California Transplant Buys Industrial Property For New HQ: The DFW Deal Sheet

A family-owned firm that moved to Dallas-Fort Worth five years ago bought an industrial site in Haltom City it plans to use as its headquarters.

Flannery Inc. acquired a nearly 42K SF industrial flex project on just over 3 acres at 2525 Minnis Drive in Haltom City. The manufacturer of aluminum and steel trim for the commercial and residential sectors has been leasing space in Fort Worth for five years following its headquarters' relocation from California.

Bradford Commercial Real Estate Services landed the buyer for Sunair Products Inc.'s former manufacturing site in northeast Fort Worth as part of a two-property disposition following that company’s move to a new campus in the metro.

"Minnis Drive is a very functional building for Flannery’s operations and was practically move-in ready," Bradford Vice President Luke Clardy said in a statement. “It is a great building for the buyer's growth plans.” 

Clardy acted as intermediary between the seller, First Sunday Property Management Group, and the buyer.

The building features 4,250 SF of high-end office space, 11 doors for back- and front-loading warehouse access and a 25-foot clear height. 

Clardy is also marketing Sunair's 22K SF former headquarters building at 2329 Solona St. in Haltom City for First Sunday Property Management Group.

SALES

Marcus & Millichap announced the sale of the Imperial Square retail center in Balch Springs. Imperial Square was built in 2017 on 1.9 acres at 3534 Hickory Tree Road. Marcus & Millichap’s Philip Levy and Jonathan Paredes marketed the property on behalf of the seller.

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CanTex Capital acquired four properties in the Brookhollow area of Dallas totaling more than 47K SF across 9 acres. Three of the properties are located on North Walton Walker Boulevard, while the other is on Hinton Drive. NAI Robert Lynn’s Chase Miller represented CanTex in the transaction.

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Colliers announced the sale of the newly constructed 318-unit Park Residences Plano active adult rental community at 1109 Park Vista Road in Plano. Colliers’ Danny Miller represented the seller in the transaction to an undisclosed buyer.

LEASES

Education software provider PowerSchool leased 75K SF at APEX at Legacy in Plano. The lease brings the 220K SF property to 97% occupancy. JLL’s Blake Shipley, Gini Rounsaville and Michael Williams represented APEX at Legacy in lease negotiations, while CBRE’s Stephen Salomon, Will Haynes and Jad Charif represented the tenant.

CONSTRUCTION AND DEVELOPMENT

The Village Dallas announced Terraces at The Drey, an expansion of The Drey Hotel portfolio, will open this summer. Designed through the adaptive reuse of an existing building at 5625 Village Glen Drive in Dallas, the new tower will add 47 guest rooms, bringing the total room count at The Drey to 100. Original food and beverage concepts created and operated by The Village are planned for the new tower but have not yet been announced. 

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Dick’s Sporting Goods opened an 800K SF regional distribution center at 10001 Old Burleson Road in Fort Worth last week. The build-to-suit facility was constructed by Hillwood Construction Services on Hillwood’s 89.5-acre site within the Risinger/35 Logistics Park.

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Rosewood Property Co. and partner MetLife Investment Management opened the 338-unit multifamily property The Buckley at 600 Kissimmee Drive in Plano’s Heritage Creekside development.

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Development firm Creation, in partnership with a real estate fund advised by Crow Holdings Capital, completed the 137K SF Triad 820 industrial project on 9 acres along Anderson Boulevard in Haltom City. The three-building, Class-A property was designed and constructed by LGE Design Build. 

The three buildings are the 39K SF Building A, the 52K SF Building B and the nearly 46K SF Building C. Leasing is being led by Todd Hubbard and Joe McLiney with NAI Robert Lynn. 

FINANCING

Newmark arranged acquisition financing for the off-market sale of the nearly 460K SF Watters Creek Village shopping center in Allen by Gillon Property Group and Town Lane. Newmark’s Kyle Minter represented the seller in the transaction, while the firm’s Conor Lalor, James Sharpe and Cole Frantz acted as strategic advisers. A team led by Newmark’s Lalor, Clint Frease and Bill Fishel arranged financing on behalf of the buyer.

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JLL Capital Markets arranged construction financing for the 483K SF Clay Road Business Park industrial development in Sunnyvale. The firm worked on behalf of the borrower, CapRock Partners, to secure a floating-rate, 3.5-year loan with two one-year extension options through a regional bank. The JLL Capital Markets team representing the borrower included Greg Brown, Greg Napper, Peter Thompson, Kyle White and Nick Englhard.

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Foss Real Estate Partners arranged $7M in bridge financing for the more than 84K SF Oakhollow Business Park in Arlington. Foss Real Estate Partners worked with the sponsor from the acquisition stage and built the underwriting, modeled multiple scenarios and secured financing at a loan-to-cost ratio of 70% with a 6.5% full-term, interest-only fixed rate. 

PEOPLE

Foundry Commercial hired Jim Traynor as managing director of development and investments, with a primary focus on the Dallas market. Traynor will be responsible for sourcing, capitalizing and executing commercial real estate acquisitions and development opportunities in office, industrial and retail product types throughout Dallas-Fort Worth. Traynor was previously managing director of acquisitions at Acram Group.

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Builders FirstSource Inc. appointed Alena Brenner as executive vice president, chief legal officer and corporate secretary. Brenner will lead all legal, risk management, government affairs, compliance, corporate social responsibility and insurance functions for the company. She has nearly 25 years of legal experience and previously worked at Cornerstone Building Brands.

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Ticor Title will return to the Dallas-Fort Worth market with the appointment of Luke Pierson. He will serve as president of Ticor Title of Texas in DFW. 

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Younger Partners hired Steven Grant as managing director of retail brokerage to lead its expanded full-service commercial real estate platform with a dedicated focus on retail services. Grant brings more than 20 years of experience across investment, brokerage, leasing and development. Prior to joining Younger Partners, Grant founded SLG Commercial in 2017.

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Hall Structured Finance named Mark Klipsch its president after the planned retirement of Don Braun. Klipsch will oversee the lending platform’s day-to-day operations and continue as chief financial officer of Hall Group, the firm’s parent company. Klipsch brings more than 30 years of experience across capital markets, investments and finance. Braun will be vice chairman of both Hall Group and Hall Structured Finance for the next two years. 

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Real estate transactions attorney Lynnsee Starr joined Shackelford, McKinley & Norton LLP as a partner in the Dallas office. Starr’s practice entails all aspects of commercial real estate, representing developers, property owners, investors and businesses.