The Deal Sheet
The Bascom Group just acquired The Davis Building in downtown Dallas through a receivership sale for an undisclosed price. | |||
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Bascom SVP for acquisitions Jeffrey Fuller tells us that the firm's leaders are big believers in the downtown Dallas revitalization. He says (even from Irvine, Calif., where his company is based) that he can see the submarket improving rapidly and that it's poised for continued growth. ?There are a number of incredible properties in the downtown area, both new construction and adaptive reuse projects like The Davis. Both private and public capital is pouring into the area,? he says. The a 20-story Class-A high-rise has 183 loft-style apartment units, 52k SF of retail space, and a 12-level 600-space Metropolitan parking garage. It was built in 1926 as an office building and converted into an ultra-luxury apartment in 2003. | |||
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Jeffrey says Bascom typically focuses on renovation projects, but about 20% of the portfolio is Class-A communities. Davis was attractive because of the building quality, unique design, large floor plans, and the opportunity for operational improvement in the residential, commercial, and parking structure components, he tells us. This is the second Class-A property Bascom has picked up out of receivership in Texas recently. In August, the firm bought The Retreat at Canyon Springs in San Antonio. The Davis Building was purchased through debt financing provided by J.E. Robert Cos. The property was 95% leased at closing. The acquisition expanded Bascom?s Texas portfolio to 24 properties totaling 8,480 units. Marcus & Millichap's Ryan Epstein repped the receiver and Bascom. Jeffrey, Han Jang, and Paul Miskowicz led on behalf of The Bascom Group. Entrada Partners will do on site property management and LAZ Parking will handle parking. | |||
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LEASES Westec Intelligent Surveillance relocated its corporate HQ from 1234 Lakeshore Dr in Coppell to 25k SF at 6340 International Pkwy in Plano. Jones Lang LaSalle's EVP Calvin Hull and associateStephen Holley repped the tenant. Andy Folmer and Rich Youngwith Harry B Lucas Cos represented the landlord, Orion Realty Advisors. *** At 750 Canyon Dr in Coppell, HUB International leased almost 14k SF of office space. Jones Lang LaSalle's SVP James Esquivel and VP Shannon Brown repped the landlord, LaSalle Investment Management. Newmark Knight Frank's Jeff Eiting repped the tenant. *** | |||
Uline leased 143k SF of industrial space in Freeport XIV at 800 W Bethel Rd in Coppell from Texas Dugan. CBRE's Dave Andersonrepresented the tenant while Duke Realty's Randy Woodrepresented the landlord. Dave also repped Uline in a 60k SF lease at 1111 Executive Dr in Coppell from Primera Coppell Properties I. Primera?s Pat Anderson represented the landlord. *** North Texas Food Bank leased 99k SF of industrial space at 4250 Dan Morton Dr in Dallas from Verdemont Associates. CBRE'sDavid Sours and Lee Coleman represented the tenant while CBRE's Kevin Kelly repped the landlord. *** Redeemer Seminary leased 13k SF of office space at 6060 N Central Exwy in Dallas from AP Prescott Twin Sixties. CBRE'sBurson Holman, Jay Bailey, and Susannah Bame represented the landlord. CresaPartners' Susan Blair, Gianni LaBarba, and Terry Quinn represented the tenant. *** | |||
Big Lots leased 36k SF of retail space at Collin Creek Shopping Center in Plano. UCR's Dan Shoevlin and Carter Butler represented the landlord, RREEF Collin Creek Shopping Center. Karen Mitchell of Woodmont represented Big Lots. *** DC International leased 18k SF at 3311 Boyington in Carrollton. Capstone Commercial's Larry Robbins and Huge Real Estate Advisors? Michael Huge negotiated the lease. *** DG FastChannel renewed and expanded the lease at Sterling Commerce Center at 750 W John Carpenter Frwy. The firm renewed its 26k SF lease of office space on the seventh floor of the building and expanded into 27k SF on the fourth floor through a sublease with International