JP Morgan Chase Bank leased the entire 125k SF Freeport IV, an office/call center in Coppell for its mortgage operations, and is consolidating several call centers beginning in August.
Because the space (owned and managed by Duke Realty) was previously used as a call center, Freeport IV at 1111 Northpoint Dr in Coppell has most of the infrastructure JP Morgan needs for its mortgage call center, says Duke SVP Jeff Thornton. Once JP Morgan determined that Freeport IV was the best fit, the deal was completed within a three-week period. JLL?s Paul Whitman and Russell Cosby repped JP Morgan Chase.
Berkadia launched a new line providing CRE investment sales services nationwide. The new division will be led by managing director Stephannie Mower, who joined the firm as national head of investment client services. HQ'd in Dallas, the new team has added seven seasoned professionals. Stephannie's previous experience includes her most recent role as executive director and head of Dallas capital markets for Cushman & Wakefield of Texas. Also on the team: senior directors Brandon Beeson, Mart Martindale and Steven Smith, VP of operations Sharon Bothelo, director of marketing Jennifer Cheek, and financial analyst Christian Cullum.
Satterfield & Pontikes Construction was selected to build a Walmart Market in Midwest City, Okla. Project work has begun on the new 35k SF market on a 5.3-acre site previously occupied by Albertsons. S&P razed the old Albertson's at East Reno Avenue and North Midwest Blvd to make room for the new market. The facility is scheduled to open this fall. The project includes a recycled construction waste goal of 50% and recycling the old asphalt parking lot to use as a base for the new parking area. The new $3.5M Walmart Market project in Midwest City represents S&P?s first construction work in Oklahoma and is S&P?s first Walmart Market .
Westmount Realty Finance launched WRF Distressed Residential 2011 Fund, which will acquire bank-owned residential properties and non-performing residential loans at deep discounts. WRF is partnering with several operators that specialize in the bulk acquisition of distressed residential assets. The firm expects the fund's assets to be concentrated in US markets with high foreclosure activity.
The 36-unit Colonial Apartments at 3215 Clarksville St in Paris sold for an undisclosed price to a DFW investor repped by Marcus & Millichap Real Estate Investment Services multifamily specialist Boyan Radic. John Barker, multifamily specialist for M&M?s Dallas office, exclusively repped the seller, an out-of-state private investor.
HFF worked exclusively on behalf of the borrower, McDougal Cos, to secure the five-year fixed-rate loan for $25.87M with Freddie Mac for The Suites at Overton Park, a 298-unit community across from Texas Tech's campus in Lubbock. Loan proceeds retired construction debt that HFF had arranged for the property in December 2007. The Suites at Overton Park is 99% leased.
Walker & Dunlop provided a $4.1M permanent refinance loan for 185-unit garden-style apartment community Waterside Village in Lubbock. The loan was structured with a 10-year fixed-rate term and a 30-year amortization. The loan was underwritten to 65% LTV. The community was 91% leased at closing. Walker & Dunlop loan officer Alex Inman originated the loan.
A local investor purchased about 8,000 SF of land at 1030 and 1034 Elm Street in Carrollton for office, tech, distribution, and warehouse space. Capstone Commercial's Eric Morgan handled the negotiations. The seller is Brad Blankenship Commercial Investments.
Transwestern's Dallas Multifamily Group brokered the sale of Timmaron Ridge Apartments at 9850 Whitehurst Dr in Dallas. The 196-unit apartment community was sold out of receivership. Transwestern generated 135 registrants, 19 tours, and 21 offers during marketing. At closing, the property was 60% occupied and in need of capital improvements. Knightvest Capital was the purchaser (its fifth closing with Transwestern Dallas). Knightvest plans to boost revenue through a major renovation and rent roll upgrades. Transwestern's Mark Freeman and Taylor Snoddy represented the seller, an institutional special servicer based in Florida.
Just Fitness of Plano inked an almost 22k SF lease at Spring Creek Marketplace in Plano. The Weitzman Group's Perren Gasc, Marc Marrocco, and Beau Barkerding repped the tenant. John Bowles Co's Taylor LeMaster and Zach Berman repped the landlord.
Whiteley Penn inked a sublease deal to occupy the third floor and receive eyebrow signage facing Northwest Highway and Douglas Avenue in Jones Lang LaSalle's 141k SF building at 8343 Douglas Ave, which has reached 100% occupancy with this deal. JLL EVPs Jeff Staubach and Calvin Hull represented the subtenant, Whitely Penn. JLL DFW prez Paul Whitman and SVP Doug Carignan represented the sub-landlord, JLL.
TD Ameritrade Holding Corp selected Fort Worth as a site for expansion this year. The company will add 47k SF to its current lease portfolio, resulting in an estimated $11.2M in tenant improvements. TD Ameritrade prez and CEO Fred Tomczyk says the firm has experienced strong growth over the past several quarters and is positioning for that momentum to continue. To support the expansion, Fort Worth presented TD Ameritrade with an incentive package that included the City of Fort Worth?s support and submission of the project for the Texas Enterprise Fund. The Governor's Office of Economic Development is partnering in the project by offering a grant from the Texas Enterprise Fund not to exceed $1.2M, designed to attract new jobs and investments.
Terry Products leased 12k SF of office/warehouse space located at 6781 Exchange in Mansfield. NAI Robert Lynn?s Michael Newsome represented the tenant. Peyco Southwest represented the landlord.
Corpine Fulfillment has leased a 95k SF building located at 1408 Vantage Dr in Carrollton. NAI Robert Lynn?s Chad Albert represented the tenant.
SS Fuelco renewed 11k SF of warehouse space in Venture Business Court at 2707 Realty Rd in Carrollton. Bradford Commercial Real Estate Services VP Brian Pafford represented the landlord,Acquiport DFWIP in the direct deal.
Rinker Materials Concrete Pipe leased 10k SF of warehouse space at 391 N Beach St in Fort Worth from Tarrant County. Bradford Commercial Services market director Nick Talley and EVP Karen Simon represented the landlord. NAI Robert Lynn repped the tenant.
People on the Move
Corgan named two employees as principals of the firm: Lindsay Wilson and Ron Mitori. Lindsay Wilson joined the firm's interiors team for the second time in 2008, serving as VP. She first began her career at Corgan in 1998 as an intern interior designer. Ron joined the firm in 2009 and is currently serving as CFO.
This and That
The Economic Development Program of the Fort Worth Chamber of Commerce received $30k from the Greater Fort Worth Real Estate Council from the proceeds of the 2011 Tarrant County Commercial Real Estate Forecast event.