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NICE OTTOMAN; DEAL SHEET

NICE OTTOMAN; DEAL SHEET

PFC Furniture took advantage of the industrial deals out there by relocating to a 31k SF space at 400 Industrial Dr. in Richardson. Headquarters for a furniture company? You know that building will be getting its feng shui on.

 
NICE OTTOMAN; DEAL SHEET

Transwestern’s industrial team repped the landlord. TW’s Joe Whitmer says it was able to provide PFC Furniture with a much more functional and efficient space, while keeping the economics very competitive and aligned with current market conditions.

Sales Transactions

Shelbo Development purchased a 10-acre site with a 42k SF industrial facility, 3k SF of office space, parking, and direct access to rail at 2950 West Miller Road in Garland. Shelbo’s immediate plans are to utilize the facility to store equipment. Henry S. Miller office/industrial division EVP Dan Spika repped Shelbo. CBRE’s Larry Leon repped the seller, Pro-build Real Estate Holdings.

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Quorum Equities sold .78 acres located at 2727 Fort Worth Ave. in Dallas to a California investor. The property is currently leased to Comerica Bank for construction of a 4k SF building. CushWake’s Brandon BeesonWill Walters, and Stephannie Mower represented the seller. Henry Casden represented the buyer.

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Dallas-based limited partnership El Rey Properties purchased a 160k SF two-story anchor building at Southwest Center Mall at the northwest quadrant of Highway 67 and I-20. The seller was Dillard Texas, LLC. The purchase price was not disclosed. The Weitzman Group’s Brian Glaser and Michelle Caplan handled negotiations as exclusive listing agents for the building in cooperation with Excess Space Retail Services. The buyer was represented by ICB Properties’ Dave Valdez. The building, which formerly housed Dillard's department store, is slated for planned re-development.

Lease Transactions

Continental Tire inked a 288k SF lease for distribution space at First Park DalPort. The facility, located at South I-45 in Wilmer, will serve as Continental Tire’s new product distribution center for its customers in the Southwest region. JLL’s Terry DarrowKacy Jones, and Will Wyatt represented the owner, First Industrial Realty Trust, Inc.

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Invacare Corp. leased 88k SF in a renewal and expansion of distribution space at 1825 Westpark Dr. in Grand Prairie. Bradford Commercial Real Estate Services prez Kevin J. Santaularia and VP Michael W. Spain  represented the tenant. Holt Lunsford Commercial’s Canon Shoults represented the landlord, The Realty Associations Fund VII L.P.

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Great Lakes Management Inc. (d/b/a, Little Caesar's Pizza), leased 1k SF of retail space in Northside Shopping Center, 3301B N. Main St. in Fort Worth, from TSCA-1 L.P. Bradford Commercial Real Estate Services market director Jason Miller represented the tenant.

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Hilton Worldwide signed a 52k SF lease at Colonnade III, located at 15303 Dallas Pkwy. in Addison. The building will serve as Hilton Worldwide’s commercial services center. JLL’s Paul Whitman and Chelby Sanders represented Hilton. CBRE’s J.J. LeonardJay Bailey, and Susannah Wallace represented the landlord, CBRE Investors. Hilton will take two floors at The Colonnade. With the addition, the CBRE leasing team has added more than 100k SF of new tenants in the past six months. Hilton also hired JLL’s Project Development Services team, led by Byron Edgmon and Tim Mahar, to head up the project management. Hilton will be upgrading the workplace to meet its corporate standards, including new finishes and furniture.

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RP Foods Partners leased 14k SF of industrial space in a new transaction at 1225 Capital Dr. in Carrollton. Transwestern's Joe Whitmer and Bill de la Chapelle repped the landlord; Ryan Boozer repped the tenant.

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EC Athletics leased 11k SF of industrial space in a new transaction at 1601 E. Plano Parkway in Plano. Transwestern's Joe Whitmer repped and relocated the tenant to twice the square footage at a competitive rate with better visibility and new finish out. Bradford’s Susan Singer and Chris Stout repped the landlord.

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Williams & Frost Construction Services leased 2k SF of office space in Banner Place, 12770 Coit Road in Dallas, owned by Gaedeke Group LLC. Gaedeke VP of leasing Belinda Dabliz negotiated the direct deal.

