This Week's Dallas-Fort Worth Deal Sheet
A seven-building industrial portfolio comprising 760K SF has traded hands in Dallas-Fort Worth.
The buildings were acquired by real estate investment firm Faropoint, according to Cushman & Wakefield, whose Jim Carpenter, Jud Clements, Robby Rieke, Taylor Starnes, Madeleine Supplee and Trevor Berry represented the seller in the transaction.
“The Dallas-Fort Worth portfolio represents a milestone acquisition for Faropoint’s Texas Region,” Faropoint Senior Vice President of Texas Markets Jacob Rich said in a statement. “The market fundamentals of strong demand and limited supply further emphasizes our commitment to identifying value in high quality infill industrial real estate, despite cyclical challenges.”
The properties include 1460 North Glenville Drive, a 121K SF building in Richardson; 1301 Ridgeview Drive, a 102K SF building in Lewisville; 2220 Chemsearch Blvd., a 116K SF building in Irving; 1601 Valley View Lane, a 192K SF building in Farmers Branch; 631 South Royal Lane, a 51K SF building in Coppell; 1111 Northpoint Drive, a 127K SF building in Coppell; and 2300 East Randol Mill Road, a 51K SF building in Arlington.
The portfolio is currently 100% leased with rents more than 20% below market value. The average remaining lease term is 4.6 years, per the release.
PEOPLE
BKV Group hired Phil Callison as government practice leader and partner in its Dallas office. Callison brings more than 30 years of experience working on more than 60 projects, including Exxon’s world headquarters, The Richards Group headquarters and The Epic, a mixed-use development in Deep Ellum.
LEASES
MOL Logistics renewed 11.8K SF of distribution space at 750 Port America Place in Grapevine. Joe Santaularia, senior vice president and managing partner of Bradford Commercial Real Estate Services, and Jason Finch, first vice president, represented the tenant. The landlord, Link Industrial, was represented by in-house broker Nicholas Payne.
SALES
LFP Properties acquired 6.51 acres of commercial land at 601 East Loop 820 in Fort Worth from 820 & Sandy Brook LLC. Erik Blais, senior vice president of Bradford Commercial Real Estate Services, represented the buyer. Barrett England of Vision Commercial Real Estate represented the seller.
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Transwestern Real Estate Services facilitated the sale of University Centre I, a 99K SF, six-story office building located at 1300 South University Drive in Fort Worth. The building was purchased by 2SP Partners LLC, a local real estate investment group, which plans to make significant upgrades to the common areas, lobby and tenant suites. Transwestern’s Kyle Poulson and Gibson Duwe represented the buyer, and Frank Taylor with JLL represented the seller.
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An undisclosed buyer purchased a 48.7K SF office building at 4445 West Ledbetter Drive in Dallas. Brian Clayton and Brian Sladek of RESOLUT RE represented the seller. Caleb McCoy of JLL represented the buyer.
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LanCarte Commercial brokered the sale of two office buildings totaling 15.8K SF located on East Lancaster in Fort Worth. MHMR, the new owners, will occupy the building. Sarah LanCarte and Riley Dow of LanCarte Commercial represented the seller.
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A fund in the CBRE Strategic Partners U.S. series acquired Westside 35, a newly constructed 540K SF, two-building logistics asset at 2555 and 2575 Downing Drive in Fort Worth. The asset was 100% pre-leased to three tenants.
CONSTRUCTION AND DEVELOPMENT
Dallas-based Realty Capital Residential closed on financing and started construction on 3111 Sunset Blvd., a luxury residential tower in the 40-acre resort community known as Lakeside Village on Lake Grapevine in Flower Mound. 3111 Sunset is now under construction by Archer Western. Global investment manager Barings provided the construction funding, and Chicago-based Creek Lane Capital and Realty Capital Residential provided the equity for the project. Construction is scheduled for completion by early 2025.
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Los Angeles-based LaTerra Development got approval from Irving City Council to repurpose a defunct Fry’s Electronics Store into a 145K SF self-storage facility with 46K SF of indoor-outdoor RV and boat storage. The company also plans to develop a 116K SF retail-commercial building on the 19.5-acre site, which will be divided into two parcels. The first phase of construction should begin before the end of 2023.
FINANCING
Lightstone Capital, Lightstone’s real estate debt platform, provided a $28.5M senior bridge loan to the owners of Azul Apartments in Dallas. The loan for the 362-unit, garden-style multifamily complex enables the owner, Azul Multifamily DE LLC, to refinance the property and continue renovations.
