This Week's Dallas-Fort Worth Deal Sheet
Kimley-Horn leased 46k SF in the Galleria Office Towers and will move in July 2017. CBRE Global Investors recently completed $19M in capital improvements in the 1.5M SF office towers.
The renovations include a new parking system with license plate recognition, a fitness center, upgrades to the lobby and elevator cabs, a wine bar, a tenant lounge and a rooftop terrace as well as multiple conference centers. Kimley-Horn will be relocating from Park Central 7 to Two Galleria Tower at 13455 Noel Road. CBRE’s Celeste Fowden, Shannon Brown and Kenzie Killgore repped the landlord, CBRE Global Investors. Mohr Partners’ Charles Daggett, Dina Zavislak, Stephen Hemphill and Jenny Aust Turner repped Kimley-Horn.
EXECS
Atlanta-based Pollack Shores Real Estate Group expanded its Southwest region with a new office in Dallas. Alex Seals, former VP of investments at Dallas-based Rosewood Property Co, will lead the company’s office in Preston Center.
SALES
Fidelis Realty Partners acquired Rayzor Ranch Marketplace on the northeast corner of SH 380 and I-35 in Denton. Tenants in the 252k SF center include Academy Sports + Outdoors, Ross Dress for Less, Petco, Jo-Ann Fabric and Crafts, Boot Barn and Guitar Center. The overall center contains 641k SF including the Walmart, Sam’s Club and Kohl’s shadow anchors. The acquisition also included 18 acres of land.
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Bell Partners acquired Orion Frisco, a 360-unit community in Frisco on behalf of its investors. The community has been renamed Bell Frisco at Main and will be managed by Bell Partners.
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Kodiak Capital Advisors acquired a property in North Texas in a 1031 exchange. The newly constructed, 54k SF Hobby Lobby store is at the southeast corner of West Plano Parkway and West Park Boulevard near Willowbend in Plano.
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H&A Brothers purchased the 59k SF building at 1501 Luna Road in Carrollton from Nu Vista Series 1D. Lee & Associates repped the seller, and Stream’s Ryan Boozer repped the buyer.
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Mitchell Asset Group acquired a medical office building at 1141 Keller Pkwy in Keller. Led by Mitchell’s Dax Mitchell and Andrew Gi, this is the group's sixth transaction in the Metroplex this year. Cody Payne of Marcus & Millichap repped the seller. Kelly Hart & Hallman’s Andy Rogers and Beth Thurman repped Mitchell.
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North Davis Joint Venture sold a 15k SF medical office building on one acre at 950 North Davis St to TKEN Holdings. Coldwell Banker Commercial Advisors’ Shane Benner and Renee Efimoff repped the seller. DFW iRealty’s Trang Dang-Le repped the buyer.
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M2G Ventures purchased the OB Macaroni Building (above) at 108 South Fwy in Fort Worth. M2G will breathe life back into the 42k SF building.
LEASES
ITW Food Equipment Group leased 26k SF of distribution space in Railhead Business Station in 500 Railhead Blvd, and renewed 25k SF in 800 Railhead Blvd in Fort Worth. Bradford’s Nick Talley repped the landlord, Sun Life Assurance. CBRE’s Bob Scully repped the tenant.
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CBRE renewed and expanded a lease for CAF Capital Partners and CAF Management’s corporate HQ in Frisco. The firm is doubling its office space in the Hall Office Park at 2600 Network Blvd. CBRE's Scott Hobbs repped the tenant, and Hall Group's Brad Gibson repped Hall Office Portfolio DB.
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SKIDATA signed a 10-year lease at 130 East John Carpenter Fwy in Irving. The Austrian company is relocating and expanding to 17k SF of office space. Colliers’ David Quisenberry and Holt Lunsford’s Geoff Shelton and Marshall Mays repped the landlord. Jennifer Gray repped SKIDATA.
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VPay signed a long-term lease for 44k SF at 3701 West Plano Pkwy in Plano. Colliers’ Michael Carmichael, Chris Lipscomb and Lindsay Wolcott repped the landord. McNeff Commercial’s Greg Fail repped VPay.
