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Exclusive: Grand Mesa Acquires Granite Point

Dallas-Ft. Worth

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Exclusive:  Grand Mesa Acquires Granite Point
Energizing Denton, Grand Mesa purchased more than half of the 298k SF Granite Point Business Center, then turned and leased it to Schlumberger (a worldwide oilfield services company). It has plans to renovate a building and occupy 152k SF in the spring, City of Denton economic development director Linda Ratliff tells us.
 
Granite Point Business Center
The property, at 2300-2340 I-35W, was purchased for an undisclosed price as part of the sell-off of Granite Properties� industrial portfolio (as we told you exclusively on Aug. 23.) Linda tells us that Denton also has another major project in the works, trying to lure a 400k SF,Target refrigerated/frozen food distribution center. �If all goes as planned, the Council will consider a tax abatement request at its meeting tonight. If approved, Target plans to begin construction next year with a targeted completion for the end of 2012,� Linda says.
 

Sales

RCR Healthcare acquired the 58k SF Fellowship of the Metroplex property at 7000 US Hwy. 287 S. in Arlington from Trust Management for $3.1M or about $54/SF. RCR plans to use the building as a psychiatric hospital. Service Realty�s Gene Livens represented the seller. JLL�s Patrick McDowell repped the buyer.

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North Central Texas College leased a 32k SF building from Eagle Parker Square in the Parker Square Development of Flower Mound. The campus will be open for classes in the spring. Weaver Commercial Real Estate�s Todd Weaver and Daveco Development�s David Wideman brokered the sale of the building at 1200 Parker Square. Axis Realty Group�s Alex Payne repped NCTC.

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Westin City Center Dallas
LaSalle Hotel Properties sold the Westin City Center Dallas (which we snapped in July at our Bisnow What�s Up in Capital Markets event) for $50M to Inland American Real Estate Trust, an Oak Brook, Ill.-based REIT. It will join the Marriott Hotels & Resorts family and be managed by Marriott International under a long-term agreement. In addition to a complete remodeling of the guest rooms and significant upgrades to the restaurant and lobby area, the Marriott Center will feature a new fitness facility. The hotel�s new GM, Nour Laasri, joins the Dallas Marriott City Center from the DFW Solana Marriott. Andrew Pena will serve as director of sales and marketing.

Leases

Zurich American Insurance Co leased 5k SF at 2100 Ross Ave. in Dallas from 2100 Ross Realty. CBRE�s Dennis BarnesCeleste Fowden, and Clay Gilbert represented the landlord. UGL Equis�Jim Lob represented the tenant.

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The Crescent
Crescent Real Estate Holdings completed 14 new or renewal leases with major financial companies for The Crescent Office Towers (which we snapped back in May). The combined leases total more than 140k SF and bring The Crescent�s financial industry concentration to 82 financial firms and nearly 650k SF of leased space. Tenants of The Crescent Office Towers that recently signed renewal leases for a total of 105k SF include:
  • Morgan Stanley Smith Barney (almost 35k SF)
  • Maverick Capital (almost 31k SF)
  • Goldman Sachs (22k SF)
  • And, totaling about 18k SF are Haas Wheat & Partners,Esposito SecuritiesThe Taylor Cos.McGowan Group and Armadillo Capital.

Those signing new leases for a total of almost 41k SF include:

  • Citicorp (12k SF)
  • Jefferies & Co (8k SF)
  • Remaining 21k SF are CitadelHoulihan LokeyClover Partners and Freeman Group.

Crescent is investing $2.1M by year's end through Oncor Energy to provide the Class A office property with a dual-feed power source(Crescent calls it the only one of its kind in Uptown Dallas.) The new dual-feed power system is designed to protect The Crescent Office Towers' customers in the event of a main line power outage.

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Anna�s Linens leased 10k SF in Cameron Crossing at the southwest corner of Hwy. 380 and US 75 in McKinney. The Retail Connection�s David Levinson repped the landlord, Dave Brown and Covington Cameron Acquisition. The Weitzman Group�s Marc Marracco repped the tenant.

