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Dallas-Ft. Worth

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LAST CHANCE TO EXPRESS YOURSELF
LAST CHANCE TO EXPRESS YOURSELF
Well, last chance to express yourself in our quarterly confidencesurvey. Plus  we care what you think (as if you didn't know). And here's a promise: it doesn't take but a minute  to answer our six easy questions, and you'll be able see the results tomorrow in our National edition.

SALES

 
Baker Tankhead

Baker Tankhead acquired a 51k SF office/warehouse to expand its Fort Worth operations at 10405 N Freeway adjacent to its corporate HQ at 10495 N Freeway. The new site features an additional 3 acres,12k SF of office and conference space, and freeway exposure along I-35W. The manufacturer currently has no plans to renovate or develop on the site. The sellers are local investors James and Marilyn Helzer. Henry S. Miller Brokerage SVP Dan Spika arranged the sale.

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O'Reilly Automotive Stores purchased nearly an acre from Murphy Equity Management on the northwest quadrant of FM 544 and McCreary Road in Murphy. Jordan Cluff and Jeremy Zidell of The Retail Connection repped the buyer. Britton Lankford and Larry Harbour of Century 21 Commercial-Judge Fite Co repped the seller.

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3024 Hwy 121

A group of investors (which formed an LLC called 3024 Hwy 121) assembled by Henry S. Miller Brokerage EVP Darrell Hurmis and private investors Sam and Andrew Kartalis recently completed contract negotiations for 3024 Hwy 121 in Bedford. The site is a 100% occupied Mid-Cities Family Care primary healthcare family practice made up of four physicians. In 2001, the building was developed by the doctors who own and operate Mid-Cities Family Care. The practice was recently purchased by Arlington-based Texas Health Resources, which committed to a long-term lease in fall 2010. The site includes a 16k SF MOB with abundant parking and an additional 20k SF for future development. The total 99k SF property is located in the northeast quadrant of Harwood Road and SH 121.

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Rockwall Commons

Rockwall Commons, a 217k SF mixed-use property at 1309-1407 Ridge Rd in Rockwall was acquired by Capmark Finance from Dallas-based investment group, Tabani AcquisitionsLamont Rattler and David Ellis from C&W's capital markets group were a part of the team that represented the seller. On the east side of Lake Ray Hubbard, the town-center style property includes 202 multifamily units8,000 SF of multifamily retail25k SF of office, and a 6,000 SF retail pad. The apartments were stabilized at 95% occupancy while the office and retail occupancy was 80% and 50%, respectively. Lamont says Rockwall Commons is a unique property; the REO sale was because the asset was originally delivered in a difficult time to attract retail and office tenants, but the quality of the asset never came into question.

NEW CONSTRUCTION

Presbyterian Village North is expanding with an aquatic rehab center and program featuring a HydroWorx 3500 therapy pool with variable speed treadmills, and an exclusive underwater video system that allows monitoring of progress during treatment sessions. Construction of the HydroWorx pool began in April and is scheduled to finish by the end of August, allowing Presbyterian Village North to begin providing therapy with the pool as early as this fall. MEDCO Construction is the GC on the project, which was designed by PI Architects of Austin.

KUDOS

The American Subcontractor Association North Texas selected Balfour Beatty Construction as its Outstanding General Contractor for 2010. The ASA selected Balfour Beatty from a field of eight finalists based upon execution of efficient and well-run projects; commitment to safety; treatment of subcontractors and suppliers; fair and timely awards of contracts and purchase orders; and expeditious and accurate disbursements to subcontractors and suppliers. In addition, Balfour Beatty Construction and project partners Beck Group Architects and DFW Consulting Group were awarded the honors of Outstanding Project of the Year in the category of projects over $50M for construction of Gateway Church in Southlake.

LEASES

 
The Cascades at The Colony

The Cascades at The Colony secured five new tenants totaling more than 34k SF of space bringing the project?s total occupancy to 55%. New tenants include a 7,000  SF 60-month lease for Williams-Sonoma; 4,000 SF lease for KFC; an 8,000 SF lease for Sigma Solutions; a 5,000 SF lease for Smart Home Theater; and an 11k SF lease for warehouse space for Prestonwood Baptist Church. Colliers International's Tom Pearson repped Williams-Sonoma. KFC was represented by Tim Vogds of CBRE. Sigma Solutions was represented by Doug Carignan of Jones Lang LaSalle. Prestonwood Baptist Church was represented by Sandy Kee of Kee Commercial Realty. The development is exclusively represented by Burson Holman and Adam Hammack at CBRE. The project has been developed under the direction of Jason Nunley and Justin Ridnour, VPs of development for Jackson-Shaw.

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C&R Trailer Repair expanded its business with a move to 1000 Singleton Blvd with the lease of the six-acre site with a 118k SF pre-engineered building for the repair, sales and storage of truck trailers. The property owner, Austin International Ventures, was represented by Murchison Commercial Real Estate's Ken Murchison. NAI Robert Lynn's Jim Struble represented C&R Trailer Repair.

