The Deal Sheet
|PM Realty Group was awarded the leasing and management assignment for 221k SF Promenade Center mixed-use development in the Richardson/Plano submarket .|
|A new client for PM Realty, Promenade Center is owned by The ROC Fund. At 300 N. Coit Rd, the property includes 89k SF of retail. PM Realty SVP Nathan Durham and VP Ben Appleby will lead the office leasing and management efforts. The John Bowles Co. associate VP Taylor LeMaster and EVP Mike Cagle will lead the retail leasing efforts.|
Four Point Star Operating Co. selected JLL as the exclusive leasing and management agent at Republic Center at 325 N. St. Paul St. The Class A, 1.1M SF mixed-use project includes a 50-story office tower, 35-story apartment tower, and support retail. In 2000, the towers underwent a $75M renovation to improve fiber optic service, technology, and amenities. GM Kathy Czorniak will oversee the property management team. VP Shannon Brown and SVP Sandie Matejek will lead the leasing efforts. Additionally, I&G 750 Canyon (a single asset entity of LaSalle Investment Management) selected JLL as the exclusive leasing and management agent at 750 Canyon, a Class A, five-story, 241k SF office building in Coppell. SVP James Esquivel and VP Shannon Brown will lead marketing and leasing on behalf of the landlord. The team of senior GM Allison Millington and GM Kelly Brannen will provide property management services. The building is 72% leased with 69k SF available.
|PM Realty Group (see top of page) was also awarded the leasing and management assignment for the 186k SF seven-building Addison Arbor in the Quorum/Bent Tree submarket of Addison. Owned by Keller Properties and managed by Sperry Van Ness/Visions Commercial, PM Realty SVP Nathan Durham and leasing manager Lauren Napper will lead the leasing efforts at Addison Arbor.|
Vornado Realty Trust announced Friday that it has filed a Schedule 13D with the SEC disclosing that through its subsidiaries it has acquired beneficial ownership of approximately 9.9% of the common stock of J.C. Penney Co. In 3Q10, Vornado recorded an unrealized gain of approximately $32.2M on the portion of this investment that is accounted for as a derivative.
Wells Core Office Income REIT acquired its first property, 119k SF Royal Ridge V at 3929 John W. Carpenter Frwy. in Irving, The Class A, three-story building was constructed in 2005 and is fully leased to JPMorgan Chase. Wells bought the property from Brookfield Real Estate Opportunity Fund II, which acquired it from JPMorgan Chase earlier this year. Wells was represented internally by Keith Willby, SVP, capital markets. Brookfield was represented by CB Richard Ellis. Terms were not announced.
An undisclosed local business owner purchased the 5k SF former Tia’s Restaurant at 327 West Spring Valley Rd. in Richardson with plans to renovate the property to accommodate a new martial arts studio. The stand-alone former restaurant includes about one acre and approximately 250' of frontage along Spring Valley Road. The Weitzman Group’s Perren Gasc and Austin Schenkel repped the seller. Henry S. Miller Brokerage SVP Matt Anding repped the buyer.
Mason-Amir Properties purchased 30k SF of retail space at 2000 Danforth Rd. in Edmond, Okla., from Edmond Shopping Center Assoc. CBRE’s Jennifer Pierson and Beth Pierson represented the seller.
Precision Dynamics Corp. sold the almost 26k SF industrial building at 2808 McGowan St. to T.D. Design. Grubb & Ellis’ Robert Fulford repped the seller. Quorum Commercial’s Debra Peak-Haynes represented the buyer.
The John Bowles Co. leased 22k SF across five deals including an almost 10k SF lease at 13455 Noel Rd. in Dallas. JBC’s Chris Lipscomb and Ed Pachecano negotiated the lease along with Bradford’s Dave Besserer.
Jones Lang LaSalle completed two new leases in Fort Worth totaling 18k SF, including the 13k SF lease of office and industrial space with almost seven acres of improved/fenced outside storage, to X-Chem at 1154 Blue Mound Rd. Cushman & Wakefield of Texas’ Gary Collett represented the tenant. JLL VP George Curry and associate Will James represented the landlord, Florence LLC.
CBRE worked the following deals:
Bright Realty inked 13k SF in new leases at Southwest Center Mall off Highway 67 and Camp Wisdom Rd. New tenants include Miss Boo's, Nya's Hotdogs, Derrin's Menswear, Simply Fashions, and Ruby Lang Salon.
Stream Realty Partners leased 10k SF in three deals at 4851 LBJ Frwy. in Dallas; 6404 International Pkwy. in Plano and 4801 Spring Valley Rd. in Dallas.
PPG Industries renewed its lease of 49k SF of industrial space at 2750 114th St. from ProLogis Industrial Properties. Grubb & Ellis’Gary Lindsey represented the lessee. The lessor represented itself.
Highgate Holdings renewed its lease of 19k SF of office space at 545 E John Carpenter Frwy. in Irving. CBRE's Bill Lokey and John Fancher represented the landlord. JLL's Russell Cosby and Rachel Hage represented the tenant.
Pacific Century Realty repped 31k SF in five deals including:
|Chase Tower received LEED Gold-EB certification. Hines undertook sustainability measures including installation of low-flow fixtures and whole-building water metering; changing to lamps with low mercury content; implementation of comprehensive recycling and green cleaning programs; and roll out of Hines’ Green Office for Tenants program, designed to reduce environmental impacts in tenant spaces. Chase Tower also has an Energy Star label.|
|PM Realty Group’s latest residential project, The Heights at Park Lane, earned LEED Silver under the USGBC’s new construction version 2.2 rating system.|
People on the Move
Weaver recently appointed partners as industry practice leaders, taking on additional responsibilities: Kevin Sanford in Houston will head financial services; Mark Walker in Fort Worth will head manufacturing, distribution and retail; Trey Hunt in Houston will head oil and gas; Jerry Gaither in Dallas will head the public sector; Andy Freundlich in Dallas will head real estate and construction; Wade Watson in Houston will head renewables and energy compliance; and Greg Bailes in Austin will lead technology. John Mackel, in the Houston office, will oversee all seven industry practices.
|Munck Carter’s Jay Johnson was one of the 250 Dallas businessmen and women who attended the JLL Sept. 30 market review and forecast and voted in the very unofficial JLL wristband survey. The task: select a wristband based on where they thought their industry was headed next year. The results clearly show that DFW is full of optimists. Some 54% selected black wristbands indicating “my industry is heading up.” 39% picked white for “my industry will be flat.” And, 7% picked red. Those are the folks in the group that believe “my industry will decline next year."|