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The Week in Deals

The Week in Deals

SALES

Piedmont Office Realty Trust purchased the 105k SF Class-A 161 Corporate Center in Irving for approximately $150/SF and at an initial Core FFO yield of approximately 8%.  The property is currently 91% leased

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Family Dollar purchased 47k SF at the southwest quadrant of Golden Triangle Boulevard and North Beach Street in Fort Worth for a new retail location. John T. Evans Co’s Craig Johnson  and Taylor Roberts (formerly of JTE) represented the seller.

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The Disney Group closed on the sale of 170k SF Wedgewood Commons (a newly developed Target-anchored power center) in Olive Branch, Miss. Inland Real Estate Income Trust acquired the center for $34M from a partnership controlled by StoneCrest Investments. StoneCrest developed the center from 2009 through 2013 and will continue to develop additional phases of the shopping center. The Disney Group’s David Disney represented the seller and procured the buyer. David worked with StoneCrest CEO Brad Smith on the transaction.

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A private investor purchased the 19k SF A-Thrifti Self Storage (2115 8th Ave) and the 30k SF A-1 Self Storage (2620 West Pafford St) in Fort Worth from another private investor. Marcus & Millichap investment specialist Brandon Karr repped both seller and buyer. The buyer intends to modernize the facilities and improve operations and management. The properties were on the market for one day.

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TAK Enterprises purchased three acres at the corner of Precinct Line Road and LaVaca Trail in Colleyville from Realty Capital Management. RCM director of commercial sales and leasing Mark Boone repped the seller. Moss Commercial Real Estate’s Kyle Moss repped the buyer. Mark also repped RCM in the sale of 140 acres on SH 205 and FM 249 just south of Interstate 30 in Rockwall to Arcadia Realty Corp. The land has been designed for 276 homes with approximately 28 acres of open space and parks. 

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An out-of-state individual/personal trust purchased the 16k SF Green Oaks Village at 3851 Southwest Green Oaks Blvd in Arlington from an LLC. Marcus & Millichap investment specialists Ron Hebert and Blake Burnett repped the seller and procured the buyer. The asset was 94% occupied at the time of sale.

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Ardinger Properties sold a 64k SF office building at 2100 Valley View to 2100 Ricchi. Henry S Miller EVP Jim Turano and associate Niels Brown repped the seller. HSM’s Lew Wood and Andrew Doster repped the buyer.

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A local partnership purchased the 250-unit McKinney Park near Loop 288, west of I-35E in Denton, from the out-of-state owner. Marcus & Millichap VP Al Silva, in conjunction with the Tax Credit Group of Marcus & Millichap out of Seattle, repped the seller. Al also secured the buyer. The new owner plans to make major improvements to the property, which was 90%

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A JV between Standridge Cos and Legacy Capital Partners sold 20k SF on almost 2.5 acres at 4910 SH 121 in The Colony to Big Country Interests. The seller was repped by CBRE’s Stroud Arthur and Ryan Byrne

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Macfarlan Capital Partners purchased the 206k SF Campbell Glen II in Richardson’s Telecom Corridor. Campbell Glen II is 100% triple-net leased to AT&T. Built in 1997, Campbell Glen II was recently updated, including renovations to the interior, mechanical upgrades, and the installation of automated gates and a security fence around the property’s perimeter. CBRE’s Erick Mackey, Gary Carr, John Alvarado, and Robert Hill arranged the deal for the seller. HFF’s Mark West and Brandon Chavoya represented Macfarlan in arranging debt financing.

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Brookwood Financial Partners acquired the 360k SF Heritage Square I & II at Dallas North Tollway and the LBJ Freeway in Dallas. Brookwood plans a $6M capital improvement project at the 56%-occupied property including upgrading the landscaping and renovating the entrances, lobbies, common areas, bathrooms, café, conference, and fitness centers. Los Angeles-based Mesa West Capital provided the financing to fund the acquisition and capital improvements. Cushman & Wakefield represented the seller. Charles Foschini, Christian Lee, and Chris Apone in the CBRE Miami office arranged the financing.

