The Week in Dallas-Fort Worth Deals
S2 Capital closed on 638 Arlington multifamily units—three properties—with plans for $7M in renovations. It’s a deal that took about eight months to close simultaneously with two sellers in off-market deals.
S2 Capital principal Scott Everett tells us the properties—Manchester Park, Valencia and Cypress Chase—are all in the North Arlington submarket, which he believes has become an attractive location for tenants who are being priced out of surrounding core DFW submarkets but still want central access, local entertainment options and updated housing. He started looking to buy in the Arlington area in the last 18 months with the goal of pushing rents anywhere from $175 to $300/month at the various properties, he tells us. Just last month, S2 added the 660-unit Forest Ridge Apartments in Arlington. S2’s Arlington portfolio is up to 2,200 (of the firm’s 5,200 units) with total rehab costs of more than $27M. Scott has been working with Transwestern principal Taylor Snoddy and VPs Philip Wiegand and James Roberts on the deals, along with HFF’s Rob Key and Blair Lang, who repped the seller.
Realty Capital Management sold the remaining 2.67 acres of land off FM 1709 and Miron Drive in Southlake in Miron Grove Office Park to local developer Conifer Real Estate. Conifer plans to build six office buildings ranging from 3k SF to 5,900 SF. Realty Capital Management’s Mark Boone repped the seller, RCC Miron Office.
A private investor purchased the 28k SF Shops at Regent Cross retail property at 3601 Regent Blvd in Irving. Marcus & Millichap VP Philip Levy repped the seller. The buyer was secured by Marcus & Millichap VPs Ronnie Issenberg and Gabriel Britti out of the Miami office. The property is fully leased with all leases triple net.
TCRG Properties (a real estate investment company recently formed by Bobby Patton of Fort Worth) acquired a 352k SF multi-tenant office warehouse at 1400 Everman Pkwy in Everman from Conti Warehouses. This is the second deal for TCRG, bringing total acquisition activity to 680k SF in two transactions over 45 days.
THIS & THAT
Stream Realty Partners hosted its second "Santa Social” at the Old Parkland Campus. The event was hosted on behalf of Trammell Crow Center with special guests Santa Claus and The Grinch. Here’s Haynes & Boone’s Ellie Simpson, Stream’s Scott Sowanik and Ramsey March, JP Morgan’s Dale Todd, Stream’s Sara Terry and Stephanie Fahle. We overheard Sara’s Christmas wish to Santa: a really big lease; four floors or larger, please.
Bright Realty continued its Christmas tradition of donating hundreds of gifts to Buckner Children’s Home in Dallas. The organization provides foster group care for children at its East Dallas campus in cottages that allow siblings to remain together, providing a consistent home environment while in the state’s custody after having been abused, neglected or abandoned. Bright Realty led the charge to collect items to fulfill children’s wish lists, by combining efforts with other Bright Industries divisions, including American Legend Homes, Bright & Co Marketing, Bright Equities and Infinity Lawnscape. Employees from each organization filled those Christmas wishes with items such as skates, scooters, books, soccer balls, basketballs, movies and even a “pretty Christmas dress.”
ML Realty Partners VP Matthew Smith completed close to 700k SF in recent lease transactions including 95k SF at Park West Crossing to Classic Auto Air Manufacturing, JAS Forwarding (USA), DSBJ Precision Mechanical and JFC International. An additional 596k SF were signed by GA Communications and Financial Statement Services, both at 480 Wrangler Dr in Coppell; AUTOMEDX and Fifty 50 Medical, both at 440 Wrangler Dr in Coppell; General Motors at 1150 Enterprise Dr in Coppell; W.W. Grainger at 8321 John W. Carpenter in Dallas; CBI Laboratories at 4201 Diplomacy Rd in Fort Worth; Stone Panels at 100 S Royal Lane in Coppell; United Laboratories Manufacturing at 1270 Champion Circle in Carrollton; and Glazer’s Distributors of Texas at 13755 Diplomat Dr in Farmers Branch.
Williams-Sonoma Direct leased 242k SF in I-20 Corporate Center at 220 E Danieldale Rd in DeSoto from Series A of CMDS Trust & H&H Paramount. Bradford’s Kevin Santaularia, Michael Spain and Michael Grant repped the landlord. CBRE’s Dave Anderson repped the tenant.
Kerr Industries of Texas renewed 50k SF at 1101 N Great Southwest Pkwy in Arlington. Bradford’s Jim Ferris and Michael Spain repped the landlord, CIVF I-TX 105-W06. E Smith Realty Partners’ Jim Hazard repped the tenant.
TM Express leased 48k SF at 1011 Royal Lane in Irving. Transwestern’s Brett Owens and Ben Phillips repped the landlord, Colony Capital.