This Week's Dallas-Fort Worth Deal Sheet
Ironwood Realty Partners and Scannell Properties view Denton County as one of DFW's next great industrial hubs.
With that in mind, the two firms broke ground on a 1.2M SF speculative industrial project, called Denton Crossing @ I-35, in Denton.
Sitting on 83 acres near the I-35 East and I-35 West connector, the future development is slated to offer three industrial buildings with 330K-plus SF and a fourth building around 126K SF.
Most of the planned facilities will provide tenants with clearing heights of 32 feet and above, cross-dock distribution warehouses and storage areas for heavy trailers.
Ironwood Realty Partners plans to handle all leasing activity for the project, while Alliance Architects and Pacheco Koch serve as the architect and engineer of record, respectively. The general contractor for is Ridgemont Commercial Construction.
Granite Properties promoted Sheryl Troiani to the newly created role of chief administrative officer.
Troiani, who previously served as senior director of accounting, will oversee Granite's accounting functions as well as its treasury and risk management platforms.
In addition to taking on this new role, Troiani is joining Granite’s executive committee.
“In Sheryl’s new role, she will now be on our investment committee approving new acquisitions and developments on behalf of Granite,” Granite Properties President Greg Fuller said in a statement. “She works closely with our capital partners and manages the team that is responsible for our transactions throughout the nation.”
Younger Partners co-founder Kathy Permenter just took home the North Texas Commercial Association of Realtors' Stemmons Service Award.
NTCAR issues the award to commercial real estate professionals who exhibit the highest standards of professionalism and leadership within the real estate brokerage community.
Younger Partners hired Bo Estes from Colliers International, where he served as executive vice president. Estes brings four decades of commercial real estate experience to Younger Partners as a tenant rep broker.
Mike Ebbitt joined Colliers International as a tenant representative for the Central Region of the United States.
Ebbitt will work out of the firm's Dallas office and brings extensive experience in corporate relocations and expansions to his new position. Throughout his career, Ebbitt has finalized more than 41 transactions with a combined value that exceeds $47M.
SALES AND ACQUISITIONS
Stockdale Investment Group purchased the 13-acre Preston Forest Shopping Center from Mixon Investment Co.
The family-owned investment firm hopes to preserve the well-known Preston Hollow retail hub while enhancing its future value through improvements.
The site, which is located at the southeast corner of Preston Road and Forest Lane in Dallas, offers 200K SF of retail and has 23 marquee tenants, including Walgreens, Corner Bakery and Wells Fargo.
The 296-unit Creekside on the Green apartment complex in Garland is in new hands. Roseview Winn Acquisition bought the community from RS Creekside for an undisclosed amount in January.
The property, which is located at 1702 North Jupiter Road in Garland, is 92% occupied and amenity-enriched after going through a $1M renovation in 2016.
CBRE's Chris Deuillet, Danny Baker and Chandler Sims represented the seller.
Napali Capital recently sold a Fort Worth apartment complex, known as The Monterrey, to a Dallas-based LLC. The 105-unit property was financed through a Fannie Mae loan with a loan-to-value ratio of 75%.
Marcus & Millichap's Al Silva handled marketing and negotiations for the seller and secured the buyer with the help of Marcus & Millichap associate Dan Mullen.
The apartment community is 52 years old.
Denver-based PaulsCorp purchased The Morgan apartment community in the Mid-Cities.
The apartments are located at 1611 Oak Creek Lane in Bedford. Transwestern Investment Group and S2 Capital played a key role in the sale and the renovation of the complex's clubhouse, leasing office and fitness center.
The previous owner upgraded 50% of the apartment units by adding stainless steel appliances, quartz countertops and wood-style flooring before the sale.
JAH Realty purchased Lake Highlands Village, a community center and office site at 9090 Skillman St. in Dallas.
The site offers three buildings with 100K SF and is anchored by a Tom Thumb grocery store alongside several other restaurants, service providers and medical concepts.
JAH Realty considers this a value-add acquisition and intends to renovate a 50K SF building on-site and revitalize the vacant office space. Weitzman's Derek Schuster and Kevin Butkus handled negotiations for the seller. JAH Realty's William Rosatti will oversee the leasing efforts.
Ohio Plaza LLC purchased 22K SF at 2501-2510 Camp Ave. in the DFW suburb of Carrolton from WCM Ventures LLC.
Mercer Co.'s Keenan Cook represented the buyer.
Texas Health Resources signed a deal with landlord SS Realty LLC to become the sole tenant of a 17K SF building in the DFW suburb of Bedford.
The healthcare provider previously leased more than 10K SF inside the building, which is located at 1605 Airport Blvd. THR added another 6K-plus SF to its existing lease to expand its on-site surgery center.
The landlord hired Bradford Commercial Real Estate Services’ Erik Blais and Paul Richter to handle lease negotiations. The two brokers were in the process of marketing the remainder of the property when THR opted to take over the entire building.
Rubicon Representation's Kyle Jacobs represented the tenant of record, Texas Health Surgery Center Bedford LLC.
The property was developed 11 years ago for a single tenant.
Landlord Clarion Partners signed a lease with Wesco for 659K SF at Northport 35 in Northlake, Texas. Stream Realty Partners’ Seth Koschak, Forrest Cook and Bob Hagewood represented the landlord, while ESRP’s Brad Struck and Jim Hazard represented Wesco.
Gorrondona & Associates inked a deal with landlord Eastgroup Properties to occupy 32K SF inside Parc North in Fort Worth. Stream Realty Partners’ Seth Koschak, Forrest Cook and Brett Carlton handled negotiations for the landlord, while JLL’s Jamie Galati and David Berzina worked on behalf of the tenant.
Sunbelt Rentals leased 11K SF at 217 North Beach St. in Fort Worth. Stream Realty Partners’ Forrest Cook represented the tenant, while Jean Russo with Cushman & Wakefield represented the landlord of record.
Tenant Hoson Logistics of America leased 10K SF at 1104 East Dallas Road in Grapevine from TexAir Delivery Inc.
Mercer Co.'s Andrew Johnson represented the tenant.
THIS OR THAT
A mini Eatzi’s Market & Bakery is coming to Dallas-Fort Worth International Airport.
The European-style market concept intends to open a 2,500 SF Eatzi’s inside the airport’s $3B Terminal F project. The terminal and Eatzi’s location will open in 2025.
Eatzi’s offers chef-crafted meals, packaged foods and grab-n-go trays alongside quality coffees, teas and lattes.
A 1,200-acre innovation district sitting in the middle of Richardson’s Telecom Corridor is now known as The Richardson Innovation Quarter, or The IQ for short.
The Richardson Chamber of Commerce and its Collins/Arapaho Task Force rebranded the innovation district last week and launched a website for it.