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Multifamily Still Sizzling; Deal Sheet

Dallas-Ft. Worth

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Multifamily Still Sizzling; Deal Sheet
It's one of the hottest commodities in CRE: Multifamily. And another deal just closed, with the sale of The Lodge at Legacy Park, a 257k SF  476-unit lender-owned multifamily asset in Arlington.
 
The Lodge at Legacy Park
Marcus & Millichap multifam specialist William Jarnagin tells us The Lodge at Legacy Park, at 2601 Furrs St, is representative of a highly sought-after asset type in the commercial real estate investment market—a well-built distressed asset in a solid location. Along with Michael Ware, William assisted the lender in finding an extremely well-capitalized out-of-state buyer quickly and closed the transaction, for an undisclosed amount, in 11 days.
 
Kurz - mini
 

Sales

Weathers Beltwood acquired a 54k SF office/warehouse at 4335 N. Beltwood in Farmers Branch. Capital Property Advisors' Tony Gilbert represented the buyer and will serve as the leasing agent for the property, which will be divided into two spaces. Ric Kanatzar and Adam Petrillo repped the seller, Illinois-based Lawson Products.

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Braum's Ice Cream purchased two separate one-acre pad-sites in Frisco and in Pryor, Okla. The Texas pad site is located at Henry S. Miller's Teel Crossing Shopping Center in  Teel Crossing II, which is on the NWC of FM 720 (Main Street) and Teel Parkway with frontage along Frisco's Main Street. The Oklahoma pad site is 1.75 acres and is located at the intersection of Highway 69 and 49th Street within Henry S. Miller's Pryor Plaza Shopping Center. Pryor Plaza is located on Steve Barry Boulevard adjacent to Pryor city's Walmart Supercenter. Henry S. Miller Brokerage VP Daniel Harris represented the sellers in the transactions, Teel Crossing II, LTD and Pryor Plaza Associates, LP.

Leases

The Lovein Law Firm and the Eaton Law Firm each leased 2k SF in Stonebridge Office Park at 109 River Oaks Dr. in Southlake. The deals bring occupancy to 100%. The remaining two buildings in Phase I range around 3k SF and are available for sale or lease. The landlord, Realty Capital River Oaks, was represented by Realty Capital Corporation director of sales and leasing Mark Boone.

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Another Broken Egg leased 5k SF in the Old Town Shopping Center at 5500 Greenville Ave. in Dallas. The Retail Connection's Mitch Traub repped the tenant while The Weitzman Group's Sean Alkek repped the landlord, Westwood Financial/OT Laurel Texas.

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Sethi Financial Group leased 6k SF of office space in the Bank of America Plano Tower at 101 East Park Blvd. in Plano. Hudson Peters Commercial's Saadia Taj and Sara Fredericks repped the tenant. Capstar Commercial's Rodney Helm and Audrey Ausburn repped the landlord.

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The Promotion Network Inc. leased 39k SF of office space at 9400 N. Central Expressway in Dallas from YPI Central Expressway Properties LP. Bradford Commercial Real Estate Services' Melanie Hughes and Sharon Friedberg represented the landlord. Feld Real Estate LLC represented the tenant.

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Collision Central of Arlington Inc. leased 8k SF of flex space at 3220 E. Pioneer Parkway in Arlington from Wells Fargo. Bradford Commercial Real Estate Services market director Jason Miller and VP Jim Ferris negotiated the transaction.

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Anytime Fitness signed a 6k SF lease of retail space from The Tabani Group at 1012 Highway 80 at the Shops of Mustang Crossing in Forney. Goodwin Commercial Properties' Pam Goodwin arranged the transaction.

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Land Records Texas Record Services, Inc. leased 32k SF in Irving at Las Colinas Commons at 1525 W. Walnut Hill Lane. Capstar's Rodney Helm worked with Duggan Realty Advisors' James Duggan on the deal.

People in the News

Cindy Cohn was promoted to COO of the  Parmenter Realty Partners southwest region. Previously, she was the SVP, regional asset manager. She'll oversee strategic and operational aspects of all assets in the region, and she'll have the responsibility for strategic, managerial, and HR issues within the region.

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The 2009  CoStar Power Broker Awards were selected recently. CoStar tallies the commercial real estate sales and lease transactions that closed during the previous year and rewards the brokerage firms and individual brokers who closed the highest transaction volume in commercial property sales and leases in each market.

For the 2009 Dallas/Fort Worth market, winners include:

