This Week's Dallas-Fort Worth Deal Sheet
Flexible workspace provider Vari has debuted its new global headquarters in Coppell.
Located at 450 Freeport Parkway, the 180K SF VariSpace Coppell stands three stories tall on a 10-acre property. Amenities include large exterior balconies, an open lobby concept, open staircases, touch-free building apps, a fitness facility, a parking garage, grab-and-go food services and Vari workspace products.
The building was constructed by Adolfson & Peterson Construction from the ground up in one year, according to a news release.
“We love the location in the heart of DFW with access to amazing schools and a vibrant community,” Vari CEO and co-founder Jason McCann said in a statement. “We look forward to sharing VariSpace Coppell with other fast-growing companies who are seeking a fully furnished space.”
Vari will occupy 80K SF of the building, where 90% of its 300 employees will work. The remaining 100K SF are being marketed by Johnny Johnson and Chris Taylor of Cushman & Wakefield.
McKool Smith hired veteran litigator Alan Loewinsohn as principal in the firm’s Dallas office. Bringing more than four decades of litigation experience to the firm, Loewinsohn focuses his practice on complex commercial litigation, including construction and real estate, securities, sports litigation, oil and gas, contracts, partnerships, intellectual property and product liability matters. Loewinsohn comes to the firm with Kerry Schonwald, who is also joining as principal, and Jennifer Barall, who is an associate. Both focus their practices on complex commercial litigation and will work closely with Loewinsohn in the firm’s Dallas office.
Mohr Capital hired Ryan Miller as vice president of retail acquisitions. Based in Dallas, Miller will join Mohr Capital’s retail development team and support the expansion of Mohr’s growing retail portfolio. Miller, who joins Mohr from Merritt Capital Partners, brings more than 11 years of experience in both the real estate and oil and gas industries, totaling over $100M of invested capital and 500K SF of commercial real estate.
Atlanta-based Patterson Real Estate Advisory Group is expanding westward into Texas under the leadership of its new senior managing director, Barry Olson. Olson joins the firm with 38 years of experience in the real estate capital markets involving billions of dollars in debt and equity investments covering all major real estate property types in all positions of the capital stack.
Saigebrook Development completed a 10-year lease agreement with Bezos Academy. The lease agreement provides Bezos Academy with the space to open a tuition-free, Montessori-inspired preschool called Bezos Academy Old East Dallas at 4724 East Side Ave. The project is part of Kiva East, a mixed-income housing community currently under development by Saigebrook in East Dallas. Construction of Kiva East began last month. The preschool is slated for completion in 2024.
C&B Wholesale signed a 23.5K SF renewal and expansion, adding 10K SF of distribution space at 3507 Raider Drive in Hurst. Bradford Commercial Real Estate Services First Vice President Jason Finch and Executive Vice President and Managing Partner Michael W. Spain represented the landlord, Euless Industrial LLC, in the direct deal.
Cushman & Wakefield arranged a new 26.7K SF office lease in The Centrum, 3102 Oak Lawn Ave., in Dallas, on behalf of global talent partner Phaidon International. Travis Boothe, Robbie Baty and Hannah Henley of Cushman & Wakefield represented Phaidon International in the lease negotiation. Addie Ludwig with Cawley Partners represented the landlord, Oak Tree Capital and Cawley Partners.
IDI Logistics leased its 378K SF warehouse at 650 South Royal Lane in Coppell to MEI Rigging & Crating LLC. Nathan Lawrence and Krista Raymond of CBRE represented IDI Logistics in the transaction.
Northmarq secured the sale of The Borough Apartments, a 208-unit multifamily property located at 5700 Boca Raton Blvd. in Fort Worth. Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq’s Dallas investment sales office oversaw the transaction. Kevin Leamy, Lauren Bresky, Daniel Stickane and Patrick Elliott from Northmarq’s Dallas debt/equity team arranged the bridge financing for the buyer. The financing was structured with a three-year, interest-only term.
Eagle Property Capital Investments LLC sold Woodchase & Clarendon, a 266-unit apartment community located at 4050 and 3800 North Beltline Road in Irving. EPC Multifamily Partners III LLC, a private investment vehicle raised and managed by EPC, acquired the asset in partnership with Belay Investment Group in June 2016. It sold for an undisclosed price to Lion Real Estate Group.
Miami-based GDF Properties closed on Lewisville Towne Crossing, a 232K SF shopping center on about 27.5 acres at 4740-4866 SH 121 in Lewisville. The center is 99% leased and includes tenants such as Ulta, Five Below, Dollar Tree, 24 Hour Fitness, PetSmart, Studio Movie Grill, Jersey Mike's Subs and Crumbl Cookies. The seller and sales price was undisclosed.
An undisclosed buyer purchased Country Club Square, a 17K SF retail center at 1071 Country Club Drive in Mansfield. Rick Gutierrez of RESOLUT RE represented the seller. Rami Meheraban of Peak Commercial represented the buyer.
Sentinel Real Estate Corp. acquired Debbie Lane Flats, a 331-unit, garden-style apartment community in Arlington. Debbie Lane Flats consists of one-, two- and three-bedroom apartments, averaging 895 SF per unit.
GREA sold a 20-property multifamily portfolio located in Old East Dallas. The 544 units were constructed between 1914 and 1962. The seller was a court-appointed receiver, but the properties were not economically distressed; it was a partnership divorce. The buyer is 180 Multifamily, a DFW-based investor specializing in value-add assets throughout Texas.
Bridge Logistics Properties, a subsidiary of Bridge Investment Group Holdings Inc., acquired a 203K SF, Class-A industrial building at 804 West Shady Grove Road in Grand Prairie. The seller was represented by Kurt Griffin and Nathan Orbin of Cushman & Wakefield.
CONSTRUCTION AND DEVELOPMENT
WorkSuites’ newest location in the Craig Ranch area of McKinney is opening this month under the company’s new name, Lucid Private Offices. The name rebrand comes just before launching two new locations in the Atlanta area and adding its fifth location in Houston. The Dallas-based flexible workspace provider will open almost 100K SF of new office space across four Texas locations in 2022.
Marcus & Millichap Capital Corp. arranged two loans totaling $7.3M. One loan was for the $4.3M acquisition and construction of Guidepost Montessori Valley Ranch, a new 10K SF school and daycare facility located at 9930 Valley Ranch Parkway West in Irving. MMCC also secured a $3M acquisition and renovation loan for Guidepost Montessori Plano, a new 10K SF facility at 3411 Los Rios Blvd. in Plano. Kevan McCormack, a senior director based out of the MMCC Dallas office, secured the financing on behalf of clients Brytar Cos. and EvCap Investment.
THIS AND THAT
Dallas-based Presidium has launched a full-service, luxury lease-up property management arm. Presidium has historically owned, renovated and managed a large portfolio of value-add communities prior to taking its luxury property management in-house during 2020. The expansion will be led by Kellie Sanders, Presidium’s president of property management.