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THE DEAL SHEET; $2M MAKEOVER

Dallas-Ft. Worth
THE DEAL SHEET; $2M MAKEOVER
KBS Realty Advisors? Providence  Towers may soon become the Joan Rivers of CRE: it's having lots of work done. The $2M in renovations include a lobby remodel—stonework, new furnishings and chandelier (and maybe some petunia botox).
 
Scott Walker, Ken RobertsonKim Brooks, and Justin Miller
KBS Realty Advisors SVP Ken Robertson (second from right with Transwestern's Scott WalkerKim Brooks, and Justin Miller) tells us other improvements include the common areas on several floors, upgrades to the parking level vestibule entrances, and improved directional signage. There is about 150k SF of space available in the two towers that make up the project, part of the reason why KBS is investing the money, Ken says.
Providence Tower rendering
Ken says Providence Tower may be one of the most recognizable buildings along the North Dallas Tollway, having set the standard for Class-A products in this submarket. The idea is to return it to the top of the heap, he says. Hammers should start swinging this week or next, with project completion by year end.

PEOPLE ON THE MOVE

 
Dennis Peck, Mark Henderson, Peter Ruggiero
HOK made some strategic organization changes by divvying up practices into regions and brought on three new professionals: regional marketing principal Dennis Peck (New Mexico to Mississippi, client development), regional healthcare director Mark Henderson (Southern region, healthcare), and regional design principal Peter Ruggiero (Texas, public and institutional facilities, corporate HQ, commercial projects, and transportation). Fun facts: Peter does open-wheel racing and plans some races in the 2012 season. West Texas native Mark rodeoed in high school, but decided he'd rather ride the waves on a surfboard most recently. And Dennis loves to sail along the Gulf Coast whenever he can.

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Steve Gray was promoted to VP and director of D-FW Cencor Realty Services. He'll direct and handle the retail project representation for a portfolio of DFW-area retail centers controlled by Cencor.

SALES

Garland Eastgate II purchased the 75k SF former Mervyn?s at 1201 W Centerville Rd in Garland. Venture Commercial Real Estate's John Zikos and Christopher Gibbons represented the seller, MDS Texas Realty I in the North Texas disposition of Mervyn?s stores.

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The owners of CareNow  medical centers purchased a 50k SF tract at the southeast corner of I-35W and Basswood Boulevard in northern Fort Worth. Clay Mote of Venture Commercial represented the seller, Basswood/35 Partners.

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Andrews-Dillingham Properties acquired the almost 11k SF fully leased office building at 501 W Main St in Arlington from a local investment partnership. The building is occupied by JPS Health System, which uses the facility for a medical clinic offering pediatric, behavioral health, and family medicine services. SCM Real Estate Services senior leasing specialist Beaux Riley represented the seller. Gordon Smith represented the buyer.

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Suntronic  purchased a 70k SF building at 1200-1250 N Bowser   in Richardson. Dave Peterson of NAI Robert Lynn represented the landlord, a private owner.

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An affiliate of Southside Financial Group acquired a 20k SF office building on five acres at 700 W Arkansas in Arlington. SCM Real Estate Services prez Gary Walker and leasing specialist Renee Efimoff represented the buyer. CBRE's Bryan Graham repped the seller.

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A JV (designed to pursue industrial real estate investments) of Brennan Investment Group and TriGate Capital made its first acquisition: a 76% leased 138k SF industrial portfolio in Austin (three buildings across three submarkets). It was an off-market deal from a lender that had foreclosed on the property. The seller, Unum Group, was repped by Transwestern's Luke Wheeler and Hale Umsted. CBRE's  John Barksdale and Greg Marberry repped the purchaser. The JV financed the acquisition with a mortgage loan from Aetna.

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Bell's Conversions sold a 10k SF warehouse at 428 N First St in Garland to MMUC Properties. Bradford Commercial Services market director Chris Stout repped the seller. Gravit Co's Mike Gravit repped the buyer.

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Cole Real Estate Investments acquired a PetSmart portfolio of 11 properties (300k SF NNN-leased) for $74M. The properties are located in primary markets in California, Florida, Illinois, Maryland, Massachusetts, Michigan, and Texas. All are leased to PetSmart under one master lease, with an original 20-year lease term and about 10 years remaining, plus three automatic renewals for up to 20 more years. The two Texas properties are in Southlake and Dallas.
 
CONSTRUCTION
 
Outlet Shoppes at Oklahoma City
MYCON General Contractors completed the 348k SF Outlet Shoppes at Oklahoma City. The center is a JV of Horizon Group Properties and CBL & Associates. The architect Adams + Associates designed the shopping center. It's the only outlet mall in Oklahoma and has 83 tenants.