FINANCING

Metropolitan Capital Advisors senior director Sunny Sajnani arranged refinancing through Southwest Bank for the Sunwest Leasehold Portfolio—a collection of 19 properties across six states. Rainier Capital Management engaged MCA to secure a leasehold mortgage to refi high-rate bridge and mezz financing. The $6M leasehold mortgage has a fixed interest rate for seven years at 4.75% with partial recourse. Emersons Commercial Management has managed the Sunwest Portfolio for 20 years and was involved in the process.

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Institutional Property Advisors Capital Markets arranged $18M in debt financing for two properties in San Antonio and Bedford. IPA associate director Brian Adams arranged $6.8M for the San Antonio property and $11.5M for the property in Bedford. IPA executive director Will Balthrope and IPA director Scott Lamontagne referred the borrower of the 120-unit asset in San Antonio to Brian. Will, IPA associate director Drew Kile, Marcus & Millichap VP Nick Fluellen, and associate Bard Hoover referred the borrower of the 220-unit complex in Bedford to Brian. The 10-year fixed loan amortizes over 30 years after one year interest only.

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CBRE Capital Markets arranged financing, and acted as equity placement advisor, for a nine-property, 1.9M SF industrial portfolio spanning Dallas, Houston, San Antonio, and Atlanta. It repped Sealy & Co and AEW Capital Management to recapitalize the portfolio and obtain a $52.2M loan through J.P. Morgan. The five-year, floating-rate financing is interest-only for the entire loan term.  At time of closing, the 20-building portfolio was 90% leased. The Dallas portion of the portfolio is comprised of 16 buildings (about 939k SF) in the South Stemmons and Northwest Dallas submarkets. CBRE’s Scott Lewis, Matt Ballard, and Patrick Benoist originated and secured the financing for the borrower. CBRE’s Jack Fraker, Josh McArtor, Jonathan Bryan, and Heather McClain Venegoni worked as the equity placement advisor.

The Week in Deals

LEASING

Walters, Balido & Crain inked a 23k SF lease at 10440 N Central Expwy in Dallas. JLL managing director Jeff Staubach and VP Andy Leatherman repped the tenant. Cawley Partners director of leasing Randy Shipman and project leasing coordinator Jeremy Duggins represented the landlord, Meadow Park Office.

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Marketing Response Solutions leased 15k SF at 15110 N Dallas Pkwy in Dallas. NAI Robert Lynn’s Nick Lee represented the tenant. In another NAI Robert Lynn deal, Menlo Logistics leased 102k SF at 1130 Avenue S in Grand Prairie. NAI Robert Lynn’s John Lancaster and Transportation Property Co’s Steve Shields represented the tenant. NAI Robert Lynn’s Jim Hazard represented the landlord. Finally, Allied Insulation & Supply leased 27k SF at 2729 Market St in Garland. NAI Robert Lynn’s Stephen Cooper and Tom Lynn represented the landlord. Lee & Associates’ Brett Lewis represented the tenant.

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Lee & Associates’ Ken Wesson, Adam Graham, and Scott Alexander completed a 75k SF industrial lease at 1600 Kelly Blvd in Carrollton for landlord, Cobalt Capital Partners. Cushman & Wakefield’s Mark Becker and Dan Cook represented the tenant, Polyair Corp.

EXECUTIVE MOVES

Jonathan Krebbs joined Henry S. Miller Cos’ property management group, Henry S. Miller Realty Management, as the director of business development. He joins the firm from Needham Properties, where he managed a portfolio of multifamily and commercial real estate assets. 

WASHINGTON DC 06.27.2017

THE WASHINGTON DC STATE OF THE MARKET

Matt Bronfman
Jamestown Properties
Anthony Lanier
EastBanc
Herb Miller
Western Development