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Dallas-Ft. Worth

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The Deal Sheet

Connecticut-based HEI Hotels & Resorts purchased the Sheraton North Dallas by the Galleria for an undisclosed amount and has plans for a comprehensive renovation.

 
Sheraton North Dallas

HEI SVP of acquisitions Russell Urban says the buy underscores the group's ability to seek value-added hotel opportunities that will benefit from its core strengths in management and renovation. HFF marketed the 309-room hotel for the seller. Russell says the hotel, at 4801 LBJ Frwy, was acquired out of REO from a lender that foreclosed on the property. This is the second purchase in the submarket for HEI, which bought the Le Mridien last year, also marketed by HFF. The Sheraton North Dallas was built in 1979, renovated in 2009, and features 14k SF of newly renovated meeting space. Details of the planned improvements were not disclosed. The HFF team representing the seller was led by senior managing director Dan Peek and director John Bourret.

 
Kurz Group Mini
 

FINANCING

Hudson Realty Capital funded a $6M first mortgage loan secured by a 97k SF retail center in Richardson. The sponsor utilized the loan to purchase the 8.2-acre site's first mortgage at a discount. Built in the mid-1970s, the neighborhood retail center underwent a renovation four years ago and features a roster of local, regional, and national tenants. In less than seven months, Hudson has closed three Texas loans totaling more than $17.5M.   

LEASES

 
Tower at CityPlace

HOK renewed its 14k SF office lease at the Tower at Cityplace at 2711 N Haskell. JLL managing director Carl Ewert and associate Rachel Brown represented the tenant. Stream Realty's Sarah Erickson represented the landlord, Dallas CPT Fee Owner.

 

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Regus inked a 20k SF deal in the Arlington Highlands at I-20 and Matlock. The Retail Connection?s John Mathews repped the landlord, Arlington Highlands. Peloton Real Estate Partners' Jerry Bolz repped the tenant.

 

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AmerisourceBergen Specialty Group signed a new full-floor lease for an additional 30k SF at 3200 Internet Blvd in Hall Office Park to expand its group HQ. ABSG now fully occupies 3200 Internet Blvd and 3101 Gaylord Pkwy, two of the 15 buildings completed at Hall Office Park. Leasing director Kim Butler and leasing associate Tammy Lomonaco handled negotiations on behalf the landlord, Hall Financial Group. Transwestern principal Randy Garrett and DAUM Commercial Real Estate Services EVP Dan Knudson from Newport Beach, Calif., represented AmerisourceBergen Specialty Group.

 

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Lab Supply  leased 11k SF  of office/warehouse space at 2951 Northern Cross in Fort Worth. NAI Robert Lynn's Michael Newsome represented the tenant and Transwestern's Amy Baker represented the landlord.

 

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O?Reilly Auto Parts leased 12k SF of retail space at 3407 W Northwest Hwy in Dallas.  NAI Robert Lynn?s Conner Ivy  represented the sublandlord, Sears Holding Corp.

 

 

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Sherman Street Commons

An undisclosed tenant leased almost 74k SF of office space across the two buildings that make up the Sherman  Street Commons at 1200 and 1300 Sherman St near LBJ Freeway and Central Expressway. Grubb & Ellis Co EVP Kathy Permenter, SVP Russ Johnson, and senior associate Sean Dalton repped the landlord, Fausset Neely, which purchased the vacant buildings in January 2010. Fausset Neely prez Dick Fausset says a significant investment was made to improve the property's curb appeal and build out spec suites.

 

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Kimball Distributing leased 10k SF of flex industrial space in Westfork Center Building A at 1555 Avenue S in Grand Prairie from DCT Industrial. Bradford Commercial Real Estate Services VP Jim Ferris and SVP Michael Spain represented the landlord. David Dunn of Sperry Van Ness|Dunn Commercial represented the tenant.

