Church Buys Former Car Dealership In Irving; The Deal Sheet
From selling cars to singing praise: The South MacArthur Church of Christ purchased the 73k SF, four-building former Goodson Acura dealership at 1700 E Airport Fwy in Irving.
South Mac Church closed the deal within 10 days of a rezoning decision for the 12-acre property, which is located along Irving's eight-lane stretch of Hwy 183. Goodson Acura has leased the sales center for one month as finishing touches are completed at its new dealership at the corner of Lemmon Avenue and the Dallas North Tollway. In a longer-term lease arrangement, the dealership's two-building service center will remain in place at the rear of the property. (That's an interesting option to kill time while you're waiting for your oil change.)
Bradford Commercial Real Estate Services market director Joe Santaularia (pictured with dad/colleague, Kevin Santaularia) repped the buyer. CBREs Bob Ginsburg repped the seller, Susan P. Schneider Trust. Joe tells us the congregation will begin substantial renovations as soon as Goodson Acura vacates the sales center. The interior, roughly 50k SF, will be converted into a chapel. Cosmetic upgrades are planned for the exterior. The goal is have services at the new location in three months. The church currently leases space at 1400 W Grauwyler Rd.
The 107k SF Central Park Shopping Center was sold to an investment group formed by Steve Gregory, Derek Ferem, and the J. Evans Family Partnership. The grocery-anchored shopping center, located at 1706 W Irving Blvd in Irving, was 86.5% occupied at the time of sale. UCR Investment Sales Tommy Tucker reppedthe out-of-state seller and procured the buyer.
An LLC purchased the 60k SF Storage King - Cedar Hill at 1090 S US-67 North. The facility has 166 non-climate controlled units, 104 climate controlled units, and 69 boat/RV parking units. The facility is also the only storage property in the trade area that features boat/RV storage.Marcus & Millichaps Brandon Karr had the exclusive listing to market the property for the seller, a private investor.He also sourced the buyer.
Austin-based developer Oden Hughes and its partner White-Conlee Builders sold the Republic Deer Creek apartment community in Fort Worth to Miami-based Pensam Capital. The 336-unit complex, located on I-35, was started in late 2010 and completed in early 2012. HFFs Bill Miller and Roberto Casas repped the seller.
AGH Industries purchased a 26k SF building at 1103 Stanley in Euless. NAI Robert Lynns Todd Hubbard repped the seller. Lee & Associates Reed Parker and Tom Walrich repped the purchaser. In another NAI Robert Lynn deal, an undisclosed buyer purchased an 86k SF office/warehouse space at 11440 Hillguard in Dallas. Stephen Cooper and Craig Jones repped the seller, BRP US.
Fountain Residential Partners prez Brent Little tells us Inland American Communities, a wholly owned subsidiary of Inland American Real Estate Trust, acquired The VUE student housing property on the TCU campus in Fort Worth. Fountain opened the property last August at full occupancy. The VUE will now be rebranded as a University House community. CBRE brokered the deal. Brent says the plan has been to build and sell student housing properties. With the low interest rates and cap rates, it's the prudent execution for its investors, he tells us. Above, he joins daughter Rachel (a TCU freshman) on a shooting jaunt.
Antique mall owners Chris and Betsy Sheidler leased a second Tarrant County location. They opened Cooper Street Antique Mall on Jan 1 in a 53k SF building at 4905 S Cooper St in Arlington. Ventures Christopher Gibbons, Ken Reimer, and Katie Vance repped the tenant in the lease negotiations. Ventures John Zikos and Chris Booras represented the landlord, Sams Dice Arlington.
Centric Capital Partners purchased the Hexter-Fair First American Title Building at 2926 W 7thSt in Fort Worth. The 5,200 SF building will be held for long-term investment purposes. The seller was W. 7thStreet. Negotiations were handled by Marcus & Millichaps Vince Knipp and Centric Capitals Robert Williams.
HD Construction Supply signed a 24k SF lease at 2300 I-35W in Denton from Exeter Property Group. CBREs Michael Chiocca and Chris Gadrix repped the tenant. Axis Realty Groups AlexPayne repped the landlord.
Bradford Commercial Real Estate Services inked three new deals including:
- Mitsubishi Electric Automation renewed 20k SF in Heritage Business Park Building II at 1000 Nolen Dr in Grapevine. Michael Spain repped the landlord, A&B Properties. Colliers Matt Thompson repped the tenant.
- Hill & Associates renewed almost 14k SF in Venture Business Court at 2707 Realty Rd in Carrollton. Brian Pafford repped the landlord, Acquiport DFWIP in the direct deal.
