This Week's Dallas Fort-Worth Deal Sheet
An office park with rare signage on a highly trafficked road in Coppell is in the hands of a new owner.
EBO Marketing Inc. developed Sandy Lake Office Park 10 years ago as a multi-tenant office hub with two suburban Class-A buildings.
With both buildings now 75% leased, EBO Marketing sold the asset to JV Empire LLC this month.
The office park sits at 1507 and 1529 East Sandy Road in Coppell. The buyer will occupy 1,500 SF inside the nearly 10K SF office park, while EBO Marketing plans to occupy more than 2K SF after executing a sale-leaseback deal with the buyer.
Bradford Commercial Real Estate Services’ Richmond Collinsworth and Jared Laake represented the seller, and Glacier Commercial Realty’s Phillip Maxwell represented the buyer.
"Finding less than 2,500 square feet and building signage on a prominent road doesn't exist in this area," Collinsworth said in a statement. "This is an analytical buyer who recognized the merit of acquiring a building and accruing equity versus paying a landlord."
Former Crow Holdings Capital Vice President Michael Hoy has joined RangeWater Real Estate as director of acquisitions for the Southwest region.
In his new position, the 13-year industry veteran will manage capital formation, investor relations and multifamily investment searches in the Dallas, Austin, Denver and Phoenix markets.
Four new attorneys joined the Dallas office of Kirkland & Ellis this month. Conrad Steele joined the real estate practice group, while the firm added Michael Kalis and Joshua Merrill to its litigation and mergers & acquisitions/private equity groups, respectively. The antitrust and competition division also added Rachael A. Rezabek in Dallas.
Citadel Partners has promoted Tyler Thomas to senior advisor for the firm's office division.
Builder Suffolk hired Dan O'Shea as vice president of preconstruction in Dallas. O'Shea will oversee preliminary planning, estimating and design-assist services.
Dallas-based DataBank acquired zColo from Zaya Group Holdings, expanding its data operations with 44 new data centers in the U.S. and Europe. The closing brings DataBank's colocation footprint to more than 1M SF.
The transaction gives DataBank new assets in 23 U.S. and European markets. The seller, Zayo Group, plans to become a customer of DataBank and will remain as an anchor tenant inside zColo facilities.
Equus Investment Partnership XI LP purchased the 245-unit McKinney Village apartment community at the intersection of Highways 121, 75 and 5 in McKinney.
The purchaser is a $400M equity fund managed by Equus Capital Partners Ltd. The seller, Catalyst Urban Development, relied on Newmark Knight Frank's Brian O'Boyle Jr. to handle negotiations, while the buyer obtained acquisition financing with the help of Newmark Knight Frank's Steve Comly and Eric DeStefano out of Philadelphia.
A joint venture formed by Ridgeline Capital Partners and Harrison Street purchased a 70K SF, three-story medical office building in Irving.
The purchasers intend to grow the asset's medical office tenants, with the site already 82% leased. The medical asset is only a year old and sits on a 4.1-acre site at 6121 North State Highway 161 in Irving, near Medical City Las Colinas Hospital.
UT Southwestern Medical Center is one of the anchor office tenants.
The Whispering Woods apartment complex at 2109 Lincoln Drive in Arlington has been sold.
The asset is considered affordable housing and inside Arlington's Entertainment District. Greystone ISG's Mark Allen and Chibuzor Nnaji found the buyer and represented the seller.
Plaza Tierra Caliente LLC acquired nearly 20 acres in South Fort Worth for a development that will feature a rodeo arena and a stage for live music events. The site is located at 6250 Old Hemphill Road. The development is planned to house numerous vendors and a restaurant.
NAI Robert Lynn's Monika Guzman represented the buyer.
A Denton Burger King featuring the franchise's newest prototype building has been sold along with a 30K SF pad that it sits on.
The property, at 2215 West University Drive in Denton, was acquired by a North Texas-based limited liability company. The buyer purchased the site as part of a single-tenant, triple-net ground lease investment play.
Weitzman's Matthew Rosenfeld handled negotiations for the 1-year-old restaurant and the property surrounding it.
Chicago private capital firm Walz acquired a nearly 12K SF medical office building in Lewisville that sits two blocks from Medical City Lewisville.
The company purchased the property as part of a sale-leaseback transaction with North Texas OBGYN and Associates. Alta Vista Realty's Robert Chavez represented the seller.
A Deep Ellum property that served as the longtime home of Kirk Hopper Fine Art changed ownership this month. Khop Management sold the 3008 Commerce St. building to an undisclosed buyer. Inroads Realty’s Taylor LeMaster represented the buyer.
In turn, Khop Management purchased the 1426 North Riverfront Blvd. building in Dallas’ Design District. The asset is expected to be the future home of Kirk Hopper Fine Art. The deal was completed as part of a 1031 exchange.
The seller, Quadrant Investment Properties, relied on Cushman & Wakefield’s Christy Thelen, Trey Smith, Ward Eastman and Lauren Napper to handle negotiations.
Whitebox Real Estate’s Matthew Otte represented Khop Management in both deals.
Hydraquip Corp. inked a 40K SF lease extension with Link Logistics Real Estate at 901 West North Carrier Parkway in Grand Prairie. Transwestern’s John Brewer and Riley Maxwell represented the tenant, while Lee & Associates' Mark Graybill and Colton Rhodes represented the landlord.
A joint venture made up of BRES and Advalurem Group refinanced and recapitalized a Lewisville-based apartment asset known as Bella Madera.
The joint venture secured a 10-year Freddie Mac Loan for $60.5M, which carries a 2.98% interest rate. The loan is for a 612-unit garden-style apartment complex in the North Texas suburb of Lewisville.
“While our intent was to exit in 2020 with a sizable gain, we were able to pivot and use the debt capital market to buyback shares and provide the remaining investors with a healthy profit on a tax-advantage basis,” Advalurem Group founding principal Gabriel Pozo said in a statement.
A real estate portfolio containing five Dallas apartment assets totaling nearly 2,000 units has obtained $270M in Freddie Mac loans. Lone Star Funds is the deal sponsor and the main private equity firm advising the funds.
Seth Wiener and Matthew Amato with Capital One Fund Finance Group and the bank's Agency Finance Office originated the loans.
CORRECTION, OCT. 6, 9:50 A.M. CT: A previous version of this story featured the wrong acreage amount for 6250 Old Hemphill Road. The story has been updated.