 

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Hitachi Consulting Corp leased 25k SF of office space at Wellington Centre at 14643 N Dallas Pkwy. Jones Lang LaSalle managing director Brad Selner and EVP Josh White repped the tenant. Brent Steward with Fidelity Commercial Realty repped the landlord, Parkway.

 

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High Rev Power leased 19k SF of industrial space at 1441 Patton Place in Carrollton. Bob Kent of Structure Commercial represented the tenant.


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Indoor  Safari Park leased 13k SF of retail space at 6205 Coit Rd in Plano. Jeremy Cummings of Structure Commercial represented the tenant and Taylor LeMaster of John Bowles Co represented the landlord.

 

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As Needed Party Rentals leased 20k SF of retail space at 3225 W Airport Frwy in Irving. Structure Commercial's Eric Deuillet and Troy Morgan negotiated the lease.

 

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MDI Achieve leased 10k SF at Hall Office Park?s 3011 Internet Blvd. The Hall Office Park leasing team including leasing director Kim ButlerTammy Lomonaco, and Brad Gibson handled negotiations for the owner and landlord, Hall Financial Group. Grubb & Ellis'Daniel Rudd and Billy Vahrenkamp represented MDI Achieve.

 

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WGI Innovations renewed its 231k SF office lease at 602 Fountain Pkwy in Grand Prairie from Westmount Realty Capital. David Dunn of Dunn Commercial represented WGI.

SALES

An 80% vacant 6,000 SF retail property at 5200 Colleyville Blvd in Colleyville sold for an undisclosed amount; Marcus & Millichap Real Estate Investment Services investment specialists Blake Burnett and Drew Kile having exclusive listing to market the property on behalf of the seller, an individual/personal trust.   

 

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Centric Capital Partners purchased a Wendy's Restaurant at the northwest corner of Beltline Road and Plano Road in Richardson. The 35k SF shop was purchased for long-term investment purposes. The seller was 2444. Sean Byrne of the Byrne Co handled negotiations.

 

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Jack in the Box at 1405 Corsicana Hwy in Hillsboro was sold for an undisclosed amount to a local partnership, repped by Marcus & Millichap?s Vincent Knipp and Chance Hales. The asset had about eight years remaining on an absolute, triple-net lease and had excellent access and visibility from I35.

 

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HFF closed the sale of two US  government-leased, single-tenant office buildings in Las Vegas and Denton. HFF marketed the properties on behalf of the seller, Frankfurt-based KanAm Grund Kapitalanlagegesellschaft mbH. The properties were purchased for an undisclosed amount. The FBI Building in Las Vegas totals 107k SF and is leased to the FBI through October 2021. The FEMA  Building is an 83k SF facility in Denton that's leased to FEMA through May 2022. Both buildings were constructed in the past nine years as build-to-suit facilities for these GSA entities.

 

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Arlington Oaks

A local investment group headed by Gary Walker, prez of Skywalker Property Partners (the managing partner for a CRE investment fund called The Hangover Opportunity Fund, which targets distressed mid-sized commercial properties) purchased the 94k SF Arlington Oaks Office Park (on about 12 acres) for an undisclosed price from Houston-based owners, KTAO Partners, which has owned the property since 1994. Tuttle Commercial's David Tuttle represented the purchaser, One Oak Over the Line, which plans to make capital improvements while marketing aggressive leasing rates. The site is less than 50% occupied. The seller was self-represented

 

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CBRE Hotels, acting as the advisor to DSW Inns, sold a 124-room Drury Inn & Suites at 4120 West Airport Frwy in Irving. The four-story interior corridor hotel was sold free and clear of management and franchise. The buyer, Savoy Hospitality, has plans to convert this property to a Fairfield Inn & Suites. CBRE Hotels first VP Bert Stevens says Savoy Hospitality was able enter the DFW market with this acquisition at an attractive basis.

 

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Stream Realty Partners recently purchased Plaza 35 from a special servicer. The 35% leased project has access and frontage directly on I35. Stream's leasing team includes VP Daniel Farrar and partner Kevin Granger. HFF brokered the sale.