The Week in Deals
The 314k One City Place (former Tandy Center) in Fort Worth will celebrate its grand opening Thursday of the newly redeveloped Spire-owned office tower. Here’s Spire’s Jon Ruff, Marilyn Weinberger, and Ryan Johnson giving us a sneak peek. Among the improvements: double-pane, solar-protected glass, port-technology elevators, a fitness facility, and a conferencing facility.
Trinsic Residential Group announced a plan to purchase an 11.16-acre parcel to develop 650 apartment units in two phases. This is Trinsic’s seventh investment with Akard Street Partners, an investment partnership operated by Hunt Realty Investments, since their JV formed in 2011. The first phase is expected to be 322 units and break ground in late December. The second will be 328 units and Trinsic expects to break ground in two years. The land parcel is strategically situated in an infill location on Arapaho near Knoll Trail. The location provides future residents access to nearby retail and office along the Dallas North Tollway.
Miami-based Adler Kawa Real Estate Advisors acquired the 144k SF Vista Point North office and industrial complex at 405 SH 121 in Lewisville from Jackson-Shaw. AKREA also recently purchased two properties in Houston. Jackson-Shaw was repped by HFF’s Andrew Levy, Todd Savage, and Elizabeth Malone. HFF-Miami’s Paul Stasaitis arranged financing though Sentinel Asset Management. Stream Realty Partners’ Timothy Terrell and Jeremy Kelly will handle leasing.
JDA Software Group signed a lease at 500 East John Carpenter Frwy for 52k SF. Spire Realty Group’s Andrew Schendle and Allison Johnston repped the landlord, 500 EJC (an affiliate of Spire Realty Group.) CBRE’s John Roper represented the tenant.
Sprouts Farmers Market signed a long term lease with US Industrial REIT II and affiliate of USAA Real Estate Co in Wilmer. Sprouts was represented by TIG Real Estate Services’ Tom Smolik and Kevin Mackey. Sprouts will relocate its operations from Grand Prairie to a 117k SF warehouse at 101 Sunridge in Q1. USIR II was represented by CBRE’s Steve Berger and Dave Anderson.
Neo Tech Wireless leased 48k SF at 1701 E Plano Pkwy in Plano from IAC North Dallas. Bradford’s Susan Singer and Michael Grant represented the landlord. Realty Bank Group’s Joe Yoon represented the tenant. In another Bradford deal, Skinny IT Corp leased 18k SF at 10570 John W Elliott Dr in Frisco from SeaCal Frisco. Bradford’s Nick Talley represented the tenant. Stream Realty Partners’ Bob Hagewood represented the landlord.
Perkins Coie signed a 36k SF lease at Ross Tower. PegasusAblon VP of leasing Mike Silliman represented the owner. CBRE’s Phil Puckett represented Perkins Coie.
Party City Corp signed three new leases, repped by Venture’s Larry Leon, Jonathan Cooper, and Ross McCook. The 12k SF Grand Prairie store is in the Lake Prairie Town Crossing Shopping Center at 5248 S SH 360. Venture’s Chris Corbin and Easley Waggoner represented the landlord, Kimco Realty Corp. The 14k SF Cedar Hill store is in the Pleasant Run Towne Crossing Shopping Center at the southwest corner of US Hwy 67 and Pleasant Run Road. The Retail Connection’s Jack Weir represented the landlord. The 14k SF Lake Worth store at 6548 Lake Worth Blvd. CBRE’s Jeff Kittleson represented the landlord.
HFF arranged $105.8M in acquisition financing for the 1.37M SF, 50-story Thanksgiving Tower at 1601 Elm St in the Dallas CBD for Woods Capital Management. HFF secured a three-year, floating-rate loan through Ares Commercial Real Estate Corp with the loan proceeds funding a capital improvement program to improve infrastructure and amenities. The property is 74% leased. The HFF team is led by Steve Heldenfels, Trey Morsbach, and Brian Carlton.
TIER REIT closed a new secured, revolving credit facility secured by six assets and has an initial commitment of $260M and an accordion feature to expand the commitment to $500M. KeyBanc Capital Markets and J.P. Morgan Securities were the co-lead arrangers and book runners, and JPMorgan Chase Bank served as syndication agent. U.S. Bank National Association, Fifth Third Bank and Wells Fargo Bank, National Association were co-documentation agents, and KeyBank National Association will serve as administrative agent for the facility.
Jeff Thornton was promoted to regional SVP for Duke Realty’s Texas operations. Jeff will assume responsibility for Houston operations, in addition to its Dallas business unit. He will oversee the leasing and management of Duke Realty’s more than 17M SF industrial and office portfolio in the state, as well as identify acquisition and development opportunities, new land positions and prospects for build-to-suit development. He’s been with Duke since 2001.
Jonathan Tobolowsky joined E. Smith Realty Partners as EVP of retail services. He'll work on tenant rep, retail investment sales, and leasing and advisory services to restaurant/retail tenants, landlords, and property owners.
Richard Polishuk joins the Henry S. Miller Retail team as SVP. Prior to joining HSM, Richard was on another local retail team where he spent approximately 12 years working in retail leasing services.
CREW Dallas annual award-winners include: Locke Lord’s Vicky Gunning (pictured) for outstanding achievement; Julie Brand Lynch in the individual category for career advancement for women; Locke Lord for career advancement for women for the company category; Fisher & Co’s Paula Nelson for MVP; and a special most valuable team award for the national convention leadership team of Beth Lambert Saul, Tiffini Miller, Carol Ansell, Sharon Herrin, Coni Hennersdorf, MaryBeth Shapiro, and Kathy Mulgrew. Finally, the outstanding new member award was presented to Phyllis Kramer.
Lee & Associates principal Trey Fricke was selected as a recipients of the 2013 Leaders of Lee award at the Lee broker’s summit in Las Vegas. The award was created to give recognition to those who have made exceptional contributions to the firm and the industry. He’s a founding principal of the office in 2006.
Congrats all around the Metroplex for great achievement. The City of Fort Worth was named to the Forbes’ list of the top 10 best cities for job seekers, and Denton’s Main Street made Huffington Post’s list of top American Main Streets. And, a very happy 40th anniversary to DFW International Airport.