This Week's Dallas-Fort Worth Deal Sheet
The Holiday Inn Dallas Market Center at 4500 Harry Hines Blvd got a $10.35M refi to retire existing financing and free up capital for upgrades.
HFF secured the refi for a partnership between Tom Corcoran and Prism Hotels & Resorts. Realty Finance Trust provided the three-year, floating-rate loan with two one-year extensions through its regional office in Dallas. The 200-room, full-service hotel underwent extensive renovations in 2007 and 2008 when it was converted into a Holiday Inn and will continue to be updated. The HFF debt placement team repping the borrower was led by associate director Michael Cosby and managing directors John Bourret and Daniel O’Donnell.
SALES
Victory @ Hebron purchased 45k SF at the intersection of Huffines and Hebron Parkway in Carrollton for a future Dairy Queen. John T. Evans Co’s Jim Jamerson and Chris Burks repped the buyer.
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An LLC purchased the 91k SF All Star Self-Storage at 800 Fulgham Rd in Plano from a private investor. Marcus & Millichap VP Brandon Karr repped both buyer and seller. The property includes seven buildings built in 2002 on almost five acres.
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A private investor purchased the 17k SF Beach Street II shopping center from Beach-North Tarrant. The fully leased property includes regional and local tenants. CBRE’s Cameron Deptula repped the seller.
KUDOS
Coldwell Banker Commercial Alliance DFW’s Casey Tounget was named president of the 150-member Young Leaders Council of the Greater Fort Worth Real Estate Council. He is replacing Tyler Arbogast, development director for James R. Harris Partners. YLC provides networking and mentoring opportunities for Greater Fort Worth Real Estate Council members under 35. Educational and networking events include monthly breakfast clubs, urban village bus tours, and an annual mentoring lunch series with some of the best-known and most experienced leaders in Tarrant County real estate. This year's mentoring series begins in August.
NEW CONSTRUCTION
Choice Hotels International, Fillmore Capital Partners and developer Fillmore Hospitality plan to build Cambria Southlake DFW North in the mixed-use Kimball Park development at SH 114 and Kimball Avenue. The hotel should open in late 2016 with 175 rooms.
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Caddis is developing and will own a 67k SF, one-story, 81-unit assisted living and memory care community in Arlington called Heartis Arlington, scheduled to open in spring 2016. The architect is Pi Architects, and the GC is Weis Builders. Construction debt financing is being provided by UMB Bank. The community will be managed by Frontier Management.
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Southern Land Co plans to build a new luxury high-rise project on Oliver Street in the Knox neighborhood of Dallas. Construction on the 270-unit, 18-story development is set to begin in Q1 2016. The project will be designed by Gromatzky Dupree & Associates. Estimated lease-up is projected for spring 2018. Southern Land Co will serve as the GC. Advisers on the project are Patman Realty Co’s Pat Patman and Masterplan Consultants’ Dallas Cothrum.
LEASES
Pinpoint Marketing Group leased 32k SF at 3710 W Royal Ln in Irving. Stream’s Blake Kendrick and Luke Davis repped landlord Jackson-Shaw. CBRE’s Travis Sapaugh repped the tenant. Blake and Luke also repped Jackson-Shaw in a 32k SF lease at the same location for Performance Door and Hardware. Stream’s Jeremy Kelly repped the tenant.
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Diesel Displays inked an 82k SF lease in the newly constructed 2941 Commodore in Carrollton. NAI Robert Lynn's Chad Albert repped Diesel Displays. JLL’s Nathan Orbin and Terry Darrow repped landlord DCT Industrial.
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Goodman Distribution leased 30k SF at 4009 Distribution Dr in Garland. Stream’s Matthew Dornak and Ryan Wolcott repped the landlord, CPF 190 Gateway. Stream’s Seth Koschak repped the tenant.
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Exos Transport Group leased 24k SF at 151 Regal Row in Dallas. Transwestern’s Tim Veler repped landlord Prologis. Stream’s Ryan Boozer repped the tenant.
EXECUTIVES
Burson Holman joined Granite Properties as leasing manager. Burson will assist in the leasing of Granite’s office properties in Dallas and surrounding suburbs. He came from CBRE.
FINANCING
CBRE Capital Markets’ Debt & Structured Finance’s Greg Greene, Scott Lewis and Matt Ballard originated and secured $18M for JLL Income Property Trust to finance the DFW Corporate Drive portfolio in Grapevine. The non-recourse loan is a 10-year, interest only loan, has a rate of 3.23%, and was secured through one of CBRE’s correspondent life companies. The DFW Corporate Drive portfolio consists of two industrial warehouses totaling 643k SF. The buildings are fully leased.
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Metropolitan Capital Advisors principal Scott Lynn and senior director Brandon Wilhite placed a $3.83M construction loan to fund the construction of the 20k SF Teel Crossing, a shopping center on almost six acres at Teel Parkway and Main Street in Frisco. The property is being developed by VCM Development Group. The loan was placed with BB&T.
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BMC Capital’s Brian Gramlich arranged a $6.23M cash out refinance for a portfolio of four multifamily properties in Dallas. The non-recourse loan featured a 10-year term with a 4.59% interest rate, a 30-year amortization, and three years of interest only. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
THIS & THAT
TTG volunteers labeled bags, restocked and moved freight, broke down boxes, organized donation piles and filled bags in an assembly line to provide food supplies for families in need as part of Metrocrest Food Bank’s “Sack Summer Hunger for Kids” program. TTG volunteers: Maggie Findall, Daniel Mountain, Thom Bartczak, Mario Arredondo, Collin Upham, Tim Wilson, Sean Matsukawa, Charles Culbertson and Amber Patterson.
