This Week's Dallas-Fort Worth Deal Sheet
CBRE will market the former Parkland Memorial Hospital campus, composed of five adjacent sites.
Parkland (above) represents a significant redevelopment opportunity. The CBRE office investment property team of John Alvarado, David Glasscock, Gary Carr, Eric Mackey and Robert Hill, with Kevin O’Neil and Doug Gordon of CBRE’s healthcare services team, will represent the seller.
EXECS
Citadel Partners hired Mark Cypert as managing adviser of its capital markets group. Cypert will expand the firm's capabilities in its corporate tenant advisory practice.
***
Elissa Plotsky and Heather Niedens joined Sendera Title’s Dallas Uptown team as director of commercial business development and commercial escrow officer, respectively. Plotsky has more than 25 years of experience, and Niedens has more than 20 years of experience.
SALES
Transwestern sold the 224-unit Las Lomas Apartments in Arlington. A local ownership group acquired the stabilized asset. The prior owner had converted the property from chiller to individual HVAC. Old Capital provided the long-term permanent Fannie Mae loan at 80% LTV.
***
An out-of-state investor acquired the 200-unit Denton North Apartments in Denton. Old Capital provided the high-leverage Fannie Mae 12-year non-recourse loan for the recently updated asset near UNT.
***
CJM2 Properties leased 22k SF at 407 International Way in Arlington. Mercer’s Corby Hodgkiss repped the buyer. G Twelve Trust sold the property.
***
HFF closed the sale of 2525 McKinnon (above), a 112k SF, Class-A office building in Dallas’ Uptown submarket. HFF marketed the property on behalf of the seller, Talon Private Capital, and procured the buyer, City Office REIT.
***
Vestar acquired Twin Creeks Marketplace, a 43k SF grocery-anchored neighborhood center at 1265 West Exchange Pkwy. in Allen. Developed in 2016, Twin Creeks Marketplace is leased to several national and regional retailers, including Sprouts Farmers Market, Verizon, Starbucks, Advancial Credit Union, Luxe Nails, Studio Smiles and ATI Physical Therapy.
***
KW Commercial’s David Tuttle brokered the sale of a 10k SF retail building at 621 West Division in Arlington for the seller, Pete Jones Furniture.
***
Hatfield Properties repped itself in selling three parcels totaling 24k SF of raw land off Galveston and St. Louis avenues to a physician group. Vision Commercial repped the buyer.
***
Matthews Commercial Group’s Eliud Sangabriel repped the seller of a four-acre redevelopment parcel at 2160 to 2180 FM 1187 in Mansfield. Blanchard Properties’ Jan Blanchard repped the buyer.
***
CBRE sold Logistics Crossing I, a 668k SF industrial facility in Grand Prairie. Washington, DC-based AFL-CIO Building Investment Trust, advised by PNC Realty Investors, purchased the asset from Atlanta-based Robinson Weeks Partners for an undisclosed price.
LEASES
Elephant Auto Insurance will open its first Texas office at International Business Park in Carrollton and Plano. Elephant will occupy 23k SF at 4120 International Pkwy. (above), which formerly housed RealPage’s corporate headquarters. Elephant is moving into the space later this month.
***
Platinum Direct Mail Service leased 27k SF at 122 Riveredge and 1721 Irving Blvd. in Dallas. Mercer’s Jeff Mercer repped the landlord, DD Riveredge 122.
***
WE Mott Jr. Spousal Testamentary Trust leased 11k SF at 4400-4406 Action St. in Dallas. Mercer’s Ryan McCarthy repped the landlord, Escalade Ventures.
***
Kit Composites leased 32k AF at 4560 Leston Ave. in Dallas. Mercer’s Jeremy Mercer repped the tenant. Lee & Associates’ Phil Rosenfeld repped the landlord, Regal Business Center.
***
CyrusOne leased 30k SF of office space at Rosewood Court at 2101 Cedar Springs Road in Dallas for the relocation of its corporate headquarters. Colliers’ David Wetherington, Tyler Howarth and Chelsea Story repped CyrusOne. Mike Wyatt and Travis Boothe with Cushman & Wakefield repped the tenant.
***
KW Commercial’s David Tuttle brokered the lease of a 10k SF office space at 7450 Tower St. in Richland Hills. Tuttle repped the tenant, McElroy Metals. The landlord was repped by Todd Hubbard and Michael Newsom with NAI Robert Lynn.
***
JLL will lease 3333 Welborn, a four-story office property in Uptown. The property includes more than 48k SF of rentable office space. A round of spec suites are in the planning stages and are expected to be delivered later this year.
FINANCING
CBRE Capital Markets arranged $38M in permanent financing for the recapitalization of two student housing properties adjacent to the campuses of TCU and Baylor. CBRE’s Benjamin Roelke arranged a combination of long-term fixed and floating rate loans on behalf of Newsome Development. The financing was provided through CBRE’s Fannie Mae Delegated Underwriting and Servicing (DUS) program for the 117-unit Village East at 2737 Merida Ave. (above) in Fort Worth.
***
MCA arranged a fixed-rate acquisition loan for Craig Crossing Shopping Center in McKinney. The loan features a 6.13% rate for five years with interest-only payments throughout the loan term at 65% LTV. The facility provides funding for lease-up and stabilization of the property.
***
CBRE Capital Markets arranged financing for Royal Highlands Plaza, a 105k SF shopping center in Dallas. CBRE worked on behalf of JAH Realty to obtain $10M from a correspondent life company to refinance the project. The 20-year, fully amortizing non-recourse loan has a fixed interest rate of 4%. CBRE’s Scott Lewis, Greg Greene and Matt Ballard originated and secured the financing.
