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This Week's Dallas-Fort Worth Deal Sheet

Maxwell Drever’s The Drever has completed the largest abatement and demolition project in Texas history and is beginning to build out the 50-floor mixed-use development at 1401 Elm St. Downtown. 

Maxwell Drever’s The Drever has completed the largest abatement and demolition project in Texas history and is now beginning build out for the 50-floor mixed-use development Downtown. After months of demolition, 5.6M SF of material including 50,000 linear feet of ductwork was removed during a process that spanned a total of nearly two years.
The Drever after demolition work

Over the course of two years, 5.6M SF of material, including 50,000 linear feet of ductwork, was removed. 

Three large steel bank vaults and hundreds of safe deposit boxes remained from previous tenant First National Bank of Texas. In the next month, crews will put up drywall, install electrical, begin stair fabrication and new elevator fronts, and pour concrete. The Drever will be completed in 2018.

EXECS

Ashford Hospitality Trust’s board of directors appointed Douglas Kessler as its CEO. Monty Bennett, the company's previous CEO, remains chairman of the board of Ashford Trust. As part of this appointment, Kessler will not stand for re-election as a director of Ashford Hospitality Prime.

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Albert Hernandez returned to Venture Commercial Real Estate as a vice president, and Todd Griffiths joined the firm as an associate. Hernandez and Griffiths have a combined 40 years of restaurant and real estate experience and will work to expand Venture’s restaurant tenant representation business.

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Merriman Anderson/Architects promoted seven associates from its Dallas office to shareholder/principal. Principals Jerry Merriman, Deby Merriman and Milton Anderson presented shareholder status to David Masters, John Carruth, Aimee Sanborn, Philip Siems, Adam Jones, Justin McCarthy and Jennifer Picquet-Reyes.

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Stream Data Centers promoted Chris Kincaid to senior vice president of design and construction. Kincaid will continue to oversee and enhance Stream’s data center design and construction expertise as the market evolves with more complex IT environments. 

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Douglas Joehl joined Cadence McShane Construction Co. as vice president of finance.

SALES

Westmount sold Westmount at Vista Ridge, a Class-A garden-style apartment community at 2241 South Business Highway 121 in Lewisville. The community, constructed in 2006, has multiple three-story buildings with a total of 270 units and 291k SF on 12 acres.
Westmount at Vista Ridge

Westmount sold Westmount at Vista Ridge, a Class-A garden-style apartment community at 2241 South Business Highway 121 in Lewisville. The community, constructed in 2006, has multiple three-story buildings with a total of 270 units and 291k SF on 12 acres.

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JLL's managing director Robert Webster, executive vice president Tim Southard and vice president John Harper arranged the sale of the Hilton Hotel in Arlington on behalf of Thayer Lodging Group. U.S. OCG purchased the 308-key property. 

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HFF closed the sale of and arranged acquisition financing for The Villages of Addison, a 264-unit, garden-style community in Dallas. HFF marketed the property on behalf of the seller, The Connor Group. Advenir purchased the offering for an undisclosed amount. It is the firm's first acquisition funded by a $100M revolving credit facility that HFF recently secured on its behalf.

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DYR Real Estate bought 2401 Mustang Drive in Grapevine. Matt Matthews with Matthews Commercial Group in Southlake repped the seller of this 5k SF building.

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1301 Forum Way South has a new owner. Ryan Wood with TCRG Properties repped the seller, TCRG Opportunity VIII. PMRG's Kurt Cherry repped the buyer, AW Enterprises.

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Lane Kommer and Mark Porterfield repped the seller of Villa Del Sol Apartments, a 255-unit complex in Dallas. The seller was 511 Oakgrove. Brad Sumrock repped the buyer, Staples Multi Family of Dallas. 

LEASES

Stream Realty Partners was named to market Gateway Industrial Park, a 126-acre, master planned industrial park in northwest Gainesville, just off I-35. Stream senior vice president Bob Hagewood and managing director and partner Cannon Green will partner with the Gainesville Economic Development Corp. to market the park.

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SSC Signs leased 18k SF at 2819 Blystone Lane in Dallas. Mike Smith Co. repped the tenant. Mercer’s Keenan Cook repped the landlord, II Global Properties. 

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Montana West leased 50k SF at 11925 North Stemmons Fwy. in Dallas. Mercer’s Keenan Cook repped the landlord, Billingsley Development.

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Duke Realty executed a long-term lease agreement for a 557k SF, build-to-suit distribution facility with Shippers. This is the second build-to-suit warehouse that Shippers will lease from Duke in Prime Pointe, a 3,000-acre industrial park at I-45 and East Wintergreen Road. Al Leon and Larry Leon with Logistics Realty repped Shippers Warehouse. Duke’s Matt Hyman repped Duke Realty.

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Bartaco restaurant will lease 5k SF at WestBend,Trademark Property’s University District mixed-use development. The concept, operated by Barteca Restaurant Group, will offer tacos, cocktails and more in the space overlooking the Trinity River.

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Next Level Liquidations leased 25k SF at 8740 Diplomacy Row in Dallas. Mercer’s Jeremy Mercer repped the landlord, the Knopf family. 

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Quorum Business Solutions leased 17k SF of office space at 717 Harwood in Downtown Dallas for the relocation of their area headquarters. Colliers’ David Quisenberry, John Conger and Lindsey Wolcott repped 717 Harwood. Kyle Kelley and Frank McCafferty with Savills Studley repped Quorum Business Solutions.

Quorum Business Solutions leased 17k SF of office space at 717 Harwood in Downtown Dallas for the relocation of its area headquarters. Colliers’ David Quisenberry, John Conger and Lindsey Wolcott repped 717 Harwood. Savills Studley's Kyle Kelley and Frank McCafferty repped Quorum Business Solutions.

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About 8k SF of deals were inked at Republic Center at 325 North St. Paul St. in Downtown Dallas. Younger Partners’ Kathy Permenter, Trae Anderson and Sarah Savage repped the landlord.

  • Adair Morris & Osbourn expanded its lease to 5k SF.
  • Ampio Solutions signed a new lease for 3k SF. Ben Goldthorpe of Swearingen Realty Group repped the tenant.

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Henry Schein signed a new lease for 26k SF. PMRG’s Kurt Cherry and Shea Byers repped the landlord, Transamerica Life Insurance Co. Bradford Commercial’s Jason Miller and Michael Spain repped Henry Schein.

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Body Contour Centers and Sono Bello signed a new lease for 10k SF at One Hanover Park in Addison. PMRG’s Kurt Cherry and Shea Byers repped the landlord, One Hanover Investors. CBRE's Clay Vaughn repped Sono Bello. 

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Integrative Multidisciplinary Medical Group and C. Brandon Knutson signed a renewal for 6k SF and expansion of 2k SF at One Hanover Park in Addison. PMRG’s Kurt Cherry and Shea Byers repped the landlord, One Hanover Investors. 

DEVELOPMENT

2GR Equity entered into a joint venture with developer Brown Company Partners. The newly formed JV acquired 4.2 acres on the southwest corner of White Chapel Boulevard and State Hwy 114 in Southlake. Construction plans are approved by the city and work should commence on a 50k SF, three story, Class-A medical office in early March. 

THIS AND THAT

Elizabeth Bigler, a project engineer at McCarthy Building Cos., was awarded TEXO’s 2016 Magnolia Award. The Magnolia Award annually recognizes women in construction who demonstrate excellence in job performance and leadership and a commitment to education.

Related Topics: Deal Sheet, The Deal Sheet