- Cemtechnologies renewed 11k SF at Presidential Corporate Campus at 1360 Presidential Dr in Richardson. Susan Singer repped the landlord, Acquiport DFWIP in the direct deal.
NAI Robert Lynn worked multiple deals including:
- Associated Air Conditioning and Appliances leased 10k SF at 2381 Pecan Ct in Haltom City. Todd Hubbard represented the tenant. Coldwell Banker Commercials Gary Vasseur represented the landlord.
- Medsys Group leased 13k SF at 5465 Legacy Dr in Plano. Dan Jardine represented the tenant.
- Surplus Group subleased 40k SF at 2121 Santa Ana in Dallas. Stephen Cooper represented the sublessor. Transwesterns Chris Stout and Joe Whitmer repped the tenant.
- Legacy Trading Co leased 32k SF at 2200 Big Town Blvd in Mesquite. Stephen repped the landlord. Mike Smith & Cos David Duwe represented the tenant.
- Wilderness Logistics Solutions leased 14k SF at 920 Minters Chapel in Grapevine. Rick Medinis represented the landlord.
- RIM Logistics leased 49k SF at 920 Minters Chapel in Grapevine. Rick represented the landlord. JLLs Forshey Hoobler represented the tenant.
- Collision Central of Arlington inked an 18k SF lease at 1405-1409 Ave H in Grand Prairie. Stephen repped the tenant. Lee & Associates Mark Graybill, Matt Smith, and Tom Walrich represented the landlord, GPT Warehouse.
Holt Lunsford Commercial inked several deals including:
- Favorite Brands leased 50k SF at 13755 Diplomat. J. Scott Moore represented the landlord, ML Realty. Mercer Cos Ryan Boozer repped the tenant.
- Bell Supply Co leased 68k SF from Bel Air Industrial in NorthpointTradeCenter at 700 Eight Twenty Blvd. Matt Carthey and Donnie Rohde repped the landlord. Mages Real Estates Robert Sawyer and Andrew Miller repped the tenant.
Fast Fabricators signed a 19k SF lease at 800 Burlington Rd in Saginaw from Burltex Partners. Lee & Associates Becky Thompson repped the landlord.
PEOPLE ON THE MOVE
The Weitzman Group promoted Marc Marrocco to SVP with the commercial retail division. Mark handles general brokerage, leasing, and sales. TWG also promoted Blake Shipp to VP with the commercial retail division. Blake specializes in retail project leasing and retail tenant rep throughout DFW, as well as site selection and ground-up development for local and regional clients. On behalf of a Cencor JV, Blake also handles the leasing of the 765k SF Golden Triangle Mall in Denton.
Integrated Design Group hired Charlie Scott as its new VP of business development. Charlie will drive the firms data center design biz dev activities within the corporate, government, institutional, and high-tech markets nationally and abroad.Prior to joining IDG, Charlie was with Volt Telecom Group for five years.
Transwestern s Dallas office launched a new tenant advisory retail operation with the addition of Frank Bullock as managing director. This new service line will build upon Transwesterns existing retail service group, which is focused on owner rep, development, and investment sales. Frank comes from SRS Real Estate Partners, where he served as city leader.
Whole Foods Market announced its second Tarrant County location, slated to open in early-to-mid 2014.It will anchor the Village Park Shopping Centerwith a 40k SF store in a former Albertsons location at the southeast corner of Glade Road and Hwy 26in Colleyville.Centennial Real Estate Co, owner of Village ParkShopping Center, plans to renovate the center and adapt the space for Whole Foods. The City of Colleyville is supporting the project with a $2.25M grant from its TIRZ (Tax Increment Reinvestment Zone) No 1 to aid Centennial in the revitalization of VillagePark.
High Street Residential broke ground on the second phase of the Union at Carrollton Square,a mixed-use TOD that will feature a 101k SF building with 132 Class-A residential units. In addition, Twisted Root Burger Co signed a 4,700 SF long-term lease to occupy the ground floor of the first phase of the residential community and should open this spring. Cambridge Cos VP Carter Wilson repped Twisted Root. John T. Evans Co prez John T. Evans repped High Street Residential.
Spire Realty Group awarded leasing for One and Two City Place in Fort Worth to Holt Lunsford Commercial. One City Place, at 300 Throckmorton, is a 19-story tower that will deliver up to 315k SF of Class-A office space in Q3 13. Two City Place, at 100 Throckmorton, provides tenants with immediate occupancy options ranging from 1,100 up to 7,200 SF. Holt Lunsford Commercials Matt Carthey and Geoff Shelton will lead the leasing effort.