This Week's Dallas-Fort Worth Deal Sheet
The iconic multifamily The Village Apartments (at Caruth Haven and Greenville Avenue) secured an undisclosed amount of financing to retire an existing Freddie Mac loan facility and get more funding for future development.
The 309-acre development has about 7,000 apartment units. The financing was secured by HFF for the JV of Lincoln Property Co, Invesco Real Estate, acting on behalf of an institutional client, and Crow Holdings. The financing includes a single-sponsor securitization and a floating-rate credit facility. The funding was provided by Freddie Mac, and the loans will be serviced by HFF. The Village was originally developed in the '60s and ownership has continued to add new projects and common area amenities over the years.
NEW DEVELOPMENT
Cabot Properties purchased an 18.4-acre site in Grand Prairie for a 323k SF industrial project. Stream Realty and Cabot will develop two, Class-A industrial buildings to accommodate tenants from 30k SF up to 175k SF at Roy Orr and Trinity boulevards in the Great Southwest submarket. Stream will develop and lease the new project branded Trinity Crossing. Cannon Green and Luke Davis will oversee leasing. Steve Riordan, construction manager of Stream’s Construction Division, will oversee the project. It's expected to break ground this month and will deliver in Q2 2016.
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The first Langham Hotels & Resorts hotel in Texas will land at Wade Park in Frisco in early 2018 along the Dallas North Tollway at Lebanon Road. The project’s high-rise architectural design, by 5G Studio Collaborative, will feature up to 35 floors with about 25 hotel floors and 10 floors of planned residential. Plans for the Langham Hotels & Resorts luxury hotel at Wade Park include 250 guest rooms, including several one- and two-bedroom suites, and more than 25k SF of meeting and convention space. Thomas Land and Development broke ground on Wade Park in August 2014.
THE COWBOYS' BIG ANNOUNCEMENT
Ford Motor Co, the Texas Ford Dealers and the Dallas Cowboys inked a deal for a long-term sponsorship extension and naming rights agreement at the Cowboys’ new Frisco world HQ, training facility and multi-use event center. The facility will be known as The Ford Center at The Star. The complex is scheduled to open in summer 2016 for the conclusion of Cowboys Training Camp and in time for the Texas high school football season. The Ford Center at The Star will also include a multi-purpose 12,000 seat, indoor stadium for use by the Cowboys, the City of Frisco, Frisco ISD football and soccer games, and other sports, athletic, academic, fine arts and entertainment events.
LEASES
Walmart inked a 1M SF lease in Alliance Center North Building 2 at 1501 N Beach St in Fort Worth from Alliance Center North. Colliers International’s Tom Pearson and Chris Teesdale repped the tenant.
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ASG Park West Plaza leased a 36k SF pad site for a future Dairy Queen at 2220 Coit Rd in Plano. John T. Evans Co’s Chris Burks, Jim Jamerson and Dan Garrett repped the landlord.
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Western Marketing signed a 33k SF lease at 816 S Blue Mound Rd in Fort Worth from Steele, Folsom and Martin. Colliers International’s Todd Lambeth repped the landlord.
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Echo Locum Tenens leased 34k SF in Solana at 7 Village Circle in Westlake. CBRE’s Josh White and Neal Puckett repped the tenant. DTZ’s Chris Taylor, Rodney Helm, Trey Smith and Layne Mayfield repped the landlord, Equity Office Properties, an affiliate of The Blackstone Group.
SALES
An undisclosed buyer purchased the 113k SF Corporate Park Place at 1333 Corporate Dr in Las Colinas. Colliers International’s Creighton Stark repped both buyer and seller.
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Kaizen Real Estate purchased 63k SF of land on FM 544 just west of Murphy Road in Murphy. John T. Evans Co’s Chris Burks repped the buyer.
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Investment Ultimate M&A bought Todd Self Storage at 731 W Debbie Ln in Mansfield from Stephen Todd. Colliers International’s Richard Minker and Chad Snyder repped the seller.
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LG Acquisitions purchased 33k SF of land for a future restaurant at 3301 and 3307 West Pleasant Run Rd in Lancaster. John T. Evans Co’s Preston T. Evans and John T. Evans repped the seller.
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KD Real Property Investments acquired the 72-unit Bella Vita Apartments at 380 Solon Rd in Waxahachie from Mercury Metroplex Real Estate IV. Cantrell Co & Partners’ Sam Pettigrew repped the buyer in the direct deal.
EXECUTIVES
JJ Leonard (pictured with his family last year) joined Stream Realty Partners as managing director of Stream’s office division. He will be responsible for leading the strategic direction and operations of Dallas’ office team. Prior to joining Stream, he was a senior director for agency leasing at Cushman & Wakefield.
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Michael Ernst has joined CBRE’s capital markets’ debt and structured finance team as SVP. He joins CBRE from Equity Office Properties, a wholly-owned subsidiary of Blackstone Group. At EOP, he led a team responsible for asset management of a 19M SF portfolio of owned office properties in 12 markets.
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Cushman & Wakefield hired Randy Baird, Jud Clements and Robby Rieke to round out the firm’s national investment sales leadership within—and across—major US industrial hubs. Randy, who worked for Cushman & Wakefield earlier in his career, returns as an EVP. Jud and Robby are senior director and director, respectively. They have been partners and leaders together for five years and have a total of 40 years of industrial investment experience and more than $30B in completed sales transactions.
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Mark Smith joined the Henry S. Miller Cos as VP of Henry S. Miller Equity Partners. Mark’s primary experience has been in development, renovation and management of retail centers in the Texas market. Miller also promoted John Downs to SVP of Henry S. Miller Equity Partners. He is responsible for overseeing the management, leasing and financial operations for a number of Henry S. Miller owned assets. Jeff McKenney was promoted to EVP of HSM Dalcon, the residential development group of Miller. He is responsible for Miller’s residential land development activity in the DFW area as well as throughout the state.