KUDOS

Downtown Dallas  received a merit award for its work on the Downtown Dallas 360 Plan and the Main Street District Retail Activation Strategy. DDI collaborated with the City of Dallas to create Downtown Dallas 360, an action-oriented development plan addressing public spaces, transit and transit-oriented development, a long-term parking strategy, housing for all income levels, and adding retail to the city's core and making stronger physical connections between Downtown?s 15 districts.

NEW ASSIGNMENTS

Grubb & Ellis SVP Trae Anderson and VP Heather Densmore Shover were appointed as the leasing agents for the 75% leased almost 105k SF 3000 Kellway Dr R&D/flex building in Carrollton.

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JLL was retained as exclusive leasing agent for the 312k SF Turtle Creek Centre at 3811 Turtle Creek Blvd. Owned by MetLife, the building is 82% leased. JLL's Daryl MullinSteve Everbach, and Conor McCarthy are in charge of leasing.

 

LEASES

Freebirds World Burrito leased a portion of a new development at the northeast corner of West 7th Street and Foch Street in Fort Worth from Cypress Equities. It is the third Freebirds in Cowtown. Venture Commercial's Chris Green repped Freebirds.

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Source Direct signed a 48k SF lease for its HQ at The Colonnade at 15301 North Dallas Pkwy in Addison from CBRE Investors Strategic Partners US Value 5 fund. CBRE's J.J. Leonard and Jay Bailey, and Susannah Bame repped the landlord. CBRE's Baron Aldrine,Steve RigbyPeter DannaMike Kay, Mike Cleary, and Sean Sundby, repped Source Direct. The deal brings The Colonnade I up to 91% occupied.

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Matrix Resources relocated and leased 15k SF  of office space   in Prestonwood Tower at 5151 Belt Line Rd   in North Dallas.  NAI Robert Lynn?s  Tom Lynn  and   Anders Commercial ? s  Kirk Anders represented the tenant. Melissa Miller of Prestonwood Tower represented the landlord.

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BioMed Laboratories leased 19k SF  of office/warehouse space at 8181 Eastpoint   in Dallas. NAI Robert Lynn?s  Stephen Cooper represented the tenant. TIG Real Estate Services? Tom Smolik  and Michael Grant  represented the landlord.

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JLL completed seven deals across DFW totaling 360k SF including:

  • 31k SF lease renewal to Brackett & Ellis at 100 Main St in Fort Worth. JLL SVP Pat McDowell and managing director Todd Burnette represented the tenant. The landlord, Pescador Capital Partners, was self-represented. 
  • JLL SVP Sandie Matejek and VP Shannon Brown represented ECOM Real Estate Management in two leases totaling 32k SF lease at 13760 Noel Rd in Dallas. 
  • Touchstone Wireless Repair and Logistics signed an 85k SF expansion at 4500 Cambridge Rd in Fort Worth for a total of 216k SF. The company renewed and extended its lease. JLL managing director Dave Richards, SVP Michael Corr, VP Nathan Orbin, and associates Denice Michel and Ben Phillips represented the tenant. CBRE SVP John Brewer and senior associate Steve Koldyke represented the landlord, TIAA-CREF.
  • Business Furnishings leased 40k SF  of industrial space at Venture Distribution Center 1 at 1100 Trend Dr in Carrollton. JLL senior associate Michael Haggar  and associate Andrew Ward represented the tenant. The landlord, EastGroup Properties, was represented by Lee & Associates? Ken Wesson and Adam Graham
  • Bell Helicopter leased 32k SF of industrial space at Centreport Business Park at 14800 Trinity Blvd in Fort Worth. Todd and associate Matt Montague represented the tenant. Koll Development Co's Bill Guthrey and John Dwyer represented Centreport.

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LAI Game Sales renewed its lease at 1621 W. Crosby Dr in Carrollton for almost 15k SF. Transwestern's Emily Candee and Bill de la Chapelle represented the tenant. Emily also repped the landlord along with Henry Knapek in the almost 44k SF lease renewal of Traxxas at Plano Tech Center.

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Firewheel Market inked eight leases recently totaling 22k SF. The Weitzman Group's Steve Gray  and Grant Gold repped the center. Firewheel Market is managed by Cencor. Weitzman?s Earl Harris,Christopher Young, and Grant Gold repped AAA Texas, Merle Norman, and Al?s Formal Wear in the deals.

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One Panorama Center

Transwestern's Reid Caldwell repped the landlord in these deals:

  • MultiView expanded and extended its 82k SF lease at One Panorama Center (pictured). Transwestern's John Fulton represented the tenant. 
  • ARGO Data Resource Corp expanded and extended its 112k SF lease at Collins Crossing. JLL?s Steve Jarvie represented the tenant. 
  • Capital One renewed its 120k SF lease at Tollway Office Center. Cushman & Wakefield's Mike Wyatt and Bill McClung represented the tenant.