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Mail Presort expanded into 50k SF at 3401 Quorum Dr, Suite 360 in Fort Worth. NAI Robert Lynn prez Todd Hubbard negotiated the deal with Mercantile Partners. After originally moving into a 30k SF  space just over a year ago, the expansion was needed as the firm has grown over 24% in the past year. The company processes an average of one million pieces of mail per day. Its previous facility was inefficient, but the new facility along with the additional space will enable Mail Presort to continue its growth for years to come.

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Lee & Associates? Nathan Denton  represented the tenant, Optibelt Corp in an 11k SF industrial lease at 1225 E Crosby Rd in Carrollton. The landlord was represented by Josh Barnes  and  Scott Moore of Holt Lunsford Commercial. Nathan also repped Z&M Optical Ventures in a 25k SF industrial lease at 2104 Hutton Dr in Carrollton. The landlord was represented by Seth Koschak  and  Blake Kendrick of Stream Realty Partners. Lee & Associates? Donnie Rohde  and Mark Graybill  repped the landlord,  Eden Road Investments in a  61k SF industrial lease with EMI Industries at 1110   Eden Rd in Arlington.  Matt Thompson with Colliers represented the tenant.

 
FINANCING
 

Manhattan-based Hudson Realty Capital funded a $6M first mortgage loan secured by a 97k SF retail center in Richardson. The sponsor used the loan to purchase the 8.2-acre  site?s first mortgage at a discount. Built in the mid-1970s, the neighborhood retail center underwent a comprehensive renovation four years ago.

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BMC Capital originated a $910k loan for the refinance of Bent Tree Apartments, a 32-unit apartment complex at 5621 Acoma St SE in Albuquerque. ?We were able to match the borrower?s long-term perspective by providing a 10-year fixed loan utilizing a Fannie Mae execution,? says Barrett Linburg, a loan officer in BMC Capital's Dallas HQ. BMC provided the California borrower with a 10-year fixed rate on a 70% LTV  mortgage with a 30-year amortization.

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Metropolitan Capital Advisors arranged an equity JV along with an interim renovation loan to facilitate the acquisition/renovation of Worthington Square Mall, a 127k SF mall in the Worthington submarket of Columbus, Ohio. The property will be rebranded and renamed The Shops at Worthington Place. MCA arranged the equity investment on behalf of a partnership sponsored by Worthington Square Venture. The property will undergo $11M of new improvements. MCA senior directors Todd McNeill  and Scott Lynn arranged the transaction with a private equity source and a West Virginia bank.

PEOPLE ON THE MOVE

AssociaTitle opened at Crescent Court with a new team of players featuring prez Paul Reyes, who also serves as SVP and general counsel for parent company, Associa. Lynn Stillman serves as SVP, managing the company's day-to-day operations and regulatory, compliance and corporate matters. Jeff Carona serves as VP and is a founder of the company, driving the overall strategic operations, development and national growth. Kevin Gould is also a VP, handling real estate closings and overseeing AssociaTitle?s marketing and client outreach initiatives. He's also VP of Associa Abstract Services, which handles all abstracting and title search needs for Associa?s more than 100 subsidiaries nationwide.

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Bill Bledsoe joined Henry S. Miller Brokerage?s Dallas-Fort Worth investments division as an associate. Bill is an experienced owner and manager of automobile dealerships throughout the Metroplex having owned and managed automobile dealerships for more than 20 years.

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Jason Kays joined Stratford Land as SVP of finance and operations. He served most recently as a CEO for two portfolio companies held by private equity firm Parallel Investment Partners. Prior to his private equity leadership, Jason served The Dallas Morning News as VP of circulation and earlier as VP of advertising.

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Karly Kilroy joined The Weitzman Group as an assistant VP specializing in project leasing for a portfolio of retail properties across DFW. Karly was previously a leasing agent with Sleiman Enterprises in Jacksonville, where she handled leasing for more than 25 retail centers. She also has experience with Regency Centers, both in Jacksonville and in Dallas.

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BMC Capital hired Jim Tennial as a VP. With more than 20 years  of experience in SBA and CRE lending, Jim was previously recognized as a top performer at Bank of America.

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Ted Ricciardello joined The Beck Group's Fort Worth office as senior preconstruction manager. His background includes work in both Dallas and Tarrant counties as well as nationwide, including involvement on the Journey into Imagination Pavilion at Epcot Center at the Disney World theme park.

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Corgan named Bob Emery as VP. Bob?s worked on many aviation projects since joining the firm in 1999, including the refurbishment of Terminal One at Abu Dhabi International Airport, among others.

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Cindy Burger, a 22-year veteran of the CRE industry, joined Cushman & Wakefield of Texas as director, city leader of the DFW investor services team. She will focus on business development while overseeing property management and other aspects of the firm's corporate occupier and investor services. She comes to the firm from CBRE, where she was a managing director.