This Week's Dallas-Fort Worth Deal Sheet
Gatehouse Capital broke ground on a four-story, 107-room Fairfield Inn & Suites by Marriott on US 380 in Decatur.
The $14M project will be operated by Texas Western Hospitality, designed by BOKA Powell and built by UEB. The property (above) is on 2.5 acres adjacent to the City of Decatur’s Civic Center and will deliver late 2017.
EXECS
Donna Wilkins was named director of due diligence and closing for Westmount Realty. Since joining the firm in October 2015, Donna has closed 2M SF of acquisitions, totaling $118M.
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Alliance Architects has promoted Barbara Caires to VP. Barbara will continue to lead and direct the firm’s interior design team.
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Capview Partners hired Andrew Calderwood as a managing director, where he will lead business development strategies.
SALES
Greysteel arranged the sale of Cedar Square, a 116-unit multifamily property in North Oak Cliff, on behalf of Cedar Square Apartments. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson repped the seller and procured the buyer, a private local investor.
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Velocis sold Magnolia Medical Tower, a 90k SF medical office building in Fort Worth’s medical district. Ridgeline Magnolia MOB purchased the property for an undisclosed price. CBRE’s Lee Asher and Chris Bodnar partnered with Austin Barrettto to broker the sale on behalf of Velocis.
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CBRE sold Creekside on the Green, a 296-unit multifamily community in Garland. Utah-based Realsource Properties purchased the asset from California-based COTG Partners for an undisclosed price. CBRE’s Chris Deuillet repped the seller.
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Colliers International closed the sale of Northgate III, a 95k SF industrial property at 12002 and 12092 Forestgate Drive in Dallas. Colliers’ Lizzy Blake repped the seller, Mountain West Industrial. Lee & Associates’ Tom Grant repped the buyer, California-based PSC Properties.
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TVT Investments purchased an 8k SF freestanding retail center at 3000 Meadowbrook Blvd in Arlington. Structure Commercial’s Troy Morgan negotiated the sale.
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Rowan Properties facilitated the sale of the 210-unit Villa Vista apartments in North Dallas.
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415 Hemphill sold 88k SF of land at 401 Hemphill St in Fort Worth. Transwestern’s Jim Sager repped the buyer, CRG Acquisition.
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Chesapeake Land Development sold a 13k SF industrial building at 3007 Pleasant Valley Lane in Arlington to JY Parker Building. Transwestern’s Todd Hawpe repped the buyer.
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Embrey Interests acquired 4228 North Central. Cushman & Wakefield’s Beth Lambert and Diego Arroyave negotiated the acquisition for the 90% leased asset. Embrey acquired the asset as part of a 1031 exchange after recently selling Park Creek Place in Turtle Creek.
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Ridgeline Capital Partners sold the Midtown Medical office building, a 58k SF building at 900 Jerome St in Fort Worth. The buyer was repped by Cosol Commercial Real Estate’s Bowen Cardoza, and the seller was repped by Stan Johnson Co’s Jeff Matulis, Toby Scrivner and Grant Wilkins.
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Transwesten’s Nora Hogan and Jordan Wade repped FHS Irving in the sale of 8001 Bent Branch Drive in Irving. The Class-B industrial property with 53k SF of flex space was purchased by Burlington Materials at an undisclosed price. Lee & Associates’s Reed Parker repped the buyer.
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Realty Capital Management sold six acres at the northwest quadrant of Avondale-Haslet Road and Business 287 in Haslet. Realty Capital Management’s Mark Boone repped the seller. Quine & Associates repped the undisclosed buyer.
LEASES
Younger Partners inked two deals totaling 28k SF at Park Central 3 and 4 in Dallas. Younger Partners’ Heather Shover, Kathy Permenter and Sean Dalton repped the landlord, Pittsburgh-based McKnight Realty Partners. Holmes Murphy & Associates expanded its lease by 21k SF to a total of 72k SF at 4 Park Central. Peloton’s Sarah Hinkley and TD Briggs repped the tenant. Supply Sanitation Systems signed a new 7k SF lease at 3 Park Central. Transwestern’s Nora Hogan and Jordan Wade repped the tenant.
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Younger Partners inked nearly 14k SF of deals at 122 West John Carpenter Fwy in Irving. Younger Partners’ Heather Shover, Kathy Permenter and Sean Dalton repped the landlord, New York-based HighBrook Investors. Alliant Systems leased 10k SF, repped by Transwestern’s Brett Owens. Network of Vertafore Users leased 4k SF with tenant reps Cushman & Wakefield’s Preston Knowlton and Travis Boothe.
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TB&S Manufacturing signed a 12k SF industrial lease with Texas Industrial Real Estate Corp at 4901-4905 Blue Mound Road in Fort Worth. Transwestern’s Todd Hawpe and Sarah LanCarte repped the landlord.
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QTRAN signed an 11k SF industrial lease at 2220 Delante St in Haltom City with CJM2 Properties. Transwestern’s Sarah LanCarte repped the tenant.
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Tower Engineering Solutions leased 8k SF at Parkway Tower in Irving. Webber Co’s Ladd Webber repped the tenant. Younger Partners’ Heather Shover, Kathy Permenter and Sean Dalton repped the landlord.
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Restaurante El Tejas Bar and Grill leased 7k SF of retail space at 5408 Old Denton Hwy in North Richland Hills. Structure Commercial’s Monika Guzman negotiated.
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Core-Mark leased Suite 120 at 710 Centerpark Drive in Colleyville. The consumer goods distributor and marketer brings the office building to 100% leased. Vision Commercial’s Roger Smeltzer repped the landlords, Keith and Teresa Kettle. The tenant was self-repped.
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Clover Telecom has leased 127k SF of industrial space at 121 Dividend Drive in Coppell. Transwestern’s Bill de la Chapelle, Brett Owens, Sharon Cramer and Emily Rankin repped the tenant. Duke Realty’s Randy Wood repped the landlord.
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Webcetera leased 40k SF of office space at 350 Highland in Lewisville. Transwestern’s Fletcher Cordell and Nathan Durham repped the building owner, Lewisville-Peak.
DEVELOPMENT
Hunt Southwest Real Estate Development has completed and will now lease Riverbend West, a Class-A warehouse and distribution center at 2101 Reeves Place in Fort Worth. The 300k SF industrial building is the first project for Hunt Southwest.
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OKI Data Americas, a subsidiary of the Japan-based OKI Data Corp, will establish a new office at 8505 Freeport in Irving to support the company’s North American operations. The 18k SF office includes a technology solutions center and will allow OKI to create more than 100 jobs by the end of 2018. In addition to nearly $4M in capital investment, a TEF award of $895k has been extended to OKI.
FINANCING
Cohen Financial arranged $5.2M in refinancing for two retail centers in DFW. Cohen’s Kevin Sellers secured two three-year fixed-rate loans with Commerce National Bank for the borrower, a local investor. Kevin secured a $4M loan for La Marina Plaza, a 30k SF retail center anchored by Texas Health Resources in Fort Worth, and a $1M loan for 10k SF Southlake Plaza.
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CBRE arranged a $56M loan for the refinance of the 429-room Sheraton Fort Worth Hotel. CBRE’s Marc Sallette and Olga Lepow secured the loan on behalf of the borrower, Presidio Cos. The three-year, fixed- and floating-rate loan included $21M in mezzanine capital. Macquarie Group served as the senior lender and Torchlight Investors served as the mezzanine lender.
