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The Deal Sheet

Dallas-Ft. Worth
The Deal Sheet
A JV between GTIS Partners and Hines added a passel of lots,land, and townhomes to Hines? mixed-use master-planned Carillon development. It includes a 205-acre residential component (404 single-family home lots) and 80 acres of office, retail, and medical uses in Southlake, such as the Children's Medical Center scheduled to open in May.
 
Carillon
The JV will also acquire a portfolio of assets including existing finished townhomes, finished townhome lots, and 13 acres to be developed into 64 single-family residential lots in Las Colinas. In both transactions, a fund managed by GTIS Partners invested equity capital in partnership with Hines. This is GTIS Partners' second and third investment with Hines following the April 2010 acquisition of 92 home sites on 24 acres, pre-sold to a publicly held builder, and located in Las Colinas in a development known as the Villas at Emerald Park. No price was disclosed on the acquisitions.
 
Carillon rendering
The Southlake venture will complete parcel and lot infrastructure improvements and deliver finished lots to regional and custom builders in multiple phases. The venture acquired the assets from a bank that had foreclosed on the assets, which served as collateral for a cross-collateralized loan to a failed national builder. It plans to sell the finished townhomes to end-users, and complete lot infrastructure improvements for the 64 lots. Simultaneous with the investment?s closing, the venture entered into a contract with a regional builder to purchase 76 finished residential lots. Hines VPRob Witte says Hines is looking to broaden its relationship with GTIS Partners and the La Villita development will offer purchasers a value priced lot and home combination in a premium in-fill location.
FINANCING
 
Magnolia Hotel
HFF announced today that it's arranged a refinancing for theMagnolia Hotel, a 29-story, 329-room hotel in the Dallas CBD, 1401 Commerce St. HFF worked on behalf of the borrower, Magnolia Hotels, to secure the 10-year, fixed-rate loan through JP Morgan Chase Bank. Built in 1921, the property served as the HQ for Mobil Oil's predecessor, Magnolia Petroleum Co, until 1997 when it was renovated into the Magnolia Hotel. The HFF team representing the borrower included senior managing director Dan Peek and directorsTravis Anderson and John Bourret. Magnolia Hotels is a privately held hotel management and development company HQ-ed in Denver. The current portfolio of Magnolia Hotels includes independent boutique hotels in historic buildings and downtown locations in Dallas, Denver, Houston, and Omaha.

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FelCor Lodging Trust closed a new $225M secured line of creditwith a group of seven banks. JP Morgan and BofA Merrill Lynch acted as joint lead arrangers. The revolving line of credit bears interest of LIBOR (no floor) plus 450 bps and matures in August 2014 (FelCor has a one-year extension option to 2015, subject to certain conditions). At closing, FelCor repaid two secured loans, totaling$198.3M and $29M, with a combination of cash on hand and funds drawn under its new line of credit. The repaid loans would have matured in 2013 and 2012 (including extensions), respectively, and were secured by mortgages on 11 hotels.

LEASES

The Hall Financial Group inked almost 50 leases totaling 400k SF—including new tenants, renewals, and expansions—in 2010 at Hall Office Park in Frisco. Recent new tenant announcements: 52k SF forGENBAND at 2801 Network Blvd for its worldwide corporate HQ;AstadiaTimberhorn IT Solutions and Timberhorn Healthcarecorporate HQ; Brocade Communications Systems; and Pond, Robinson & Associates. Recent renewals and expansions:ThyssenKrupp ElevatorCerion Optimization ServicesNavistar International Corp; and Fortis Foods International. Hall Financial Group was repped by director of leasing Kim Butler, leasing associate Tammy Lomonaco, and marketing associate Brad Gibson.

