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The Deal Sheet

Dallas-Ft. Worth
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 .
 
Promenade Center
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.

Bisnow
New Assignments

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.

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Addison Arbor
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.

Acquisitions

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.

Sales

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. 

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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.

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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.

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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.

Leases

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.

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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.

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CBRE worked the following deals:

  • Denbury Resources leased an additional 50k SF for a total of 375k SF of office space at 5230 Legacy Dr. in Plano from Legacy Campus LP. CBRE’s Jeff Ellerman repped the tenant, with Koll Development Co.’s John Brownlee repping the landlord. 
  • Morgan Stanley Smith Barney Financing leased almost 36k SF of office space at 300 Crescent Ct. in Dallas from Crescent TC Investors. CBRE’s Jeff Ellerman and Phil Puckett and Newmark Knight Frank’s Rebecca Griffin represented the tenant. The Crescent’s Tony Click represented the landlord. 
  • Jinny Corp renewed its 186k SF lease of industrial space at 2527 Willowbrook in Dallas from GT 94 LP. CBRE’s Steve BergerDavid Easterling, and Sarah Carter represented the tenant. 
  • Inventec Electronics USA leased 80k SF of industrial space at 3353 Miller Park Dr. in Garland from LIT Industrial Texas. CBRE’s Jake Marks and John Hendricks represented the landlord, while Dave Noble and Nathan Lawrence represented the tenant. 
  • STA Travel renewed its lease of 16k SF of office space at 750 State Hwy. 121 in Lewisville from TIC Properties Management. CBRE’s Robert Blount and Jeff Ellerman represented the tenant. The landlord was represented by Altschuler Hoctor Co.’s John Hoctor
  • Regus Group North Dallas leased 15k SF of office space at 2435 Central Expressway in Richardson from Equastone Palisades II. CBRE’s Steve RigbyBaron AldrinePeter DannaMike Kay, and Mike Cleary represented the tenant.

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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.

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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.

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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. 

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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.

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Pacific Century Realty repped 31k SF in five deals including:

  • 9k SF lease to Asian King Buffet  in the Carriage Plaza shopping center at I-30 and North Collins Street in Arlington. The Retail Connection’s Scott Rose negotiated the lease with PCR’s KC Cheah and Shirley Tan
  • Asian Buffet leased 10k SF of retail space in Northgate Plaza at 507 N Highway 77 in Waxahachie. KC negotiated the lease with Phillips Edison & Co.’s Pat Kelly
  • Hibachi Grill Buffet leased 9k SF of retail space in the La Gran Plaza at South Freeway and Seminary in Fort Worth. Boxer Properties’ Karen Kerbow negotiated the lease with PCR’s Jeffrey Ngo.
Kudos
 
Chase Tower
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.

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The Heights at Park Lane
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.

Random Survey
 
wristband survey
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."

Related Topics: Jeff Ellerman, JLL, The Weitzman Group, JPMorgan Chase, PM Realty Group, Bright Realty, Sperry Van Ness, LaSalle Investment Management, Boxer Properties, Baron Aldrine, Phil Puckett, The Heights, Jennifer Pierson, Phillips Edison, David Easterling, Highgate Holdings, Nathan Durham, John Brownlee, James Esquivel, Mike Kay, PM Realty, Peter Danna, Steve Rigby, Park Lane, John Fancher, Nathan Lawrence, Mike Cleary, Steve Berger, Scott Rose, Shannon Brown, John Hendricks, International Pkwy, Chris Lipscomb, Beth Pierson, John Carpenter Frwy, Gary Collett, Taylor LeMaster, The Crescent, Jake Marks, Chase Tower, The John Bowles Co, Robert Blount, Bill Lokey, Republic Center, Gary Lindsey, George Curry, Russell Cosby, Dave Besserer, Pacific Century Realty, Tony Click, Allison Millington, Ed Pachecano, Royal Ridge, Denbury Resources, La Gran Plaza, Will James, Spring Valley Road, Ben Appleby, Mike Cagle, Lauren Napper, LIT Industrial Texas, Crescent TC Investors, Matt Anding, Sarah Carter, Bent Tree, Southwest Center Mall, Austin Schenkel, John Hoctor, Keith Willby, PPG Industries, TIC Properties Management, Crescent Ct, Rachel Hage, Brookfield Real Estate Opportunity Fund II, Koll Development Co, Quorum Commercial, Andy Freundlich, Promenade Center, Kathy Czorniak, Addison Arbor, Penney Co, Robert Fulford, Altschuler Hoctor Co, Asian King Buffet, Carriage Plaza, Shirley Tan, Northgate Plaza, Pat Kelly, Hibachi Grill Buffet, Jeffrey Ngo, Munck Carter, Dave Noble, John Mackel