This Week's Dallas-Fort Worth Deal Sheet
Stan Johnson Co completed the sale of the Midtown Medical Office Building, a 57k SF, multi-tenant medical office building at 900 Jerome St in Fort Worth, to Roque Properties for $19M.
After a bidding war between an institutional buyer and a 1031 investor, the team achieved a sales cap rate that exceeded pricing expectations and beat the market by 75 to 100 basis points. Toby Scrivner, Jeff Matulis, Grant Wilkins and Colin Cornell of Stan Johnson Co's healthcare net-lease group repped the seller, Ridgeline Capital Partners. Stan Johnson Co also repped the buyer.
EXECS
Transwestern hired Ryan Tharp in its Dallas office as director of research. Ryan will coordinate research efforts for local market reports, national trends and corporate analyses, supporting business development and expansion of all Transwestern service lines in North Texas.
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Jackie Fraker Marshall joined CBRE’s office agency leasing team in Dallas as a VP specializing in the marketing and leasing of office projects in DFW.
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The Woodmont Co hired John Geddis as SVP of brokerage services. John will lease the firm's growing outlet shopping center portfolio, including third-party-owned outlet centers and planned outlet center developments.
SALES
An undisclosed local group acquired Cedar Square Apartments in North Oak Cliff after renovations by the seller at the 116-unit complex. Old Capital provided the non-recourse Freddie Mac loan at 80% LTV with a seven-year term at 4.39%.
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ML Realty Partners acquired a 304k SF industrial building portfolio comprised of six buildings ranging from 31k SF to 65k SF in Union Bower Business Park in Irving.
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Cool River Enterprises purchased the 31k SF Greendale Office Center at 2175-2185 North Glenville Drive in Richardson. Stream’s Jordan McFarland and James Mantzuranis repped the seller, Central Security Life Insurance Co. Site Selection Group’s Steven Schneider repped the buyer.
LEASES
A10 Capital leased 8k SF of office space in Canal Centre (pictured) at 400 East Las Colinas Blvd from Canal Centre. Bradford’s Richmond Collinsworth repped the tenant. Sunwest Real Estate Group’s Marc Grossfeld and Tabitha Layne repped the landlord.
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Spirit Realty Capital moved its Scottsdale-based headquarters to the Harwood District in Dallas, signing 31k SF at Harwood No. 3 at 2727 North Harwood. Harwood International's Jihane Boury negotiated the lease with CBRE's Peery Wood, Chris Sido and Brad Anderson.
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The State of Texas leased 7k SF of office space in Arlington Oaks Office Park at 218 Billings St in Arlington. Coldwell Banker’s Judy Nitzinger repped the landlord—One Oak Over the Line—in the direct deal.
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AmeriPac leased a 120k SF industrial facility at 1000 North 28th Ave in Irving. The property is part of AmeriPac’s expansion and will be used in conjunction with its current facility, which is directly across the street. Cushman & Wakefield’s Blake Anderson and David Eseke negotiated on behalf of AmeriPac.
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Forterra will expand from 28k SF to 34k SF at 511 East John Carpenter Fwy in Irving. JLL’s Steve Thelen, Russell Cosby, Jeff Staubach and Torrey Littlejohn negotiated for the tenant. Cushman & Wakefield’s John Fancher repped the landlord, The Northwestern Mutual Life Insurance Co.
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JLL's Steve Thelen and Doug Carignan negotiated a 22k SF office lease for a new US HQ for IntelliCentrics at 1420 Lakeside Pkwy in Flower Mound. Stream’s Blake Kendrick repped the landlord, Exeter Lakeside I.
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JLL will lease One Cockerell Plaza, a six-story, Class-B medical office property at 2110 Research Row in Dallas. This multi-tenant medical office building contains 79k SF of rentable area. JLL’s Ryan Dale, Melissa Holland and Michael Haggar will lead the leasing and marketing efforts for landlord Derm Development Group.
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JLL negotiated an office lease extension on behalf of NCR Corp for its 50k SF office at Tennyson Office Center, Building I at 6100 Tennyson Pkwy in Plano. JLL’s Steve Thelen and Doug Carignan repped the tenant. Sunwest Real Estate Group’s Marc Grossfeld repped the landlord, Tennyson Office Center.
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Younger Partners inked two deals totaling 34k SF at Park Central 3 and 4 in Dallas. Younger Partners’ Heather Shover, Kathy Permenter and Sean Dalton repped the landlord, Pittsburgh-based McKnight Realty Partners. Holmes Murphy & Associates expanded its lease by 21k SF to a total 72k SF at Park Central 4. Peloton’s Sarah Hinkley and TD Briggs repped the tenant. Supply Sanitation Systems signed a new 7k SF lease at Park Central 3. Transwestern’s Nora Hogan and Jordan Wade repped the tenant. Personal Economics renewed 6k SF at 3 Park Central in Dallas. Jackson Cooksey's Art Leichner and Andrew Crikes repped the tenant.
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Nearly 24k SF of deals were inked at Dallas Communications Complex in Irving. Younger Partners’ Trae Anderson and Sarah Savage repped the landlord, Austin-based Capital Commercial Investments, across the three leases at the Class-B, 341k SF office/flex complex. Regus leased 19k SF in Building 3. CBRE’s Mike Cleary, Steve Rigby, Baron Aldrine, Mike Kay and Peter Danna repped the tenant. Maximal Health leased 2k SF in Building 2. E Smith Realty’s Christopher Schafer repped the tenant. TechnoLabs leased 2k SF in Building 2 in a direct deal.
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Quine & Associates leased 34k SF at the Diamond Oaks Shopping Center in Haltom City to Tarrant County Market Center. Quine & Associates’ Randy Scott and Jeff Skibell brokered.
DEVELOPMENT
Q Hotels will develop and operate a dual-branded Marriott hotel property (pictured) at 3800 South Collins Road in south Arlington. The combined SpringHill Suites and TownePlace Suites will have 230 rooms total.
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Alliance Architects completed Adam Smith’s Texas Harley in Bedford. Alliance Architects’ Carlos deSaracho, David Whitford and Scott Franckowiak led the design of the new 71k SF flagship store.
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KDC, Rubicon Representation and Healthcare Associates of Texas broke ground today on a 155k SF, Class-A medical office development at Gateway Drive and SH 161 in Las Colinas. Rubicon’s Kyle Jacobs assembled the transaction. MBRE Healthcare will own 80% of the first building. Healthcare Associates of Texas will own the remaining 20% of the first building and the entirety of the second building.
FINANCING
HFF closed the sale of and secured acquisition financing for Alta Farmers Market, a 313-unit, Class-A apartment community in Dallas’ Farmers Market District. Mindful Capital Group purchased the asset from Wood Partners for an undisclosed amount free and clear of existing debt. HFF worked on behalf of the new owner to secure a 10-year, fixed-rate acquisition loan through Barings.
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HFF secured financing for Airport Centre I and II, Class-A office buildings totaling 250k SF near DFW Airport. Working on behalf of the borrower, Stanton Road Capital, HFF placed the fixed-rate loan with American National Insurance Co. Loan proceeds were used to acquire the properties. HFF's Wally Reid, Kelly Layne and Cullen Aderhold led the efforts for SRC.