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Premium Frac Pump signed a 25k SF lease at 5118 Brush Creek Rd in the Village Creek Business Park. Conti Warehouses? Ryan Wood represented the landlord. Ryan also repped Conti in a more than 29k SF lease to Jose Castaneda at 5501 Thelin for an indoor soccer facility. He also repped the landlord in the 67k SF expansion lease to Nello at 1400 Everman Pkwy. Century 21 Mike Bowman?sJohn Lucas represented the tenant.

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Goodman Distribution leased 20k SF in Railhead Business Park at 800 Railhead Rd in Fort Worth from Sun Life Assurance Co. Lone Star Realty Advisors? Todd Jones represented the landlord. Transwestern's Brant Landry represented the tenant.

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Neo Tech Wireless leased 21k SF of light-industrial space in Jupiter 190 Business Park Building I at 2805 Plano Pkwy in Plano from RREEF North America. Bradford Commercial Real Estate Services market director Chris Stout represented the landlord. CBRE's Dave Anderson represented the tenant.

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The Carnegie
In the past two weeks, Fort Worth?s Sundance Square has seen two new restaurants open: Frankie?s Sports Bar (opened Monday on the ground floor of the Carnegie at 421 W Third St, pictured) andSaviano?s Italian restaurant. Frankies is an 8,000 SF restaurant and bar with a 15-foot video wall of 30 HDTVs plus wireless receivers at every table. Frankie's also has venues in Dallas? Uptown and Lewisville. Saviano?s opened a 4,400 SF restaurant on Feb. 21 at 400 Houston St. With a bar and patio, the family owned restaurant joins existing locations in New York and Euless.

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McCall, Parkhurst & Horton renewed a more than 23k SF lease at KPMG Centre. The firm has been a tenant at KPMG since 1982.

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Rolling Hills Plastics leased almost 14k SF of office/warehouse space in 1400 Distribution at 1366 Exchange Dr in Richardson from TCIT Industrial Dallas. Bradford Commercial Real Estate Services SVP Susan Singer and market director Chris Stout represented the landlord. North Pointe Commercial's Kurt North represented the tenant.

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All Source Security Container USA leased almost 11k SF of flex space in Skyway Business Center at 3002 Skyway Circle South in Dallas from Hartman Income REIT. Bradford Commercial Real Estate Services SVP Brian Pafford repped the landlord.

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Agellan Capital Partners signed a new 22k SF lease with Lloyd Miles at 2179 S. Shiloh in Garland. Stream Realty's Seth Koschakrepresented the landlord. Seth worked with Blake Kendrick in the following new leases in Carrollton: CBM of AmericaD6 Consulting,and IonLoop. They represented the landlord, First Industrial. Blake teamed up with David Duwe to rep Fairway Supply on its new 30k SF lease at PARC 114 at 6501 N Belt Line Rd in Irving, Stream?sJason Moser leased 14k SF at 8700 Sovereign Row to Advanced Refinishing and Chase Sutton completed the three-year, almost17k SF renewal for Professional Plastics in Richardson.

 
NEW BUSINESS

PM Realty Group was awarded the leasing assignment forPresident?s Medical Center, Irving?s newest MOB at 380 W. LBJ Frwy at the intersection of 635 and the George Bush Tollway. The 54k SF Class-A medical facility is adjacent to Baylor Irving Medical Center.

SALES

 
The Fifield Cos acquired four apartment properties in Texas totaling about 1,300 units for an undisclosed amount. Three of the four properties were acquired by Fifield Realty Partners IV, an apartment acquisition fund, and were Parkwood communities, with two complexes in the Dallas area (Creekside at Northlake in Roanoke and McKamy Lake in Lewisville); a third property in the Austin area (Parkview Place in Georgetown) and a fourth property, The Giovanna in Plano. FRC owns The Giovanna in a venture with affiliates of AREA Property Partners. Fifield Cos will actively asset manage all 1,300 units. The fund is looking at properties in Phoenix,HoustonChicago, Texas, LA, and Orange County. FRP IV is targeting 200 to 500 unit buildings and complexes in urban and suburban settings with most of the fund's acquisitions ranging from$20M to $50M.

