|With a track record for building auto dealerships, Hill & Wilkinson has projects in drive for Honda of Burleson and Park Place Motorcars Mercedes-Benz dealerships in Grapevine, president Doug Talley tells us.|
|The 20-acre Mercedes-Benz dealership (rendering above) will house a 27k SF showroom with space for 15 vehicles, a 37k SF service shop with 71 service bays, and a 20k SF BodyWerks paint and body shop. It should open in fall 2011. The 11-acre Honda of Burleson at I-35W and Burleson Boulevard will feature a 67k SF facility and is set to open next spring. Good, Fulton & Farrell is the project architect for both new dealerships. The Mercedes-Benz dealership is moving from Bedford to better serve clients, says Park Place Dealerships of Dallas chairman Ken Schnitzer.|
The Houston and Dallas offices of HFF arranged financing for three deals:
Zio's Italian Kitchen leased almost 6k SF in The Village at Sports Center at the NEC of South Cooper Street and Wimbledon Drive in Arlington from The Village at Sports Center, repped by The Retail Connection's Scott Rose and John Mathes. The tenant was repped by Quest Commercial Realty's Paul Natwick.
Bradford Commercial Real Estate Services handled two lease renewals and three new leases.
Plano's 1st and 10 Sports Bar leased 4k SF in Spring Creek Marketplace in Plano. The John Bowles Co.'s Taylor LeMaster and Charles Williams repped the landlord and Triumph's Vann Shank repped the tenant.
UCR repped six leases for 43k SF.
United Southern Waste Material Co. signed a long-term lease for its corporate HQ and distribution center in an 88k SF warehouse/office facility at 2800 W. Illinois in Dallas. NAI Robert Lynn's Tom Lynn and Craig Jones repped the tenant and Gillis Thomas Co.'s Don Conlan repped the landlord.
Zigmo leased 25k SF of office/warehouse space in North Fort Worth. NAI Robert Lynn's Todd Hubbard repped the tenant. NAI Huff Partners' Jerry Alexander represented the landlord, Fort Worth Northbrook.
Grubb & Ellis Co. completed the following lease transactions:
Leo A. Daly Co. renewed its 16k SF lease at the office complex at Mockingbird Station. CAPSTAR Commercial Real Estate Services'Clint Madison and Ward Eastman negotiated for the landlord. JLL's Brooke Armstrong and Carl Ewert repped the tenant. Clint and Trey Smith also repped Silvertree Partners in the 11k SF lease for Citrix Online at Heritage Square Two at 5001 LBJ. Cushman & Wakefield's Mike Wyatt also worked the deal.
New York-based HMS Holdings Corp. purchased 5615 Highpoint Dr. in Irving as the new national HQ for its wholly owned subsidiary, HMS. With this purchase, HMS will expand into 223k SF. Built in 1983, the Class B office building was renovated in 2007.
Two buildings in the Hills at Decker Court development, a Las Colinas office complex lenders foreclosed on in November, have been purchased by Conroe-based investor, Texas Opportunity Fund I. The 100k SF two-building complex at 100 and 102 Decker Court was sold by GE Capital Equities. The appraisal district values the complex at $2.8M. The investment firm plans to invest capital to upgrade the properties, specifically the mechanical systems and common areas, before turning its focus on leasing the buildings.
Responsive Education Solutions, a Texas-based Public Charter School operator with more than 50 campuses statewide, acquired a 158k SF Class A HQ building in Lewisville. Bradford prez Kevin Santaularia, EVP Bernard Deaton and VP Brian Pafford repped the seller of 1301 Waters Ridge Dr. in Lewisville. Axis Realty Solutions' Russell Chase represented the buyer.
NAI Robert Lynn worked three sales totaling more than 166k SF of space with Todd Hubbard taking a role all three deals.
Twin Peaks purchased a 96k SF former Red Lobster building at 3111 E. SH 114 in Southlake. Darden SW was the seller. UCR's Jack Breard and David Shelton represented Twin Peaks. In another UCR deal, Carter Butler represented buyer and seller in a 41k SF acquisition by McDonalds USA at Centreport Station in Fort Worth from CentrePort Retail.
Elcoteq moved its North American HQ to Irving from Richardson into 7k SF at 100 E. Royal Lane. Capital Commercial purchased the building. Peloton Commercial Real Estate's Jeff Wood and Barbara Houlihan represented the landlord. Grubb & Ellis' Sheila Bellinger represented Elcoteq.
Private individual investors purchased almost a full acre of land at 3115 Forest Lane in North Dallas. The property has been under construction and is nearing completion on a Comerica branch bank. Comerica recently entered into a 20-year NNN ground lease on the property. Cushman & Wakefield's Dallas Capital Markets Group's Stephannie Mower, Brandon Beeson, and Will Walters represented the seller, BOMAC Partners.
People in the News
Ken Nwokedi of NAI Robert Lynn Co. was promoted to be a director in the corporate services division. Ken will provide commercial real estate corporate services to regional and national firms. He's already repped a seller in a 44k SF office building sale at 400 N. Akard.
The new Parkland Hospital selected Gene Burton & Associates to provide medical equipment planning services at the $1.27B replacement hospital campus in Dallas. The firm's consultants are currently working with the hospital's design and construction team to provide medical equipment installation specifications and develop cost estimates.
Good News/Bad News
Good news: CoStar reports that fundamentals in US office markets appear to have stabilized and are headed toward an expected recovery; positive net absorption returned in the 2Q and office vacancy rates that appear to have peaked and are no longer rising. At the current pace, if the current absorption and delivery trends hold, CoStar projects the office vacancy rate will fall from 13.6% to less than 11% in (bad news) 2013. Looks like more staycations and thumb-twiddling ahead.
The DBJ reported that CBRE Investors placed Sterling Plaza and Preston Commons under contract and is expected to close the sale within a month. Located in the Preston Center business district, the two properties total more than 700k SF. The DBJ says CBRE Investors is reportedly buying the properties from Chicago-based Capri Capital, which took over ownership of them from BentleyForbes in early March. The pending sale, which the DBJ claims is at about $130M, would be one of the largest in North Texas this year.