Multifamily Still Sizzling; Deal Sheet
Dallas-Fort Worth View count:
May 4, 2010
|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.|
|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.|
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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:
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 Warner, Emily 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.