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RGH Enterprises renewed 38k SF of warehouse space at NorthPoint Trade Center at 831 Eight Twenty Blvd. in Fort Worth. Bradford Commercial Real Estate Services SVP Todd Lambeth represented the landlord, 5739 Pacific Partners. Jones Lang LaSalle represented the tenant.

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Clarcor Air Filtration Products leased 104k SF of industrial space at 12069-12097 Corporate Dr. in Dallas from Teachers Insurance & Annuity Association. CBRE�s Jake Marks and John Hendricks repped the landlord and Equis� Stuart Smith and Mark Sergi represented the tenant.       

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Uline leased 60k SF of industrial space at 1111 Executive Dr. in Coppell from Primera Coppell Properties I Ltd. CBRE�s Dave Anderson repped the tenant and Pat Anderson repped the landlord.

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Bell Helicopter leased 36k SF of office space in 121 Airport Centre I at 2208 SH 121 in Bedford. TIG�s Tom Smolik repped the landlord Principle Equity Properties. JLL�s Todd Burnett repped the tenant.

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Level 3 Communications leased 13k SF at 19111 North Dallas Pkwy. in Dallas from CBRE Investors/Strategic Partners. CBRE�s J.J. LeonardJay Bailey, and Susannah Wallace represented the landlord and CBRE�s Pat O'Keefe and David Liggitt represented the tenant.

 
Achievements

Colliers International Dallas office officially adopted the new Colliers International market position and brand, including a modernized logo, as part of a campaign being undertaken by offices across the US and around the globe to bring Colliers International real estate professionals and service lines under one enterprise. The consolidation under a single brand signifies Colliers International�s commitment to providing clients with seamless access to a complete set of real estate services, whether those services are required locally, nationally, or internationally.

 
Relocation

KAI Texas is increasing its Fort Worth location moving from 777 Main to 1412 Magnolia. The firm is currently serving as project manager for Tarrant County�s new downtown jail as well as the expansion and renovation of the county�s medical examiners� offices. The firm is also retained on an indefinite design-delivery contract with the county to provide design and assistance on an as-needed basis. It is currently completing four projects for FWISD, including Eastern Hills and Little Elm High Schools, Luella Merrett Elementary, and Leonard 6th Grade Center.

People on the Move

David Seifert left L&B Realty to join Valeo Fund as an associate. He will work primarily on potential acquisitions: sourcing, underwriting, due diligence, and closing. He says Valeo is looking to buy office, retail and medical office properties in major markets in the Southeast, Texas and California.

 
Completed Projects
 
Athletic and Wellness facility at the Episcopal School of Dallas
Designed by Architectural Resources Cambridge and built by The Beck Group, the new $12.6M 114k SF Athletic and Wellness facility at the Episcopal School of Dallas opened recently.

Construction

The Balfour Beatty | McCarthy JV, HKS Architects, and Wingler & Sharp were selected by the US Army Corps of Engineers to provide design-build services for the Fort Hood Replacement Hospital project. The 944k SF facility will replace the existing 45-year-old Carl R. Darnall Army Medical Center and provide a new state-of-the-art healthcare facility for service members and their families. The $503M project will include a hospital, outpatient clinics, ambulance garage, logistics building, central utility plant, and three parking structures. Construction is scheduled to start in April with a May 2014 completion.

 
New Business

The Dallas office of Holt Lunsford Commercial has been retained to lease 1901 Gateway, a 74k SF three-story office building at the corner of Walnut Hill Lane and Gateway Drive in the Las Colinas Office Center. The Class B office building was built in 1986 and is 77% leased. It was recently acquired by Fort Worth-based Kelly Capital Fund 1. HLC�s Mace McClatchy and Beth Boyd will be responsible for leasing.

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J.C. Penney Co. is expanding its presence in major markets opening three new stores in Daly City (San Francisco), Glenarden (Washington, DC), Md., and  Dallas in 2011. The company also plans a store renovation program. As part of the it, the company made significant in-store enhancements at more than 750 stores this year, including 76 major renovations. By 2014, the company plans to complete the renovations at a total of more than 375 stores, investing $160M in these improvements as part of its $500M of expected capital expenditure for the year.