This Week's Dallas-Fort Worth Deal Sheet
JP Realty Partners' Mark Jordan bulked up his firm's presence in Park Central, buying Banner Place at 12660 and 12770 Coit Road in Dallas.
The 12-story, 286K SF office towers were 70% leased when sold. Colliers’ Creighton Stark and Chris Boyd repped the seller, Gaedeke Group. JP Realty Partners bought North Central Plaza III in Park Central in 2012.
EXECS
K2 Construction hired Brenda Hedrick as director of business development. Prior to joining K2, Hedrick was an architectural interiors manager for Haworth, a global furniture manufacturer and the director of business development for BOKA Powell.
SALES
Rowan Properties sold the 120-unit Oakwood Terrace apartments in Fort Worth. This is the second time Rowan Properties has sold the property in the last 18 months.
***
Atlantic | Pacific Cos. purchased Walnut Creek Apartment Community in Mansfield. The property will be renamed The Atlantic Mansfield.
***
Grapevine-based 2GR Equity entered into a joint venture with Dallas-based developer Brown Company Partners. The JV acquired 4 acres on the southwest corner of White Chapel Boulevard and State Hwy 114 in Southlake.
***
Out-of-state investors purchased the 104K SF Mansfield Industrial Center. Old Capital provided the long-term permanent debt at 4.5% and 80% leverage for the triple net sale-leaseback.
***
RD Management sold Westcliff Shopping Center at 3563 Alton Road in Fort Worth. Consolidated-Tomoka Land acquired the 10-acre, 136K SF center for $15M at a 6.28% cap rate.
***
The Vitorino Group sold Hebron Parkway Shopping Center, an 18K SF neighborhood strip center in Carrollton. The retail strip center is 100% occupied. Vitorino’s Bryce Gissler listed the property on behalf of the seller, a private investor based in Texas. The buyer, a local private investor, was represented by an outside broker.
***
Transwestern sold 11321 Woodmeadow Pky. in Dallas. The 216-unit complex is the first DFW purchase for the buyer.
***
Marcus & Millichap sold Brook Hollow, a 160-unit apartment property at 1431 David in DeSoto. Marcus & Millichap’s Al Silva marketed the property on behalf of the seller, a Canadian investment fund. Silva also secured the buyer.
***
Transwestern sold the 683-unit two-property portfolio composed of the Residence at Lake Highlands at 9857 Audelia Road in Dallas and The Dakota at 707 Washington Drive in Arlington.
***
Hungs Enterprise sold the 36K SF Commonwealth Center office building at 4200 South Cooper St. in Arlington, to LG Arlington South Cooper. Judy Nitzinger of Coldwell Banker Commercial Advisors DFW repped the seller. CBRE’s Nathan Wood repped the buyer.
LEASES
Double R Restaurant Group, the franchise partner of Another Broken Egg Cafe, opened its third Texas location at The Colony’s mixed-use development, Grandscape.
***
Savills Studley leased the 36K SF Smokey Mountain Chew at 1204 West Bethel Road in Coppell. Savills Studley’s Dan Zeltser led negotiations on behalf of the tenant. DCT Industrial owns the property.
***
Forced Performance signed a 15K SF lease at 229 South Henry Hynds Expy. in Van Alstyne from Clint Murphy of Armortek. The company is relocating its headquarters from McKinney. Younger Partners’ John St. Clair represented the tenant. Younger Partners’ Jeremy Lillard and Tom Grunnah represented the landlord.
***
Quine & Associates' Randy Scott and Brad Quine leased 21K SF at Cimarron Plaza Shopping Center in Bedford to Texas Family Fitness.
***
Anew Business Solutions subleased 30K SF of warehouse space from Invacare in 360 Mayfield Business Center at 3460 South Watson Road in Arlington. Bradford’s Michael Spain represented the tenant. Shane Clark of PSC Consulting Services represented the sublessee.
***
GBK Sports LLC leased 13K SF of warehouse space in Woodlands Business Center Building 3, 2005 108th St. in Grand Prairie, from Woodlands Business Center. Bradford’s Michael Spain, Brock Wilson and Joe Santaularia represented the landlord. REATA Commercial Realty's Bob Gibbons repped the tenant.
***
Serendipity Wines renewed 9K SF of warehouse space at 438 Mockingbird Lane in Dallas. Bradford’s Joe Santaularia and Brock Wilson represented the landlord in the direct deal.
***
Frisco Plaza at 9500 Dallas Pwy. in Frisco is now completely leased. Inroads Realty’s Mike Cagle and Taylor LeMaster brought four tenants to the 9K SF retail center including Wing Nutz, Industrial Cigars, Mezcal Tacos and Direct Orthopedic Care.
***
Creative Manufacturing expanded into a 23K SF lease at Midpoint I-20 Distribution Center in Arlington. Stream’s Luke Davis and Sarah Ozanne represented the landlord. CBRE’s Brian Gilchrist represented the tenant.
***
Medeanalytics expanded and extended its lease to 25K SF at Custer Court at 501 West President George Bush Tpke. in Richardson. Stream’s Matt Wieser and Ryan Evanich represented the landlord. CBRE represented the tenant.
***
Hilton Domestic Operating expanded into a 24K SF lease at The Colonnade I in Addison. Stream’s JJ Leonard and Ryan Evanich represented the landlord, FPG Colonnade. JLL represented the tenant.
***
HD Supply leased 26K SF at 6644 All Stars Ave. in Frisco. Stream’s Bob Hagewood represented the landlord, GID. Stream’s Matt Dornak represented the tenant.
***
NTT Data renewed its 20K SF lease at 12000 Ford Road in Dallas. Boxer’s Alexander Renwick represented the landlord. E Smith Realty’s Shelly Christenson represented the tenant.
FINANCING
Metropolitan Capital Advisors arranged first mortgage financing for Phase 3 of Hebron 121 Station Apartments, a Class-A multifamily property in Lewisville, on behalf of Huffines Communities. The loan has a three-year term with one one-year extension option at 395 bps over one-month LIBOR, 70% LTV and a 12-month lockout period.
DEVELOPMENT
Harwood International’s Bleu Ciel topped out on its 33-story, 158-unit condo tower designed by Paris-based Jean-Michel Wilmotte and Dallas-based HDF.
***
CityLine started construction on Phase 1 of Fox Creek Park at CityLine, which will include more than 11 acres of the 17 that are planned. Designed by TBG Partners, Fox Creek Park will include a 75-foot-long bridge to accommodate pedestrian and bicycle traffic, a covered pavilion, playgrounds, limestone benches, ornamental planting beds and connectivity to hike and bike trails.
***
MYCON General Contractors will be the general contractor for the $6.3M educational addition for Woodcreek Church at 3400 East Renner Road in Richardson. The project will be completed fall 2017. GFF is the project architect.
