THE DEAL SHEET; FOREIGN BUYER
Dallas-Fort Worth View count:
July 19, 2011
Canadian-based RioCan Real Estate Investment Trust purchased the 445k SF Lincoln Square in Arlington near Cowboys Stadium for $70.7M at a 7.2% cap in an 82/18 JV with Dunhill Partners.
Anchored by Ross Dress for Less, Best Buy, Bed, Bath & Beyond, and PetSmart, Dunhill will manage the property on behalf of the co-ownership. Growth in cash flow is possible through lease up of existing vacancy of 41k SF and expansion density of 40k SF. In conjunction with the acquisition, the JV secured $42.4M 10-year financing at an interest rate of 5.05%.
Matt Thompson and Phil Rosenfeld of Colliers Ownership Advisory Group negotiated a 13k SF lease for Bella Flora?s HQ near The Design District at 118 Oak Lawn Ave. Jim Lake Co's Doug Molny repped the landlord, RFVW.
Farrow Machine & Manufacturing leased 16k SF of office/warehouse space at 419 Duncan Perry Rd in Arlington . NAI Robert Lynn?s Michael Stanzel represented the landlord, A&R Management and Development. Michael also repped the landlord, Cobalt Industrial REIT II, in a 15k SF lease to W.O.E. Construction at 941 Ave N in Grand Prairie. RW Commercial's M oore Matthews repped the tenant.
Altronic leased 24k SF of office/warehouse space at 2350 Crist Rd at Firewheel Commerce Center in Garland. NAI Robert Lynn's Stephen Cooper and Dave Peterson represented the landlord and Henry S. Miller's Dalfen America and Dan Spika repped the tenant.
CKK Home Dcor inked a 10k SF lease at 3211 Internet Blvd in Hall Office Park in Frisco. The Hall Office Park director of leasing Kim Butler, leasing associate Tammy Lomonaco, and marketing associate Brad Gibson handled negotiations for the owner and landlord, Hall Financial Group. CresaPartners' Greg Whittington and Tyler Herring represented the tenant.
Production Resource Group leased 45k SF of industrial space at 8607-8617 Ambassador Row in Dallas from LIT Industrial Texas. CBRE's Jake Marks and John Hendricks represented the landlord.Bob Spletter with NAI Robert Lynn represented the tenant.
Total Distribution & Logistics leased 30k SF of industrial space at 1625 Vantage in Carrollton from CRP-2 Holdings. CBRE's Corbin Crews represented the landlord.
LB Hausys America leased 43k SF of industrial space at 500 Enterprise Dr in Flower Mound from Hillwood Investments. CBRE's Nathan Lawrence represented the tenant.
Samsung Telecommunications America leased 20k SF of office space at 2505 N Plano Rd in Richardson from Plano Lookout Partners. CBRE's Pat O'Keefe and David Liggitt represented the tenant.
Maverick Stainless leased 43k SF of office/warehouse space at 4525 Production in Dallas. NAI Robert Lynn's Robert Blankinship represented the landlord, Production Property Partners. Stream Realty's Jason Moser repped the tenant.
B&J Equipment leased 20k SF of industrial space at 8400 Directors Row in Dallas. Structure Commercial's Bob Kent repped the landlord and Mercer Co's Jeremy Mercer repped the tenant.
Stamenits Family Trust purchased a 72k SF building at 1801 S Beach St in Fort Worth. NAI Robert Lynn?s Todd Hubbard and John Aldrich repped the seller, Secretariat.
Local investors, Stampede Equities, purchased an almost 15k SF shopping center at US Hwy 380 and FM 720 in Crossroads. Built in 2007, the strip is 90% occupied. The sale also included a PAD site at the NWC of Highway 380 and FM 720. Henry S. Miller's Carter Kendall repped the buyers.
The Cantrell Co's Sam Pettigrew and Todd Franks repped both the buyer, TEXPROA, and seller in the acquisition of the 57-unit Wilshire Manor Apartments at 1736 W Randol Mill Rd in Arlington.
Cohen Financial arranged a $12.2M refi loan for Chase Tower at 400 Texas St in the Shreveport CBD. The 254k SF property is a stabilized office building, says Cohen managing director in the Dallas office, Joseph Hevey. The 75% LTV, fixed-rate, non-recourse loan with a 30-year amortization schedule priced around mid-5%. The lender is a regional bank and the borrower is a long-term Hawaii-based client of Joseph.
PEOPLE ON THE MOVE
Winstead earned a Band 1 top level ranking in the 2011 Chambers USA for its real estate and construction practices among Texas law firms. The 2011 edition features 22 Winstead attorneys from 11 different practice areas, ranked among the top attorneys of their field, as well. Individual attorneys who ranked in Band 1 this year included Winstead shareholder Greg Erwin for real estate, and Austin shareholder Mary Keller for insurance: regulation. Shareholder Robert Bass received a star ranking for construction.
Jones Lang LaSalle expanded its industrial practice with VPs Melissa Holland in Dallas and Jamie Galati in Fort Worth. Melissa was a VP at Jackson Cooksey focusing on local and national tenant rep. Jamie has completed more than 200 transactions valued at $50M across DFW since 2007. She had been a regional leasing manager for DCT Industrial Trust.
TDIndustries promoted Steve Canter to chief technology officer. He will report directly to CEO Harold MacDowell. Steve assumes direct responsibilities for TDI's technology department led by VP Jim Bivins. He will be responsible for developing and integrating technology, R&D and innovation strategies for the company.
THIS AND THAT
Texas has four of the top 10 boom towns in the US based on several facets indicating past, present and future vitality, according to a recent study by Forbes and Praxis Strategy Group. Austin ranked No 1, San Antonio was No 4, Houston was No 5, and Dallas was No 7.