The Deal Sheet; Apartment Acquisition
A JV of NYC-based The Praedium Group and Dallas-based Price Realty Corp bought the 362-unit Hidden Creek apartments in Lewisville for $20M from Waterton Associates with plans for capital improvements to the site. | |||
 | |||
At 1200 College Pkwy in Lewisville, Hidden Creek is a half-mile from I-35E. It was built in 2000 and is 96% occupied. Price Realty prez Michael Ochstein says Praedium?s reputation as an owner and investor was key to closing this deal. He's wants to build a long-term relationship with the firm and has plans to acquire more properties in the region. HFF?s John Brownlee and Brian Carlton represented the lender, Freddie Mac, in direct negotiations with Praedium and Price Realty. HFF placed the five-year, fixed-rate securitized loan with Freddie Mac and loan proceeds were used to acquire the property. | |||
SALES | |||
A local investor has purchased a 52k SF retail/industrial complex at 10220 Harry Hines Blvd. Capstone Commercial's Larry Robbins represented the purchaser and Carole Smith represented the seller. *** Wells Core REIT acquired the 284k SF Class-A buildings Duke Bridges I & II in Frisco for an undisclosed price. The buildings are fully leased to T-Mobile West Corp and EFA Processing. Wells Core REIT is a nontraded, public investment program sponsored by Wells Real Estate Funds, focused primarily on core office real estate, leased primarily to investment grade tenants. Joe Oglesb y, chief investment officer of Wells Real Estate Funds, was advisor to the REIT. Wells was represented internally by capital markets SVP Keith Willby. *** Cumberland on Granbury, a 282-unit Class-A apartment community at 6850 Granbury Rd near Hulen Street in southwest Fort Worth, was sold for an undisclosed amount to S&H Realty Management, an out-of-state private buyer that owns and self manages several multifamily assets in Tarrant County. Cushman & Wakefield of Texas? Lamont Rattler and David Ellis marketed and sold the property out of foreclosure for Capmark Bank. It is 94% occupied. "Although a foreclosure sell, this asset was well maintained, fully stabilized and attracted investors seeking upside potential. The lack of similar class properties on the market in addition to close proximity to the Hulen Mall area and Medical Center District enticed double-digit buyers to bid on this property,? LaMont says. *** | |||
 | |||
The Village at Mansfield III, a 12k SF retail property sold for an undisclosed amount. The fully occupied property at 1205 East Debbie Ln in Mansfield was built in 2008. Marcus & Millichap investment specialist Bill Jordan had the exclusive listing to market the property for the seller, a developer. Bill also secured and repped the buyer, an LLC. ***
Cedar Hill Apartment Holdings purchased a 100-unit apartment at 201 S Clark in Cedar Hill from 201 S Clark Road Holdings and a 168-unit apartment at 139 S Clark in Cedar Hill from BofA as trustee for DLJ Comm Mort Corp. CBRE's Chris Deuillet and Nita Stewart represented the seller. *** Sun SCP Investment Co dba Applebee?s bought a little over an acre at Centerville and LBJ in Dallas. The Retail Connection?s Brandon Trimble, Jack Weir, and Jim Weir repped the landlord, Garland Eastgate. Falcon Realty's Michael Walters and CBRE's Campbell Foster repped the buyer. *** CASE Commercial Real Estate Partners closed the sale of a multitenant building at 3213 N. MacArthur Blvd in Irving. The almost 6,000 SF facility was purchased for an undisclosed amount by Fluxlight. CASE?s Ken Walter represented the purchaser and Magellan?s Brandon Rutledge and John Paul West represented Bank of the West, the seller. *** | |||
 | |||
The Hilton Dallas/Park Cities, a 224-room, full-service hotel, sold to Apple Nine Hospitality Ownership for an undisclosed amount. HFF exclusively represented the seller in marketing the hotel at 5954 Luther Ln in Preston Center. Originally built in 2001, the property was renovated in 2010, but will receive additional renovation and updates by the new owner. The HFF team representing the seller was led by director John Bourret and senior managing directors Whitaker Johnson and Dan Peek. The sale of the Hilton provides additional evidence to the rapid recovery of the hotel sector, which has spread beyond a handful of cities to the major markets of the heartland and beyond. *** Jewmor Holdings purchased a 42k SF warehouse on two acres at 1108 to 1114 Quaker in Dallas from Mercantile-Quaker for an undisclosed price. Colliers International's Allen Gump, Phil Rosenfeld, and Matt Thompson repped the seller. Transwestern's Clint Riley repped the buyer. The Colliers team has sold several other buildings that were part of this portfolio and have three buildings left to sell, all of which are under contract. *** Megatel Homes purchased an 11-acre tract in the northeast quadrant of Ohio Road and Hedgcoxe Road in Plano. The land has been rezoned for a new residential community. The seller, Florida Etoile, has been a long-time client of Henry S. Miller prez Sam Kartalis. HSM Management traded several lots with Megatel Homes in the past year within HSM?s company-owned residential developments. HSM Management plans to start lot development for Megatel Homes later this year with Megatel expected to deliver its first Beverly Hills Estates homes in the spring. *** NorthMarq Capital SVP Stephen Whitehead arranged first mortgage financing of $5M for the Fairfield Inn and Suites, a 120-room hotel at 4120 W. Airport Frwy in Irving. Financing was based on a 20-year term and a 20-year amortization schedule with one-year interest only and was arranged for the borrower, Savoy Hospitality, by NorthMarq through its relationship with Prosperity Bank. | |||
