distribution space in Venture Business Court, 2707 Realty Rd. in Carrollton from Acquiport DFWIP. Bradford Commercial Real Estate Services VP Brian Pafford represented the landlord. Stream Realty Partners' David Cooke represented the tenant.

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Alpine Power Systems leased 7k SF of industrial space at 1357 N. Glenville Dr. in Richardson from TCIT Dallas Industrial. Bradord SVP Susan Singer and market director Chris Stout represented the landlord.

Sales

Parmenter Realty Partners acquired VHA Place in Las Colinas making it the 10th investment acquired in Parmenter Realty Fund III, bringing the aggregate value of the Fund's portfolio to approx.$600M. The 326k SF Class A mixed-use asset is 82% leased and was purchased for less than $50/SF. VHA Place is adjacent to Las Colinas Towers I & II, which Fund III also owns. Parmenter plans to reposition the building and capitalize on proximity to the other buildings. Financing was provided by American National Insurance Co., represented by Grandbridge Real Estate Capital ‘s Gary Dunkum and Suzanne Saunders of the Houston office.

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The Mallick Group bought the 104-acre former AstroWorld theme park site in Houston with plans to redevelop the property. Mallick bought it from Conroe-based developer Angel/McIver Interests for an undisclosed price.

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Grubb & Ellis Realty Investors sold Executive Center II & III to Boxer Properties. The two office buildings, located at the SEC of LBJ Freeway and N. Central Expressway, have a combined size of 381k SF. Transwestern's Mike Hardage and Steve Simon represented the seller.

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Exeter Property Group purchased the three-building 555k SF Mesquite Business Center industrial distribution center at the corner of Big Town Boulevard and US Hwy. 80 in Mesquite. Stream Realty Partners' Keith FisherPatrick BlasdellBob Hagewood, and Jeff Jackson represented the owner, BBVA Compass Bank.

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Hord Street Properties acquired a 46k SF building located at 1245 Viceroy in Dallas. Stream Realty Partners' Todd Noonan represented the seller and Bates & Myers Co.'s Richard Myers and Clint Riley represented the purchaser.

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Centric Capital Partners purchased the Buffalo Wild Wings Grill & Bar property at 1525 William D. Tate Ave. in Grapevine from Fairview Farm Land Co. The 6k SF net-leased building sits on 1.19 acres. The property was purchased for long-term investment purposes. Marcus & Millichap's Tommy Tucker and Vince Knipp brokered the transaction.

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Burger King purchased 44k SF of retail space at Wheatland Towne Crossing at I-30 and Wheatland Road in Dallas from Inland Western. United Commercial Realty's Stan Lotridge  repped the seller.

Mo' Money

Aimbridge Hospitality, which has an ownership stake in the NYLO Las Colinas hotel and eight other area hotels, announced the creation of a $100M fund with a private equity firm in Tulsa that will allow it to seek more acquisitions valued at up to $1B in North Texas.

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FelCor Lodging Trust  agreed to repay $177M of secured debt at a significant discount to the principal balance. The two loans bear interest at LIBOR plus 155 basis points and are scheduled to mature in May 2012. The loans will be settled for $130M, plus accrued interest, representing a 27% discount to the principal balance. The two hotels that secure the loans have a combined 921 guest rooms and more than 100k SF of meeting space. The payment, approximately $141k per room, will be funded with cash and reflects a substantial discount to replacement cost. RevPAR for the 83 consolidated hotels increased 8% during May and 5.2% during the first two months of the quarter, compared with the same period in 2009, significantly better than the company's expectations.

