This Week's Dallas-Fort Worth Deal Sheet
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Construction started on the $40M, 224-room dual-branded Aloft and Element hotel development in the Love Field area. Starwood Hotels & Resorts Worldwide together with Atlantic Hotels Group and Civitas Capital Group are developing the project.
The project is scheduled to open in December 2016. Aloft Dallas Love Field will include 133 loft-like rooms. Element Dallas Love Field will feature 91 light-filled studios. The two hotel partners will be constructed within one multi-story building with a common entry, but separate ground-floor public areas and elevators. The hotel will have shared facilities, including 6,500 SF of meeting space, an outdoor swimming pool and a fitness center. The building, which is expected to receive LEED certification, will be part of West Love, a 37-acre development that will also feature apartments and more than 24k SF of retail space. The project is the first of several joint hotel projects between Civitas and Atlantic within the DFW Metroplex. 5G Studios is the architect, and Clark Contractors is the general contractor. Dowdle Real Estate president Lynn Dowdle repped the developers.
SALES
2GR Equity JVed with Move It Storage Management to acquire a 482-unit self-storage property. The JV plans to invest approximately $300k on interior and exterior renovations. This is the third self-storage investment made by the JV.
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Gourmet Systems USA sold a 1.7-acre pad site at the southeast quadrant of I-35W and Basswood Boulevard in front of The Home Depot in Fort Worth to Basswood DQ to build a Dairy Queen. Basswood DQ was self-repped. Venture Commercial’s Clay Mote repped the seller.
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RagingWire Data Centers (an NTT Communications group company) purchased 42 acres in Garland with plans to build a 1M SF, 80-megawatt data center campus. Construction will begin immediately. Leasing of wholesale build-to-suit vaults, custom data center buildings, and retail co-location cages and racks is expected to start by September 2016. JLL’s Bo Bond and Ali Greenwood repped RagingWire in the land acquisition.
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Disney Investment Group closed on the sale of the 191k SF Chapel Hill shopping center at the southwest corner of I-30 and Hulen Street in Fort Worth. The buyer was Kite Realty Group Trust. The seller, Strode Property Co, developed the center in 1999 and has owned it for more than 15 years. David Disney and Adam Crockett of Disney Investment Group represented the seller and also procured the buyer.
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Hriz Investments purchased the 7709 San Jacinto Place office complex in Plano. Structure Commercial’s Troy Morgan repped the seller, and Joy Mahan of JP & Associates Realtors repped the buyer.
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AutoWash Services purchased the 29k SF 2925 114th St in Grand Prairie from Ralph McMillan/RAMCO Laundry Machinery. Coldwell Banker Commercial Alliance DFW’s Casey Tounget and Theron Bryant repped the buyer. NAI Robert Lynn’s Michael Stanzel repped the seller.
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The Woodmont Co completed the $6.3M sale of the 189k SF North Hills Village retail center at 7520-7640 NE Loop 820 (on 16.37 acres) in the Mid-Cities area to a private investor. The Woodmont Co’s Brad Cruickshank, Trip Green and Randy Bell repped the seller, a subsidiary of LNR Partners.
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Marlin Spring US Realty purchased the 232-unit Runningbrook apartments (pictured) in Arlington from Brookrunner LLC for an undisclosed price. CBRE first VP Chris Deuillet repped the seller. The property was 96% occupied at closing. The buyer assumed a Fannie Mae loan due in 2021. Chris also repped Elmstone Group CDS in the sale of a 104-unit apartment in Irving. Ken Durham purchased the property at 730 North Nursery Rd.
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A private investor purchased the 14k SF Block 300 retail property at 300 East Abram St in Arlington from a developer. Marcus & Millichap’s Philip Levy repped both buyer and seller.
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Henry S. Miller Brokerage’s Lew Wood, Andrew Doster and Darden Orand recently closed the sale of Parkside Towns, a luxury townhome community. Balynally purchased the 135-unit community at 2300 Hibiscus Ave in Richardson built in 2014 through a joint effort by the Henry S. Miller Cos, Atticus Real Estate and its partners.
FINANCING
HFF secured $190M in financing for the 1.2M SF Fountain Place Class-A office tower in Downtown. HFF’s debt placement team repping the borrower, Goddard Investment Group, was led by senior managing director John Brownlee, managing director Steve Heldenfels and director Jim Curtin. HFF worked on behalf of the borrower to secure the financing through AIG Investments. The loan was broken into two components, a $100M initial seven-year, fixed-rate loan and a $90M floating-rate loan. Proceeds are being used to take out the existing financing and fund tenant improvements/leasing commissions plus capital expenditures for the construction of a new parking garage and interior renovations.
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Q10 KDH VP Larry Peters arranged long-term financing for a suburban multifamily asset in Dallas for the 1031 buyer. The property is 95% occupied with a tenant mix of 80% seniors.
LEASES
Connectrac signed a 12k SF renewal at 8909 Chancellor Row in Dallas. Mercer Co’s John McLeod repped the landlord. John also repped Adept International in its 51k SF lease at 304-308 Mockingbird Lane in Dallas. The landlord, Prologis, was repped by Prologis’ Jeremy Giles and Jon Sorg.
