This Week's Dallas-Fort Worth Deal Sheet
Adolfson & Peterson Construction completed a parking garage in Downtown Fort Worth named Cowtown Place.
JLL’s Jon Vidaurri served as the program manager and Woodbranch Investments served as the developer of the project, which includes a 313K SF, nine-level structured parking garage with 26K SF of retail space on the ground floor.
EXECS
Trammell Crow promoted three people within its DFW unit: Scott Kirchhoff, Conner Best and Mallory Mullen.
SALES
Out-of-state ownership acquired the Estara Apartments in Dallas. Old Capital provided the seven-year, fixed-rate loan with 30-year amortization at 80% leverage for the 216-unit property.
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Local investors acquired the 200-unit Brook Hollow Apartments in DeSoto. The new owners will invest $20K per unit in renovations. Old Capital provided the non-recourse bridge loan at 75% leverage.
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Transwestern sold one of Dallas’ largest apartment complexes, Tierra Linda. The 804-unit complex spanning 43 acres was acquired by S2 Capital. S2 also acquired the 386-unit Willow Pond in North Dallas. S2 will spend a combined $15M renovating the projects.
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Venture Commercial’s Clay Mote repped Basswood Development in the sale of a 1.5-acre pad site at the southeast corner of I-35W and Basswood Drive in Fort Worth. The buyer, Basswood 35, repped by Attlee Realty's Veronica Attlee, will build a car wash on the site.
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Venture Commercial’s Chris Corbin and Bob Moore repped 26 Hurst in the sale of a one-acre pad site at 500 Grapevine Hwy. in Hurst. The buyer, Hurst Retail, was self-represented, and will build a multi-tenant retail development at the site.
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Houston-based OrangeStone Capital purchased two buildings in the Dallas market: 801 Core St. and 4211 Cedar Springs Road. The former is a 10K SF creative office building in the Design District. The latter is a 40K SF office building at the corner of Cedar Springs Road and Douglas Avenue.
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Moorman Meador sold a 58K SF retail building at 2301 and 2351 Southeast Loop 820 and 5150 Campus Drive in Fort Worth to Cidema Three. Transwestern’s Todd Hawpe and Jeff Givens repped the seller.
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300 Arbrook sold a 23K SF office building at 300 West Arbrook Blvd. in Arlington to Arbrook Investment Properties. Transwestern’s Jim Sager repped the seller.
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Hassan Kalie sold a 12K SF retail building at 3542 Alta Mere Drive in Fort Worth to 2SP Partners. Transwestern’s Gibson Duwe negotiated the transaction.
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Frost Bank sold a 3.4-acre industrial tract at 2500 Great Southwest Pkwy. in Fort Worth to LD Texas Investments. Coldwell Banker’s Wayne Burgdorf repped the seller. Marty Rader of DFW Realty Partners repped the buyer.
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Greysteel has been named exclusive adviser and agent by a private local investor for the sale of Azlewood, an 81-unit multifamily property in Azle.
LEASES
Heritage Floors renewed 10K SF of warehouse space in Twin Creeks Business Center at 1303 North Watters Road in Allen. Bradford’s Susan Singer and Michael Grant repped the landlord, Watters Road Investors.
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Citadel Partners repped UNICOM Engineering in the renewal of an 83K SF flex facility in Plano. Citadel Partners’ Scott Jessen, Andy Goldston and Mac Morse repped UNICOM Engineering. The landlord was repped by Brett Lewis and George Tanghongs with Lee & Associates.
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Devin Longmore leased 12K SF at 3811 Halifax St. in Dallas. Stream’s Hanes Chatham repped the tenant. Mercer Co.’s Jeremy Mercer repped the landlord, KP Argon.
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Solar Turbines Inc. renewed 26K SF of warehouse space in Falcon Centre at 1707 Falcon Drive in DeSoto. Bradford’s Brian Pafford and Michael Spain repped the landlord, Owen Bros. Enterprises.
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Velleman signed a 20K SF flex extension at 7348-7354 Tower St. in Richland Hills with First Industrial Texas. Transwestern’s Leland Prowse IV and Jason Harrell repped the tenant.
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Robertshaw Climate signed a 16K SF office lease at 6312 Airport Fwy. in Fort Worth with Barnard Partners XLII. Transwestern’s Leland Prowse IV repped the landlord and Transwestern’s Sarah LanCarte repped the tenant.
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Crosswalk Church renewed its 14K SF lease at 4600 Wheeler St. in Fort Worth with Glenview Baptist Church of Haltom City. Transwestern’s Frank Jester repped the landlord.
FINANCING
HFF secured acquisition financing for Venue at Hometown, a 209-unit, Class-A multifamily property in North Richland Hills. HFF worked on behalf of the borrower, Venterra Realty, to place the seven-year, 4.06% fixed-rate loan with a life insurance company.
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JLL, led by Mark Brandenburg, secured financing for the purchase and rehabilitation of Willow Pond Apartments, an affordable 386-unit apartment community in Northeast Dallas. JCR Capital provided the loan to the buyer, S2 Capital.
DEVELOPMENT
Urban Union will open Phase 1 on April 6 at 500 East Front St. in Arlington. The 6.5-acre property from developer Dodson Cos. offers a variety of retailers, restaurants and community development organizations. Urban Union started construction on “The Plaza,” which will add parking and outdoor spaces for public events. Phase 2, which will break ground later this year, is expected to bring restaurants, co-working space, a yoga studio and a shady patio bar.
