The Deal Sheet
KUDOS
Congrats to the Morrow Hill Milers (Jon Bolsins, Chris Morrow, Simon Figg, David Jimenez and Jonathan Najjar) for completing the Behringer Corporate Relay in the Metro PCS Dallas Marathon on Saturday. The team’s mantra: we lease better than we run. (Send us your team pics from the marathon at tonie@bisnow.com)
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IREM Dallas presented its industry awards, which included swearing in the 2015 executive council of Debbie Bunch, Susan Heath, David Bryant, Jessica Warrior, Christie Clenney, Scott Stovall, Camille Wood, Debra Spears, Brian Bordelon, Michelle Morris, Ginny Goldsmith, Adam Bernhardt and Susan Nash. Susan Heath will be the 2015 president, and Jessica Warrior was the 2014 president. The 2014 CPM IREM Dallas legacy award was presented to Debbie Lister. David Bryant was named CPM of the year. Accredited management organization of the year was presented to Lincoln Property Co. Rising star of the year was awarded to Brian Bordelon. The 2014 associate member of the year was awarded to Stephanie Hudson. The 2014 committee of the year was presented to Jessica Warrior, Donna Matthews, Tim Ward, Pattie McClean, Andrea Saccomanno, Jessica Shofner, Mark Condry, Lisha George, Holli Biggerstaff, Brian Wiedenhoeft and Scott Frech. Debbie Bunch was named the 2014 committee chair of the year and Patti Dyess is the 2014 committee member of the year. The 2014 president’s award went to the golf committee. The core committee includes Mark Slicker, Ginny Goldsmith, Steve Broom, Terry Barnes, Michelle Morris, Jessica Warrior and Jenifer Glenn. The IREM friend of the year went to Schneider Electric and the friend’s legacy award went to Scott Frech. Special recognition was given to Chamberlin Roofing and Amanda Lipford, Kessler Collins and Tony Barbieri, and VMC Landscaping and Mark Slicker.
SALES
Happy Habitat and Dallas Clearwater Ventures have sold the 100-unit Telstar Apartments (pictured) at 2800 W Davis St in Dallas to 5124 Live Oak. The Cantrell Co’s Sam Pettigrew repped the seller in the direct deal. Sam also repped the seller in a direct deal when Y&O Park Place sold the 63-unit Park Place at 3155 Park Ln in Dallas to Casa San Luis Apartments.
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Centennial Real Estate Co partnered with Falcon Realty Advisors to buy the 25k SF former Barnes & Noble on South Cooper Street in Arlington in front of the Parks at Arlington mall. The building has been leased to Specs Wines, Spirits and Finer Foods for its first Arlington location. Centennial’s Jody Detmore repped the tenant and Perren Gasc repped the landlord. Falcon’s Oliver Robinson and Will Adams handled the sale of the property to an undisclosed buyer.
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A private investor purchased the 84-unit New Orleans Apartments in Richardson from another undisclosed private investor. Marcus & Millichap’s Stephen Crittenden, William Jarnagin and Michael Ware repped both buyer and seller. The buyer acquired the asset through a 1031 exchange. Financing was arranged through Happy State Bank of Texas.
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Lackstone Marbles & Granites purchased a 32k SF industrial building at 11120 Zodiac Ln in Dallas from Alliance Glass & Metal. Lee & Associates’ Reed Parker repped the buyer. Lee & Associates’ Nathan Denton repped the seller.
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Bo Avery with TriMarsh Properties purchased 175k SF Hulen Pointe Shopping Center in Fort Worth from Austin-based Wes Walters Realty. The center is 48% occupied. Bo says TriMarsh is ready to lease about 45k SF to national tenants and bring the center’s occupancy to 80% CBRE’s Jennifer Pierson, Beth Pierson and Cameron Deptula repped the seller.
NEW DEVELOPMENT
High Street Residential in partnership with Northwestern Mutual Real Estate, finalized plans to build Knox Heights, a Class-A six-story mixed-use project with 182 luxury residential units and ground floor retail and restaurants along McKinney Avenue just north of Knox Street. Construction is scheduled to start in 2015. The project is located on 1.3 acres with almost 14k SF of ground floor retail, a 2,400 SF fitness facility and lounge, a 4,500 SF amenity deck and pool overlooking McKinney Avenue, and a three-level subterranean parking garage.
LEASING
One Lincoln Park at 8401 North Central Expy in Dallas inked almost 82k SF across eight leases including an 11k SF expansion by Covey Park Energy to 24k SF. JLL’s Jeff Eckert, James Esquivel and Ashley Curry repped the landlord, Piedmont Office Realty Trust. CBRE’s Robert Blount repped the tenant.
FINANCING
CBRE Capital Markets’ Debt & Structured Finance team has secured $151M in financing for Harbor Group International for the acquisition of The England Group Portfolio, a 2,368-unit multifamily portfolio of nine institutional-quality assets including seven projects in the DFW area. Nine loans were provided in three separate closings. Freddie Mac provided seven new mortgages, each with a seven-year term and a floating interest rate. In addition, Freddie Mac provided two supplemental loans on two of the assets, each with a 7.58-year term and a fixed rate, in conjunction with the approval of the first mortgage assumptions on those assets. Included in the transaction were:
• Briarcrest Apartment Homes at 1330 MacArthur Dr in Carrollton– 238 units. CBRE arranged a $17.2M first mortgage loan.
• Carrington Park Apartments at 3001 Communications Pkwy in Plano– 364 units. CBRE arranged a $36.2M first mortgage loan.
• Fossil Hill Apartments at 5700 N Beach St in Haltom City – 216 units. CBRE arranged a $12M first mortgage loan.
• Huntington Glen Apartment Homes at 2900 Harwood Rd in Bedford– 224 units. CBRE arranged an $11.3M first mortgage loan.
• Sunset Oak Apartments at 3550 Timberglen Rd in Dallas – 320 units. CBRE arranged a $19.7M first mortgage loan.
• Tall Timbers at 501 Sycamore Ln in Euless – 216 units. CBRE arranged a $3.4M supplemental loan.
• Villas at Waterchase at 165 N Old Orchard Ln in Lewisville – 244 units. CBRE arranged a $4M supplemental loan.
The loans were facilitated by Charles Foschini in collaboration with his partners Christopher Apone and Christian Lee of CBRE’s Miami office.
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HFF’s Adam Herrin arranged $46.7M of financing for two multi-housing properties – The Bluffs at Ironhorse, a two-phase, 490-unit multi-housing community in North Richland Hills, and Stone Villas, a two-phase, 396-unit multi-housing community in northwest Fort Worth. HFF repped the borrower, Oxford Enterprises, to secure financing for the properties in two separate transactions. The Bluffs at Ironhorse was financed with a $34.7M, 10-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corp. The $12M balance sheet loan for Stone Villas was placed with M&T Bank.