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1.6-acre tract of land was purchased for a new Montessori school on the east side of Legacy Drive, north of Main Street in Frisco. Capstone Commercial's Kara Porter and Mark Pierce brokered the transaction with the buyer, Pathshala Investments. The seller wasCraig Curry. Kara and Mark also repped the seller, Anna 455 Commercial in the sale of a 30k SF parcel of land in Anna sold toKwik Industries. Prices were not disclosed.

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505 Millennium Drive
Capital Commercial acquired Millennium Business Park, a two-story office building totaling almost 96k SF on 10 acres of land at 505 Millennium Dr in Allen for an unreleased figured. Colliers International SVP Creighton Stark brokered the deal. He says Millennium Business Park offers an outstanding opportunity to a tenant in this submarket. Capital Commercial has the largest available contiguous space within a five-mile radius of the City of Allen.

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Wyndham Pointe, a 194-unit multifamily property at 6136 Cardinal Wood Ct in Fort Worth, sold for almost $2M. Marcus & Millichap Real Estate Investment Services senior investment specialist Al Silvarepped the seller, a Dallas lender who had recently foreclosed on the asset. He also secured and represented the buyer, a Texas LLC. The new owner plans to renovate the property and rebuild the occupancy.

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Stream Industrial?s Jamie JenningsHanes Chatham, and Chase Sutton represented Kevin Schottlaender in the purchase of 1700 Parkside, a 50k SF, multi-tenant industrial facility in Irving for an undisclosed amount. Stream will remain active in the project to assist in leasing the property's space.

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Stream Realty's Jason Moser represented the buyer, Superior Landscape, in the purchase of four acres of unimproved land at 2400 Commerce St.

PEOPLE ON THE MOVE

Colliers International promoted Howard Templin to SVP in the project management division. As a regional manager of the Southern US for Colliers International PMs, Howard brings more than 35 years of experience in architecture and project management, totaling $2B in construction costs and more than 15.5M SF of constructed area. Prior to joining Colliers, Howard was the director of operations in the Dallas office of Boyken International.

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CBRE Group promoted Jack Fraker to managing director of capital markets in the US. Jack has been a vice chairman based in CBRE's Dallas office and will lead 147 industrial investment professionals. He has more than 25 years of real estate experience, specializing in investment sales for institutional clients and tenant rep (office and industrial) for corporate clients.

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Satterfield & Pontikes Construction promoted Jason Haralson to SVP. In this role, he will have regional responsibility for DFW and San Antonio operations. Based at S&P?s DFW office at 6220 N. Beltline Rd in Irving, Jason?s duties include overseeing field operations, project management, business development, and client relations.

IN MEMORY OF

David Shaw Parker, 48, COO and partner for Holt Lunsford Commercial, died Feb. 28 of sudden cardiac arrest while on the slopes in Beaver Creek, Colo. He had worked at Holt Lunsford since 2004 and served on the The Real Estate Council board of directors. He was a member of Parkway Hills Baptist Church, where he served as chairman of the deacons and chairman of the board of trustees. His love of the outdoors was evidenced by the countless hunting and fishing trips with friends and his four sons, Austin (22), Travis (20),Sam (16) and Bo (12). He was a baseball coach for Texas Thunder and DBAT teams over the years. He enjoyed cooking and shared that gift with his family and many friends. CBRE's Jack Fraker says people across the nation recognize what a great person David was. He is survived by his wife of 25 years, DeLynn; four sons; and his mother Dottie, among others. In lieu of flowers, donations may be made to one of David's favorite ministries, Coaches Outreach orNeed Him Ministries. Close friends have also set up a Parkers Children's Education Fund c/o Liberty Capital Bank, 5055 Keller Springs Rd, Suite 120 Addison, Texas 75001. The family invites you to leave memories and messages.