This Week's Dallas-Fort Worth Deal Sheet
HSM Equity Partners, the development arm of Henry S. Miller, purchased a three-acre retail tract at the southwest corner of McKinney Ranch Parkway and Ridge Road in McKinney. The development consists of a one-acre pad and a 21K SF retail center.
Construction will begin in Q2 2017. Benton Commercial Real Estate Services’ Joe Benton repped the seller. Dowdle Real Estate’s Lynn Dowdle repped the purchaser. HSM Retail Division’s Linda Zimmerman is marketing the development.
EXECS
Trademark Property promoted Angela Hall to general manager and marketing director at Waterside and WestBend, its two newest Fort Worth properties.
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Kelsey Berry was named principal at Gateway Planning. Berry has led many downtown revitalization projects and public engagement initiatives across the U.S.
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Hill & Wilkinson General Contractors promoted Matt Shem to vice president and division manager of special projects.
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Christopher Gibbons joined JLL as senior vice president of the Dallas retail brokerage group. Gibbons will focus on business development and disposition services.
SALES
A local ownership group acquired Agave Villas Apartments in Irving. Old Capital provided long-term permanent Fannie Mae green financing at 80% LTC for the 94-unit stabilized Class-B asset.
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Colliers International sold Meadow Central, a 179K SF office complex at 10260 and 10300 North Central Expressway in Dallas. Colliers’ Creighton Stark and Chris Boyd repped the sellers, Sunwest Real Estate Group and Libitzky Property Cos. The buyer was Ascent Real Estate Advisors.
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Mitchell Asset Group acquired a 104K SF manufacturing facility in Mansfield occupied by Gamma (Engineering) Aerospace under a long-term net lease. The purchase was led by Mitchell's Dax Mitchell and Andrew Gi. Mitchell was repped by Andy Rogers and Beth Thurman of Kelly, Hart & Hallman. Lending was facilitated by Old Capital's Paul Peebles in conjunction with John Van Sons of Southwest Bank in Fort Worth.
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Vitorino Group sold Magnolia Park Center, a 14K SF neighborhood strip center in Fort Worth. The property was 88% occupied by restaurant and service tenants at the time of the sale. Vitorino’s Bryce Gissler and Anthony Pucciarello repped the buyer. Vitorino’s Jason Vitorino repped the seller.
LEASES
Cushman & Wakefield will manage the portfolio of Fort Worth-based Pier 1 Imports' more than 1,000 stores with 10M SF across the U.S. and Canada.
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Cabot Properties leased 43K SF at Trinity Crossing at 3100 Roy Orr Blvd. in Grand Prairie. Stream's Cannon Green and Luke Davis repped the landlord. Cushman & Wakefield repped the tenant, Dynamic Glass.
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FleetPride renewed its 46K SF lease at 4155 Patriot Drive in Grapevine. Stream’s Blake Kendrick and Cannon Green repped the landlord. Cushman & Wakefield repped the tenant.
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Safelite Fulfillment renewed and expanded into a 43K SF lease at 1601 East Plano Pkwy. in Plano. Stream’s Matt Dornak and Ryan Wolcott repped the landlord. Pangman Commercial Realty repped the tenant.
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AO renewed 53K SF at Valwood Centre I at 1841 Monetary Lane in Carrollton. Lincoln Property repped the landlord, Denali Texas Monetary Industrial. Stream’s Eric Crutchfield and Jeremy Kelly repped the tenant.
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American Excelsior Co. leased 10K SF at 1174 North GSW Pkwy. in Grand Prairie from Great Southwest Parkway Douglas. Mercer’s Corby Hodgkiss repped the tenant.
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Plano-based Sixty Vines is opening its second dining spot at the Crescent this fall, and East Hampton Sandwich Co. will open a location early this summer.
DEVELOPMENT
Walton donated land to Crowley Independent School District to build a new elementary school that will serve residents of Chisholm Trail Ranch. The 600-acre community will have 1,100 single-family residential homes, including 169 home sites in Phase 1.
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Steel framing has progressed enough that installation of iconic blue panels has begun on the future Grand Prairie IKEA store set to open this fall.
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Yates Construction completed pre-construction and ramped up its field construction operations on The Lakeside Tower in Flower Mound. The project includes a 16-story, Mediterranean-styled condo tower totaling approximately 226K SF of living area, a three-story, 76K SF enclosed parking garage, and four 3K SF bungalows on the perimeter of the building.
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Larkspur Development broke ground on The Row on Elsbeth in the Bishop Arts District. The Row will have 16 fee simple townhouses with red brick exteriors, divided light warehouse windows and gooseneck lighting. The units will deliver in late 2017.
THIS AND THAT
Brendon Wheeler was selected as Young Engineer of the Year for the DFW Mid-Cities Chapter of the Texas Society of Professional Engineers.
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JQ acquired Dallas-based structural engineering firm Baldauf Herrin & Associates Inc. The acquisition will enable JQ to grow its service capabilities in the federal and corporate markets.
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On March 7, the CCIM North Texas Chapter will celebrate its 40th anniversary.
CORRECTION, March 8, 3:15 P.M CT: A previous version of this Deal Sheet incorrectly stated that C&W will lease Pier 1’s portfolio. The story has been updated.