Business Machines. *** Trakk Fulfillment leased 122k SF of industrial space at 8551 Esters Blvd in Irving from Twin Lake Investments. Mercer Co's Ryan Boozer negotiated the lease. *** Pitney Bowes Presort Services leased 50k SF of warehouse space in Post & Paddock IV at 2700 112th St in Grand Prairie from MP Post & Paddock. Bradford Commercial Real Estate Services SVPMichael Spain and VP Jim Ferris represented the landlord. Cushman & Wakefield of Texas? Dan Cook and Martin Beckerrepresented the tenant. *** The Pallet Depot renewed 16k SF of light-industrial space at 2503 Dalworth St in Grand Prairie. Bradford Commercial Real Estate Services VP Brian Pafford and market director Jason Millerrepresented the landlord, Tarrant County. | |||
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Jones Lang LaSalle completed three leases totaling 526k SF:
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SALES TIG Real Estate Services? Michael Grant and Ryan Wolcottnegotiated the sale of 4820 S Buckner Blvd, a 12k SF building in Dallas, for the seller, SSSSS Group. The buyer was MSRS Properties. *** A private buyer purchased a 5k SF Panera Bread at 5325 Beltline Rd in Dallas from 5345/5353 Beltline Partners. CBRE's Jennifer Pierson and Beth Pierson represented the seller. *** Mark Graybill and Donnie Rohde of Lee & Associates completed a21k SF industrial sale with Lifting Gear Hire Corp at 2500 Proctor St in Irving. CBRE's David Easterling represented the landlord, US Courier & Logistics. David, with Steve Berger and Sarah Carter, repped the seller, Compartment, in a 48k SF sale at 3131 Highway 161 in Irving to Surefire Industries. *** Burger King franchisee Mesquite QSR Firebrand Propertiespurchased a 32k SF property and 2,440 SF building at 1933 N Town East Blvd in Mesquite. The pad site, a former Arby?s restaurant, will be developed into a new Burger King. Venture Commercial's Bryan Cornelius and Jim Dunn, along with Progressive NNN Properties'Richard Terzian, represented the seller The Beil Family Trust. John T. Evans Co's Tom Paredes represented Firebrand Properties. Bryan and Jim have disposed of several former Arby?s in North Texas including an Irving property that sold to Firebrand in December and a Grand Prairie location that's available for lease. *** | |||
The Cantrell Cos and Partners completed the sale of a 170-unitgarden-style Fort Worth apartment community, Park Terrace. The distressed property, built in 1977, was 15% occupied at closing. Cantrell's Todd Franks and Sam Pettigrew found the buyer. Material damage occurred at the property during the winter freeze where 40 pipes burst. Myan Management worked quickly to make the repairs prior to closing which avoided a renegotiation of the purchase price. Sam and Todd also worked with Thomas Hooke (repping both buyer and seller) on the sale of the 80-unit South Dallas Barrymore Apartments. The bank-owned asset was 52% occupied at the time of the sale; closing took place in only 17 days with a local buyer that offered non-refundable earnest money on day one. *** East Coast Hoist purchased a 13k SF industrial space at 1409 W Shady Grove in Grand Prairie from Grand Bank of Texas. The seller was represented by Cushman & Wakefield of Texas? Pete Richardson and Drew Richardson. The buyer was represented byJohn Dancer. Pete and Drew repped Ybarra Hardword Products in the sale of a 22k SF industrial space at 5526 Crystal Lake Blvd in Dallas to Ron Barson, who was also repped by the broker brothers. *** Firewheel Bible Fellowship of Garland purchased two buildings totaling 33k SF at 2402 Castle Dr in Rowlett. Formerly the site of Victory Park Baptist Church, the buildings will be renovated to become the new home of Firewheel Bible Fellowship. The new facility will open in the fall. Venture Commercial Real Estate's Bob Moorerepped the buyer. Joe Jackson Realtors? Joe Jackson repped the seller, Comerica Bank. *** AF Byrd Center VA, a JV between the Adler Real Estate Fund and TriGate Capital, purchased the 475k SF 10-building industrial property complex Byrd Center Business Park in Richmond, Va., fromMedalist Properties 2 and WRE-Byrd. The Adler Real Estate Fund is a closed-end discretionary fund managed by the Adler Group, based in Miami. The property was purchased off-market through an introduction made by the buyer?s broker, Eric Robison of Thalhimer. This marks the Adler Group's second commercial property acquisition in Virginia, and the Adler Real Estate Fund?s third purchase in less than a year. | |||