LEASES Avero Diagnostics leased 22k SF of laboratory and office space at 6221 Riverside Dr in Las Colinas. The Weitzman Group's Jonathan Diamond represented the landlord. Stream Realty Partners' Kyle Jacobs represented the tenant. *** Delta Dallas leased 11k SF at Tollway Plaza II in Dallas. CASE Commercial Real Estate Partners' Tom Sutherland negotiated for the tenant and Peloton Commercial's Kathy Denny repped the landlord. *** Value Management Group leased 18k SF at Chateau Plaza in Dallas. CASE Commercial Real Estate Partners' Lance McIlhenny repped the tenant andStream Realty Partners' Tommy Nelson represented the owner. *** | |||
 | |||
Cassidian Communications renewed its almost 12k SF lease at 6801 Gaylord Pkwy at Hall Office Park in Frisco. Hall Office Park's Kim Butler, Tammy Lomonaco, and Brad Gibson repped the landlord, Hall Financial Group. *** SCM Real Estate Services signed a 102k SF lease with Guard-All at 1011 Regal Row in Dallas. Gary Walker and Renee Efimoff represented the landlord. RMB investments' Bryan Lurie represented the tenant. *** Hughes Commercial Real Estate and Development's Craig Hughes and Cushman & Wakefield of Texas? Ashley Pope represented Daikin AC in two transactions: a 27k SF office lease extension for Daikin's North American HQ at 1645 Wallace Dr in Carrollton. The landlord is RCI Valwood. The other deal is an almost 34k SF distribution center lease expansion for 114k SF at 1100 N 28th Ave at DFW Airport. The landlord, LIT Industrial Texas Ltd, was represented by CBRE's Steve Trese. *** Alere Wellology renewed almost 12k SF of Class-A office space at 9400 NCX at 9400 N Central Expwy in Dallas with Rosemont Realty. Bradford Commercial Real Estate Services SVPs Sharon Friedberg and Melanie Hughes represented the landlord. Patrick McCaffrey of CRESA Partners represented the tenant. *** The State of Texas renewed almost 11k SF of light-industrial space at 2511 Dalworth St in Grand Prairie. Bradford Commercial Real Estate Services SVP Brian Pafford represented the landlord, Tarrant County. | |||
NEW PROJECTS MEDCO Construction topped out the Baylor Medical Center at McKinney. Senior project manager Jim McSweeney, PM Andy Kelly, and superintendent Ronnie Robertson are leading the team. Designed by RTKL, the project includes a six-level (plus half basement) cast-in-place structure of 465k SF as well as a finish-out area of 354k SF that will include 95 patient beds with one floor devoted to women's services. Two floors will be reserved for future finish out of 96 additional patient beds. At the corner of Hwy 380 and County Road 159, the 60-acre site will have surface parking, a helipad, and a water well allowing Baylor. MEDCO will also build an attached 120k SF MOB on the site for Duke Construction. Completion is slated for April '12. *** | |||
 | |||
Ascension Group Architects is overseeing the $20.5M expansion and renovation of College Station Medical Center in College Station. Much of the project involves expanding the medical center?s Women's Pavilion. 30k SF of space was added vertically to the hospital?s existing two-level tower. The new level will house 30 postpartum/gynecology beds and a nursery with space for 25 babies. Utah-based Layton Construction is the GC. The project is scheduled for completion in December. *** SCM Real Estate Services was granted the management and the leasing assignment of the 94k SF Arlington Oaks Office Park at 208 Billings St in Arlington. It will be renovated to update the interior and the exterior areas of the property in order to increase its occupancy, now below 50%. SCM senior leasing specialist Theron Bryant will lease the project. *** The Dallas Independent School District awarded a $9.5M contract to Satterfield & Pontikes Construction to perform extensive renovations to Comstock Middle School, Burleson Elementary School, Thompson Learning Center, and Douglass Elementary School. Jacobs & Associates will provide design and architectural services for the project. S&P will replace mechanical, electrical, heating, cooling, and plumbing systems as well as doors, windows, ceilings, and light fixtures. *** Holt Lunsford Commercial was awarded the leasing assignment for the 146k SF nine-story Addison Tower, a Class-A project built in 1985. It underwent extensive renovations in 2006. Addison Tower at 16415 Addison Rd is currently 88% leased. It is owned and managed by Aque Investment Group. Beth Boyd and Mace McClatchy will lead the leasing efforts for Holt Lunsford Commercial. | |||
PEOPLE ON THE MOVE Good Fulton & Farrell associate principal Allison Laros was elected to serve as a 2011 American Cancer Society board member. The ACS?s High Plains Division serves Texas, Kansas, Missouri, Nebraska, Oklahoma, Hawaii/Pacific Islands and Guam. |
