This Week's Dallas-Fort Worth Deal Sheet
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The Stone Collection inked a 100k SF lease at the 260k SF Mercer Business Park. The parent company of IMC features stone slabs, which are hand-selected from more than 47 countries.
The Stone Collection was repped by Colliers International’s Ward Richmond and Bill Buntyn. The new tenant will move in Q1 of 2016. Billingsley Co is the developer of Mercer Business Park and will deliver the building in the fourth quarter. This lease leaves only 85k SF available in the building.
Behringer is relocating its corporate HQ to 14300 Dallas Pkwy in Addison. The company expects the move to be completed by Q3 of 2016. JLL’s Jeff Staubach and Torrey Littlejohn repped Behringer, while JLL’s Jubal Smith and Matt Samler negotiated business and economic incentives. The new location in Tollway Center, which will be developed by Cawley Partners, will feature an open-air rooftop terrace, fitness center and indoor cafe. The project first began in June 2014 when Cawley Partners identified six acres of land between Belt Line and Spring Valley Road on the west side of the Dallas North Tollway.
Inmar leased 100k SF at 3000 Roy Orr Blvd in Grand Prairie from JP Morgan/Stream. JLL’s Forshey Hoobler and Elizabeth Jones repped the tenant. Stream Realty’s Cannon Green and Matt Dornak repped the landlord.
Skopos Financial signed a 14k SF expansion at 500 E John Carpenter Fwy in Irving. The firm now leases 31k SF at the building. JLL’s Scott Collier and Rachel Brown negotiated the expansion for the tenant. Spire Realty Group’s Campbell Henry repped the landlord, 500 E 114.
SHOP Cos investment sales sold the 5,019 SF Frisco Market Center III and the 11k SF Willow Glen Plaza (pictured). Tommy Tucker and Tim Axilrod repped the sellers in each transaction. The duo repped the seller of Frisco Market Center III, which was purchased by Axtel Partners Ltd. of Colorado—repped by CBRE’s Chris Gerard. Willow Glen, located at the hard corner of North Town East Boulevard and Galloway Avenue in Mesquite, was 85% occupied at sale time. The duo repped the seller, a Dallas-based LLC. The buyer was a private investor from Texas.
Kite Realty Group Trust acquired the 201k SF Colleyville Downs shopping center at the southeast corner of Highway 26 and Glade Road in Colleyville. The center is 92% leased and anchored by three major national anchor tenants—Petco, Ace Hardware and a newly constructed Whole Foods Market.
Q10 KDH VP Travis Fite closed a $5.2M loan with correspondent lender Symetra for Old Orchard West Village Shopping Center in Lewisville. The 119k SF retail center was built in 1975 and is 94% occupied.
Housing Resources Co purchased the 175k SF 119 Regal Row in Dallas from TMT Realty L.P. Texas. Colliers International’s Phil Rosenfeld, Matt Thompson and Charles Wilson repped the seller.
In a double tax exchange, Crosswinds Estates purchased Chapel Brook from California-based EXC Ventures, which then purchased Crosswinds Apartments from Crosswinds Estates. CBRE’s Chris Deuillet repped both sellers. Chapel Brook Apartments is a 204-unit community at 9765 Webb Chapel Rd. It was built in 1969 and is 93% occupied. Removal of the Wright Amendment at Love Field Airport is expected to buoy growth and development in the surrounding area as more passengers travel to and from this airport. Crosswinds Apartments is a 48-unit, value-add community at 515 W 10th St in the Bishop Arts District. It was constructed in 1964 and is 96% occupied.
THIS & THAT
The ladies from the Deals in Heels networking group got some intel on what retailers want from brokers. Here’s Herrin Commercial’s Sharon Herrin, Indigo Centers’ Linda Alexander, Tween Brands AVP Real Estate Southwest’s Anne Mendez, Bob Austein (a consultant formerly with Limited Brands), Herrin Commercial’s Mary Boone and Container Store's Val Richardson. Bob says to research the company and review (if a public company) its annual report to get the inside scoop on growth plans. Other tips from the panelists: personalize the email to the person, present macro to micro on location, make sure there's not already a location across the street, make it simple to look at the site to make a decision, review spelling, and most of all follow up. Do not request a meeting at ICSC in Las Vegas if the real estate manager lives in the same city you do. Also, you do not want to end up on the retailer's “wall of shame” and lose your credibility for future reviews by sending a poor site submittal.
The Urban Armadillos schmoozed at Harwood International’s Bleu Ciel last week to find out about the new residential project in Uptown. Here’s Colliers International’s Mary Stoner Yost, Rosemont Realty’s Kirby White, Harwood’s Jihane Boury and Colliers' Allen Gump.
A JV between Ridge Development and LaSalle Investment Management plans to build a two-building industrial park on 47 acres in north Fort Worth in the Railhead Industrial Park. The first structure is a 299k SF spec building. It should break ground this quarter and be ready by year-end. The second building is being marketed as a build-to-suit opportunity with a potential 343k SF. Lee & Associates’ Trey Fricke and Reid Bassinger are leasing the project.
Mahesh Tharoor joined Transwestern as VP of energy and sustainability. He will lead marketing and business development initiatives for Transwestern’s sustainability services group. He began his career as an energy analyst identifying improvement opportunities for industrial clients. For the past 23 years, he worked for Johnson Controls in North America and Asia Pacific, where he created energy solutions for businesses in China, Japan, Australia, Singapore, Thailand, India and Korea.
Cadence McShane Construction Co received second place in the Construction Safety and Excellence Awards by The Associated General Contractors of America. The firm was recognized for its award-winning safety program, above-average safety record and its consecutive participation in the award competition.
NBC DFW Studios in Fort Worth earned the Excellence in Construction Pyramid Award in the commercial category ($10M-$25M) from the Associated Builders and Contractors. KDC Real Estate Development & Investments is the project owner, which was designed by Corgan and built by Adolfson & Peterson Construction. Blum MEP Engineers was the engineer. The award honors the most innovative and high-quality construction projects, safety programs and diversity programs in the nation. Projects are judged on complexity, attractiveness, unique challenges overcome, completion time, workmanship, innovation, safety and cost. The NBC5 Studios project (a 75k SF facility that serves as the home of KXAS NBC 5, KXTX Telemundo 39, NBC News' DFW Bureau and other NBC Universal businesses) is a LEED Silver facility that was completed on a fast-track schedule in less than 12 months.