Construction & Development

Cousin’s Bar-B-Q is planning to open a 4k SF location at Heritage Marketplace at Alliance Town Center in north Fort Worth after the building is completed in the fall. It will be the company’s seventh location. Located at the southwest corner of Heritage Trace Parkway and Riverside Drive, Heritage Marketplace is also home to the new 123k SF Kroger Marketplace, which will open in the 4Q10. Also scheduled to open this year at Alliance Town Center are Rooms To Go, BJ’s Restaurant and Brewhouse, and Olive Garden.

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Everest College held its grand opening Feb. 4 on its $4.6M renovated 51k SF property at its Arlington campus at 300 Six Flags Dr. The college relocated to the property, which allows it to expand student capacity from 600 to 850. CBRE handled the lease of this warehouse-converted-to-college and also provided the project management of the build-out.

Financing

Dallas-based Metropolitan Capital Advisors arranged a $6.5M medium term fixed rate mortgage for the 95% occupied Town East Tower in Mesquite, which is located near the intersection of LBJ and I-30. Access to the property has recently been improved with the completion of new on/off ramps along LBJ Freeway and I-30. MCA senior director Todd McNeill arranged the financing with a regional bank. The loan was priced at 6.25% with a 25-year amortization. The financing was closed on behalf a single asset entity controlled by International Town East Tower, L.P.

Closings/Openings

Methodist McKinney Hospital at 8000 W. Eldorado Parkway in McKinney marked its grand opening Feb. 6. The 65k SF Methodist McKinney Hospital is a joint venture that involves area physicians, Methodist Health System, and Nueterra Healthcare. The facility includes primary care, orthopedics, general surgery, otolaryngology, neurosurgery, gynecology, and pain management. The hospital opens with six fully-equipped operating rooms, comprehensive diagnostic imaging including CT and MRI services, and 15 private patient rooms.

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Scampi's Mediterranean Cafe on Magnolia Avenue in the Fort Worth Medical Arts District will discontinue lunch offerings beginning Feb. 15, but will continue its dinner services through the end of March. Catering will continue while the restaurant is remodeled to re-open with a new name and new concept in late spring. Owners David Shaw and Ann Diakis-Shaw have leased the entire building at 1051 W. Magnolia Ave. from the Jara family, and after a short renovation, will re-open as Jack Tanners Patio Grill with full-bar service, a family inspired menu, and two patio areas anchoring the east and west ends of the building. The Shaws have hired a chef, who will create a menu consisting of gourmet classics.

Executives on the Move

Susan Halsey was named managing partner of Jackson Walker’s Fort Worth office, succeeding, Albon Head, who’d served for more than 15 years. Albon will continue his litigation practice. Susan also currently serves as the statewide chair for the firm’s real estate practice group, which includes 40 lawyers in six offices. Her practice consists primarily of representing companies, partnerships, individuals, and financial institutions in various real estate transactions and financial matters. 

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HFF Dallas hired Coler Yoakam as a director in its Dallas office. He joins HFF as the firm launches a dedicated single tenant, net lease real estate transactions initiative. HFF now offers dedicated personnel who assist owners during all stages of an investment life cycle. The brokers spearheading this effort along with Coler include managing director Mark West and associate director Brandon Chavoya. Coler will focus on implementing the net lease infrastructure and process at HFF as well as playing a key role in the origination and execution of net leased investment sale transactions.

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Cushman & Wakefield promoted Elizabeth Trocchio to EVP, area leader, joining five other executives in the firm’s newly restructured US Area Leadership group. In her new role, Elizabeth will oversee the Central Region, including offices in Chicago and Minneapolis, as well as Cushman & Wakefield’s Alliance firms in El Paso, Austin, and San Antonio, as well as the Midwest. She will also be seated on the Cushman & Wakefield Global Advisory Board while continuing to lead the Dallas office as branch manager.

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SHW Group's North Texas Region named Jimmy Strohmeyer as a managing principal. Strohmeyer previously held the title of principal in charge, which he accepted in 1999. He began his career with the firm in 1994 as an assistant project manager for school district clients including the Rockwall ISD, Lewisville ISD, Highland Park ISD and Plano ISD.