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Silverleaf Resorts completed a term securitization through its newly formed and fully consolidated special purpose finance subsidiary, Silverleaf Finance VII. SF-VII was formed for the purpose of issuing approximately $151.5M of its Timeshare Loan-Backed Notes Series 2010-A in a private offering and sale to institutional purchasers through UBS Securities and BB&T Capital Markets. The Series 2010-A Notes were issued pursuant to an indenture among the company, as servicer of the timeshare loans, SF-VII, as issuer, and Wells Fargo BankNational Association, as indenture trustee, custodian, backup servicer, and account intermediary. The Series 2010-A Notes are currently secured by approximately $182.3M  in timeshare loans sold to SF-VII by the company and one of its other fully consolidated special purpose finance subsidiaries. The cash proceeds from the sale of the timeshare loans to SF-VII have been primarily used to repay approximately $142M  in consolidated indebtedness of the company and one of its other fully consolidated subsidiaries. The balance of the proceeds will be used for deposits in required cash reserve accounts and payment of certain transaction fees and expenses.

People News

Cencor Realty Services promoted David McNeil to SVP and director of asset management. He will be responsible for financial and landlord representation functions for Cencor's DFW portfolio. Prior to joining Cencor, he was prez of Shafer Property Co., where he was involved in all aspects of the company's retail and mixed-use property portfolio, including site acquisition, development, project leasing, and asset sales.

New Business

CPA firm Weaver expanded its service line to financial institutions through the merger with Bank Advisory Resources effective June 7. Weaver's partner in charge of advisory services Alyssa Martin says the addition allows the firm to be better positioned in the advisory practice to provide independent loan reviews, bank regulatory audits, information technology reviews, and risk assessments to meet the growing compliance demand within the financial institutions industry sector. Bank Advisory Resources prez Scott Opdahl will be a director in Weaver's financial institutions compliance group and will be located in Weaver's Houston office at 24 Greenway Plaza, Suite 1800. 

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The Fort Worth Independent School District hired architectural firm KAI Texas to help with plans to remodel Eastern Hills High School and Eastern Hills Elementary. KAI Texas has also been hired to provide design services for Luella Merritt Elementary School and Leonard 6th Grade Center.

Related Topics: Jack Manning, Cresa, Steve Simon, Bright Realty, Greenway Plaza, David McNeil, Exeter Property Group, Structure Commercial, Eric Deuillet, Ryan Boozer, Boxer Properties, Steve Thelen, Hudson Peters Commercial, Richard Myers, Jon Altschuler, Tommy Tucker, Museum Tower, Burger King, Brian Pafford, Wells Fargo Bank, Chris Wright, Chris Stout, FelCor Lodging Trust, Ellis Co, Mercer Co, Bob Kent, Ward Eastman, Grandbridge Real Estate Capital, United Commercial Realty, Sharon Morrison, Centric Capital Partners, Edward Bogel, Inland Western, Fletcher Cordell, Granite Park, BBVA Compass, Clint Riley, Meyerson Symphony Center, Chelby Sanders, KAI Texas, Watters Creek, Bob Hagewood, Clay Vaughn, John Shaunfield, Edward Jones, Dallas Arts District, Matt Didyk, Gateway Tower, Clint Madison, Thurston Witt, Mike Hardage, Darrell Hernandez, Sara Fredericks, Keith Fisher, Glenville Dr, CAPSTAR Commercial Real Estate Services, Venture Business Court, George Bush Turnpike, Ellis Realty Investors, Stan Lotridge, Silverleaf Resorts, Brook Partners, Castle Hills Village Shops, Las Colinas Towers, Patrick Blasdell, Montgomery Farm, UBS Securities, Todd Noonan, National Multi, Dallas Police, Executive Center II, Wheatland Road, Fire Pension System, David Cooke, Jeff Jackson, Fund III, Nasher Sculpture Center, Jennifer Young, Fairview Farm Land Co, The Series, Wheatland Towne Crossing, Reynolds Construction, Coventry II DDR, Trademark Montgomery, Baylor Health Network, Compass Bank Building, TCIT Dallas Industrial, VHA Place, Myers Co, Bank Advisory Resources, SALESParmenter Realty Partners, John Sughrue, Turtle Creek Holdings, Parkwood Office Center, Sealy Parkwood II, Brian Whittington, Pacific Center II, Heather Densmore, Kathy Hansen, Altschuler Hoctor Co, Bonnie Ruth, Brian Kimberly, Grade Center