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Accident Insurance Services signed a 10k SF lease in Abrams Centre at 9330 LBJ Fwy. Cushman & Wakefield's Mike Wyatt and Robbie Baty repped the tenant. Landlord Treemont Realty Capital was repped by Cassidy Turley's Robert Powell and Audrey Ausburn.

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Ovation Travel signed a 12k SF expansion/extension lease at Granite Tower. The landlord, CAPSTAR Real Estate Advisors, was represented by Cassidy Turley's Trey  Smith.

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Digital Realty Trust has fully leased (to unnamed entities) its first redeveloped building at 1232 Alma Rd in its Datacenter Park in Richardson. The 105k SF building was built out as a multi-tenant data center facility with 13 MW of IT capacity. Digital Realty Trust is underway on the second phase of development and leasing at the seven-building campus, which totals 796k SF.

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From January to June, IDI tallied 3.3M SF of leases in seven of the company's eight US markets. Disposition activity continued with 722k SF of space also sold in the first six months of the year. In Dallas, IDI signed six new leases and one expansion for almost 569k SF. Significant leases were signed at IDI's Skyline Trade Center for 262k SF and DFW Trade Center for almost 169k SF. Another 178k SF was leased under third-party agreements. Tenants were not named.

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Regis Property Management leased 17k SF in Browning Place III to CTREC Hilton IT  Academy. Grubb & Ellis SVPs Russ Johnson and Chris Wright, and VP Heather Densmore Shover repped the landlord. CresaPartners' Greg Whittington repped the academy.

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Costex Corp renewed its 49k SF lease at 1441 S Belt Line Rd in Coppell. Transwestern's John Fulton and Brett Owens represented the owner.
 
THIS & THAT
 
Dave Youden and Harold MacDowell
Beating the dog days of summer, the execs at TDIndustries chilled out on a recent 106-degree day with the firm's annual splash day, complete with dunking booth, water slide, and more than 1,000 water balloons at the company's Dallas HQ. Here's TDI's Dave Youden(getting ready to ditch the tie) and CEO Harold MacDowell amidst a water gun war.
 
Related Topics: CBRE, The Weitzman Group, Brennan Investment Group, brett owens, Todd Burnette, Baron Aldrine, Venture Commercial, Steve Everbach, EastGroup Properties, Steve Gray, Tom Lynn, Scott Walker, Mike Wyatt, Bill Guthrey, Cypress Equities, Dave Peterson, Trae Anderson, Digital Realty, Granite Tower, Adam Graham, Ken Wesson, Digital Realty Trust, Justin Miller, North Dallas, SCM Real Estate Services, Stephen Cooper, Oklahoma City, Steve Koldyke, Chris Wright, Gary Walker, Chris Stout, Mike Kay, New Mexico, North Dallas Tollway, Peter Danna, Venture Commercial Real Estate, Steve Rigby, Robbie Baty, TIG Real Estate Services, Russ Johnson, John Fulton, TriGate Capital, Renee Efimoff, Mike Cleary, John Brewer, Bill McClung, Shannon Brown, Cole Real Estate Investments, Jay Bailey, John Zikos, Michael Haggar, Nathan Orbin, Conor McCarthy, Michael Grant, Christopher Gibbons, MYCON General Contractors, West Texas, John Barksdale, Reid Caldwell, Robert Powell, Emily Candee, Beaux Riley, Clay Mote, Joan Rivers, Bell Helicopter, The Colonnade, Tom Smolik, Heather Densmore Shover, Henry Knapek, Bryan Graham, Dallas HQ, Earl Harris, Ben Phillips, Ken Robertson, Audrey Ausburn, Plano Tech Center, Regis Property Management, Luke Wheeler, Abrams Centre, Horizon Group Properties, Daryl Mullin, Pat McDowell, Unum Group, Bradford Commercial Real Estate, Matt Montague, Andrew Ward, Dave Richards, Collins Crossing, Steve Jarvie, Greg Marberry, Harold MacDowell, LBJ Fwy, Prestonwood Tower, Melissa Miller, Greg Whittington, Chris Green, Centreport Business Park, Accident Insurance Services, CAPSTAR Real Estate Advisors, ECOM Real Estate Management, Providence Tower, Datacenter Park, Peter Ruggiero, Hale Umsted, Basswood Boulevard, Ovation Travel, Mark Henderson, MDS Texas Realty, Gordon Smith, Koll Development Co, Firewheel Market, Grant Gold, Christopher Young, Merle Norman, One Panorama Center, DFW Trade Center, Browning Place III, Dave Youden