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Level 2 Legal Solutions leased 9k SF in Richardson’s Collins Plaza at 1755 North Collins Blvd. Avison Young’s Charlie Morris and John Paul Floyd repped the tenant. Colliers’ Michael Carmichael, Chris Lipscomb and Lindsay Wolcott repped the landlord.
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Platinum Press completed a long-term lease for a 150k SF industrial facility at 4251 Empire Road in Fort Worth. The building features 10,000 amps of power, heavy parking and 20k SF of office. Transwestern’s Frank Jester III repped the tenant, and CBRE’s Steve Koldyke and Kacy Jones repped ML Realty Partners.
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Blue Cross Blue Shield Innovation Center leased 32k SF at Factory Six03 in Downtown Dallas’ West End. Granite Properties’ Aarica Mims repped the landlord. Savills Studley’s Terry Mostrom and Frank McCafferty repped the tenant.
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Metl Span renewed 34k SF at 1720 Lakepointe Drive in Lewisville. Colliers’ Michael Boules repped the landlord. Savills Studley’s Derrell Curry and Frank McCafferty repped the tenant.
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Lockwood, Andrews & Newman renewed 15k SF at 8350 North Central Expy in Dallas. Peleton’s John Dickerson repped the landlord. Savills Studley’s Derrell Curry and Frank McCafferty repped the tenant.
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Central Engineering Supply Co leased 11k SF at Brookhollow Commerce Center at 4851 to 4871 Sharp St in Dallas. Holt Lunsford Commercial repped the landlord, TA Associates. Stream’s Jason Moser repped the tenant.
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ATC Transportation leased 76k SF at 12750 Perimeter Drive in Dallas. Stream’s Matt Dornak and Ryan Wolcott repped the landlord, DRA Advisors. Stream’s Hanes Chatham repped the tenant.
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MB Keiser Heating & Air Conditioning Co leased 13k SF at 1221 Round Table Drive in Dallas. CJM Properties repped the tenant. Mercer Co’s Jeremy Mercer repped the landlord.
DEVELOPMENT
Adolfson & Peterson Construction topped out a new parking garage called Cowtown Place, adjacent to Sundance Square in Fort Worth. JLL is serving as the program manager and Woodbranch Investments is the developer on this project, which includes a 313k SF, nine-level structured parking garage with 26k SF of white box retail space. Walker Engineering is the architect of record.
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Baylor Scott & White Health and Duke Realty opened Baylor McKinney Physician Office Building 2 at 5252 West University Drive in McKinney. GC Medco Construction and architect HDR built the 77k SF, three-story medical office building.
FINANCING
Greysteel arranged permanent financing for the refinance of El Rancho Escondido, a multifamily property in Fort Worth. The 10-year, non-recourse loan, provided by an agency lender, features a fixed rate and two years of interest-only payments. Greysteel’s Anton Mattli, John Marshall Doss and Zach Ghormley negotiated for the local borrower.
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HFF arranged $200M in financing for a nine-property portfolio comprising multifamily, industrial and retail properties in six states. The loan is secured by three multifamily properties totaling 761 units in Plano, Dallas and Minneapolis. HFF worked on behalf of the borrower, a commingled fund managed by New York-based Clarion Partners, to secure the fixed-rate loan through one of HFF’s correspondent lenders.
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Greysteel’s Anton Mattli, John Marshall Doss and Zach Ghormley arranged permanent financing for the refinance of Royal Terrace, a 98% occupied multifamily property in Euless, on behalf of Countrywide Hospitality. The 10-year, non-recourse loan, provided by an agency lender under the Freddie Mac Small Balance Loan program, features a fixed rate of 4.24% and a 30-year amortization schedule.
THIS AND THAT
Alliance Architects was awarded a Tilt-Up Achievement Award from The Tilt-Up Concrete Association for Trammell Crow’s Penn Distribution Center. The spec 829k SF office/distribution facility features a combination of materials, including tilt wall, stone, continuous and recessed windows and punched openings to create a curved entry feature.
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CBRE’s Dave Anderson, a 33-year employee of the company’s industrial and logistics business, received the Dave Haggerty Leadership Award. The honor is the highest that CBRE can bestow on an industrial professional.