  • Top Leasing Firms were Bradford Companies, CAPSTAR Commercial Real Estate Svcs, CB Richard Ellis, Cushman & Wakefield, Grubb & Ellis, GVA Cawley, Henry S. Miller Brokerage, Holt Lunsford Commercial, JacksonCooksey, John Bowles Company, Jones Lang LaSalle Americas, Lee & Associates DFW, Mohr Partners International, NAI Huff Partners, NAI Robert Lynn, Peloton Real Estate Partners, PM Realty Group, Site Selection Group, Stream Realty Partners and Transwestern Dallas.
  • Top Sales Firms were Apartment Realty Advisors, Bradford Companies, CB Richard Ellis, Connected Net Lease, Henry S. Miller Brokerage, HFF, Jones Lang LaSalle Americas, Marcus & Millichap, Moran & Company and Service Realty.
  • Top Office Leasing Brokers were Jones Lang LaSalle Americas' Bo BondCally MiltenbergerCarl EwertChelby SandersDoug CarignanForshey HooblerJon McNeil and Paul Whitman; Site Selection Group's Brett Bayduss,Sam Pruitt and King White; CAPSTAR Commercial Real Estate Svcs' Christopher TaylorJohnny Johnson and Trey Smith; Stream Realty Partners' Jeff Schweitzer  and Sarah Payne; Transwestern Dallas' Kim Brooks; Cushman & Wakefield's Matt Heidelbaugh; Boxer Property's Michael Pariza; and CBRE's Mike Kay
  • Top Retail Leasing Brokers were Venture Commercial Real Estate's Charlotte WalleyEasley WaggonerJohn Zikos and Tonya Hagood; Henry S. Miller Brokerage's Daniel Harris; SRS Real Estate Partners' Daniel TaylorDawn GreinerMark ReederRick Ikeler and Ryan Johnson; The Retail Connection's David Levinson; Structure Commercial's Eric Deuillet; Gaines Real Estate Company's Hank Gaines; CBRE's Jeff Kittleson; Eleven Eleven Commercial Realty's John Graul; Boxer Property's Michael Pariza; Property Advisers Realty's Nick Lee; Concordia Equity's Paul Burkhart; Quine & Associates' Sandra Chapman; and United Commercial Realty's Stan Lotridge.
  • Top Industrial Leasing Brokers were Cushman & Wakefield's Ashley Pope; Stream Realty Partners' Blake Kendrick and Cannon Green; Grubb & Ellis' Brock Wilson; Holt Lunsford Commercial's Canon ShoultsJim BriceJohn Gorman and Scott Moore; CBRE's Corbin CrewsDavid AndersonJohn BrewerStephen Koldyke and Steve Trese; NAI Robert Lynn's Mark MillerMichael Stanzel,Michael DentonRick MedinisStephen Cooper and Thomas Lynn; and Lee & Associates DFW's Trey Fricke
  • Top Sales Brokers were HFF's Barry BrownDoug HazelbakerJim Batjer and Ryan Shore; Moran & Company's Greg SmithPaul Harris and Thad Wetterau; CBRE's Jack Fraker; Connected Net Lease's Ken Shulman; and Marcus & Millichap's Tim Feagans.

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The Greater Irving-Las Colinas Chamber of Commerce presented its annual awards to members of the Irving business community. Among the winners were JLL's Alan Wood for commercial broker of the year; Hines Interest for commercial developer of the year; and Gregg Imlach of Imlach and Collins Brothers for the residential real estate service professional of the year:

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The law firm of Cole, Schotz, Meisel, Forman & Leonard, P.A. added three Fort Worth-based attorneys to the firm. Joining its Bankruptcy & Corporate Restructuring practice will be Michael WarnerEmily Chou, and Rachel Obaldo. All three attorneys previously practiced at WarnerStevens LLP, which is dissolving. Michael has a national bankruptcy practice, which focuses exclusively on representing clients in mergers and acquisitions, reorganization cases and out of court workouts. Emily and Rachel both practice in the areas of bankruptcy, general corporate law, and  business litigation.

Related Topics: CoStar Group, JLL, The Weitzman Group, Wells Fargo, Ice Cream, PM Realty Group, Peloton, Parmenter Realty Partners, Bo Bond, SRS Real Estate Partners, Pam Goodwin, Structure Commercial, Eric Deuillet, Ryan Johnson, Mark Reeder, Hudson Peters Commercial, Boxer Property, Johnny Johnson, Cannon Green, Michael Stanzel, Canon Shoults, Apartment Realty Advisors, Blake Kendrick, Jim Brice, Michael Ware, Trey Fricke, Jack Fraker, NAI Global, Stephen Cooper, Jason Miller, Sharon Friedberg, Steve Trese, Melanie Hughes, Jeff Kittleson, Jim Ferris, David Levinson, Mike Kay, Venture Commercial Real Estate, Rick Medinis, Rodney Helm, Scott Moore, Walmart Supercenter, Carl Ewert, Paul Whitman, Mitch Traub, United Commercial Realty, The Texas, Doug Carignan, John Zikos, Matt Heidelbaugh, Brock Wilson, Daniel Harris, Las Colinas Chamber, Corbin Crews, Mark Boone, Walnut Hill Lane, Chelby Sanders, GVA Cawley, Alan Wood, The Lodge, Daniel Taylor, Transwestern Dallas, Lawson Products, Anytime Fitness, Greg Smith, Jon McNeil, John Gorman, Duggan Realty Advisors, Sarah Payne, Doug Hazelbaker, Jim Batjer, Legacy Park, Ashley Pope, Site Selection Group, Audrey Ausburn, Capstar Commercial, Westwood Financial, Stan Lotridge, David Anderson, Ryan Shore, Nick Lee, Michael Denton, Barry Brown, Hines Interest, John Bowles Company, Bradford Commercial Real Estate, Rick Ikeler, Ric Kanatzar, Teel Parkway, Michael Pariza, The Greater Irving, Dawn Greiner, Associates DFW, Tim Feagans, Service Realty, Easley Waggoner, Goodwin Commercial Properties, Capital Property Advisors, Mustang Crossing, Old Town Shopping Center, Teel Crossing II, The Oklahoma, America Plano Tower, Las Colinas Commons, James Duggan, CAPSTAR Commercial Real Estate Svcs, Connected Net Lease, Sam Pruitt, Tony Gilbert, Adam Petrillo, Stephen Koldyke, Collins Brothers, Paul Harris, Hank Gaines, Sean Alkek, Realty Capital Corporation, Collision Central