NEW BUSINESS | |||
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| CF Jordan Construction was selected to build the $40M TRAXXAS world HQ at Craig Ranch in McKinney. We told you last year about the remote-controlled vehicle maker inking a deal for a campus-style office complex on 12 acres at the NW corner of Sam Rayburn SH121 Tollway and Stacy Road in Craig Ranch. | |||
PEOPLE ON THE MOVE Ted Thomsen joined NAI Robert Lynn as SVP of investment properties. Ted?s primary focus will be on retail, office, and industrial investment properties. In his 19 years of financial investments and real estate experience, he has completed more than $4B of acquisitions and dispositions throughout 34 states. He has placed more than $67M of client's equity. *** Matthew Bilardi joined the Fort Worth office of Transwestern to specialize in land sales representation. Matthew has more than 20 years of experience in the commercial and residential real estate markets and will be working with Transwestern principal Lester Day. *** Senior analysts Scott Moen and Susan Morris joined Integra Realty Resources DFW. Both will work on the firm's valuation and consulting services in real estate and litigation. Susan has been an appraiser since 1997 and has performed appraisals on multifamilyproperties, single- and multi-tenant retail centers, industrial facilities, subdivisions, billboards, convenience stores/service stations, mini-warehouse facilities, and historical properties. Scott has been active in the appraisal industry since 2002, has valued many types of properties, and been involved in valuing rights of ways and variouseasements, including conservation easements. *** Orlando Campos was named director of economic developmentfor the Town of Addison. Since 2007, he has served as senior director of business development for the Arlington Chamber of Commerce. Prior to that, he was VP of business development for the Brownsville Economic Development Council and earlier, manager of business development for the Valley International Airport in Harlingen. | |||
THIS AND THAT | |||
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The Gaedeke Group proves it has a Bisnow-worthy sense of humor with its recent marketing campaign (check it out) for its West Palm Beach, Fla. Northbridge Centre. The building earned the nickname of the Darth Vader building in 1983 because of its north face silhouette, which resembles the Star Wars character's imposing helmet. The moniker not only stuck in downtown West Palm Beach but gained recognition statewide for the 288k SF 20-story building. And, don't be fooled by any Jedi mind tricks, this is the website you're looking for. *** Portions of the I-635 HOV lanes between I-35E and US 75 will be closed beginning May 15. The closure is one of the first steps in the complete reconstruction of the LBJ Express. The five-year reconstruction project will include reconstruction of frontage lanes and main lanes on I-635 between I-35E and US 75, and the addition of managed toll lanes on both I-635 and I-35E, between Loop 12 and I-635. The remainder of the HOV lanes between I-35E and US 75 will be closed later this summer. *** | |||
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Fort Worth Mayor Mike Moncrief scaled the side of XTO's 714 Main St. building last week as a test run before the big Over The Edgefundraising event on June 24. The event is a fundraiser for Downtown Fort Worth Inc, which plans to use proceeds from the 80 rappelling slots (sold at $1,000 a piece) toward downtown improvements (and projects like the JFK Tribute, downtown marketing programs, Burnett Park, Heritage Park and social media efforts). For more info, visit Over the Edge. |
