This Week's Dallas-Fort Worth Deal Sheet
Smaller multi-tenant retail shopping centers are still luring buyers, evidenced by Westwood Financial Corp’s sale of its 30k SF Lake Forest Crossing in McKinney.
Lake Forest Crossing, at the intersection of McKinney Ranch Parkway and Lake Forest Drive and shadow-anchored by Walmart Supercenter, was purchased by Westwood Financial Corp in 2012 when it was 42% leased, says Disney Investment Group principal David Disney. Westwood leased the property enough (75% filled) to warrant selling it, though the private buyer still has a nice value-add opportunity. David and colleague Adam Crockett repped the seller and also procured the Texas-based private buyer. This sale is the sixth transaction that DIG has completed with the seller and is the second time DIG representatives have sold Lake Forest Crossing.
ML Realty Partners executed three leases totaling 96k SF in its newest two-building Carrollton development--the 296k SF Crosby Trade Center developed in a JV with Frontier Equity--at 1215 W Crosby Rd. ML Realty Partners was repped by Holt Lunsford Commercial’s J. Scott Moore and Jim Brice.
• Business Solutions Transport leased 31k SF. NAI Robert Lynn’s Tyson Erwin repped the tenant.
• Renewal by Anderson signed a 32k SF lease. CBRE’s Searcy Ferguson repped the tenant.
• Gunder Associates signed a 32k SF lease. Avison Young’s Curt Linn repped the tenant.
Korn/Ferry International FutureStep leased 12k SF at 4100 Alpha Rd in Farmers Branch. Cushman & Wakefield’s Bill McClung, Mike Wyatt, Robbie Baty, Grant Pruitt, Charlie Beck and Brad Jones repped the tenant.
Genco I leased 325k SF at 4951 Langdon Rd in Dallas. Cushman & Wakefield’s Mark Collins and Dean Collins along with Summit Realty Group’s Brian Zurawski repped the tenant. CBRE’s Dave Anderson along with Hillwood’s Toby Rogers and Bates Arnot repped the landlord, Hillwood Investment Property.
Harbert Management Corp sold a 466k SF three-building office portfolio including 5000 Quorum Dr (165k SF) in Dallas and Quorum Place (182k SF) and Quorum North (119k SF) in Addison. DRA Advisors purchased the asset for an undisclosed amount, free and clear of debt. HFF assisted DRA in securing three separate three-year, floating-rate loans through OneWest Bank. HFF’s debt placement team was led by managing directors Colby Mueck, Matt Kafka and Steve Heldenfels and real estate analyst Sarah Baccich.
Stockdale Investment Group, a local family-owned and operated real estate venture, purchased a 2.6-acre multi-tenant retail property at 7835 and 7839 Park Lane from Park Lane Partners and Skillman Oram Partners. The 21k SF retail space was built in 2000. This follows Stockdale’s purchase of The Shops of Highland Park in 2013, which is fully occupied.
Acme Brick Co sold a 24k SF industrial building at 4600 Airport Fwy in Fort Worth to DBI 4600 Airport FW. Transwestern’s Sarah LanCarte repped the seller. In another deal, Sarah repped Traylor Investments in its purchase of a 74k SF industrial building at 5703 Crawford Ln in Forest Hill from TNMR.
Dallas VP Partners sold a 158k SF warehouse to BZO Custom Wheels at 3061 W Saner Ave in Dallas. Cushman & Wakefield’s Dan Cook, Rick Hughes, Mark Becker and Jerry Fulwiler repped the seller.
The Retail Connection and an affiliate of North American Development Group sold Weatherford Ridge Shopping Center to Dunhill Partners. The 388k SF center, at the northeast corner of I-20 and Main Street in Weatherford, includes JCPenney, Belk, Bed Bath & Beyond, Michael’s, TJ Maxx and Ulta. The Retail Connection and NADG acquired the 50 acres and Connected Development Services (TRC’s development arm) completed the center in 2006. NADG managed the property while TRC was responsible for leasing.
An out-of-state investor purchased the 31k SF Coppell Crossing West at the corner of Belt Line Road and MacArthur Boulevard in Coppell from Mockingbird Properties. The three-building property is 76% occupied. CBRE’s Jennifer Pierson, Cameron Deptula and Beth Pierson repped the seller.
Doug Banerjee (far right, with Boyan Radic, John Marshall Doss and Andrew Mueller) was promoted to director at Greysteel Co. Prior to joining Greysteel, he worked at a national real estate services firm where he focused exclusively on advisory and disposition services for multifamily property owners in the South Central US. As director, he serves as the primary point of client contact for Greysteel’s DFW-based multifamily investment sales division.
Michael Marsh joined JLL as managing director of healthcare solutions in the South Central Region, which serves hospital providers in Texas, Oklahoma, Arkansas, Louisiana and New Mexico. He will focus on business development, program and facilities management, transactions, construction, strategic consulting and financial strategy. He was most recently with the healthcare and life science acquisition of Dell Inc. - Perot Systems, where he was responsible for IT outsourcing, healthcare consulting and revenue cycle management/outsourcing.
Hart Advisors Group promoted Seth Denison to SVP of Business Development.
Aarica Mims joined Granite Properties as leasing manager. She comes from Peloton Commercial Real Estate.
Brad Takala joined JLL as EVP. He will work under the direction of managing director Jeff Price and focus on multifamily investment sales in Dallas. Previously, he served as a member of Invesco Real Estate’s acquisition team and also served as the lead of The Davis Cos’ acquisitions team and investment committee in Boston.
Billingsley Co entered into a build-to-suit agreement with WRG for a 70k SF showroom and warehouse facility. WRG is the largest independently owned furniture dealer in the DFW Metroplex. WRG will relocate from the company’s current showroom at IH 35E and Frankford Road. The new HQ will be on nearly six acres along Rosemeade Parkway between Marsh Lane and Midway Road. The building will feature 20k SF of showroom space. The remaining 50k SF will be warehouse space. O’Brien Architects is performing site and building design services, and Gensler will conduct interior finish-out. Tenant finish-out is projected for Q4. WRG was repped by CBRE’s Jeff Ellerman and Seth Kelly.
Wood Partners broke ground on Alta Yorktown, a six-acre, 226-unit multifamily rental community next to Trinity Groves. The project should be open for lease early in Q4 with a Q2 ’16 construction completion anticipated. Wood Partners’ property management division, Wood Residential Services, will manage the property at 660 Yorktown St. Designed by Good, Fulton and Farrell, Alta Yorktown will be an urban-design community with 187k SF, 85 garages, 333 parking spaces and a small retail parcel. The seller has retained a one-acre parcel of the larger tract for additional retail development.