This Week's Dallas-Fort Worth Deal Sheet
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Shops at Stonebriar in Frisco sold to an undisclosed, local investor. The 188K SF retail property was a tough sell according to STRIVE, the brokerage in charge of offloading the property on behalf of a California-based partnership.
“When we took the asset to market we expected many of the institutions to be in the bidding on this Class-A center, but we quickly learned Wall Street was down on retail, and not too excited about Frisco either. This was rather shocking to us,” STRIVE Managing Partner Jason Vitorino said in a release. He and Managing Partner Jennifer Pierson spearheaded the sales process.
According to STRIVE's press release, eight offers were made to buy the property, and the ultimate buyer purchased the property under the old financing despite a "challenging and arduous process with the lender."
"Five to 10 years from now, there will be a lot of people kicking themselves because they did not purchase this asset ... this property sits on arguably some of the best land in all of Frisco," Pierson said.
Henry S. Miller hired Andy Anderson as vice president of its retail division. He previously worked for ACRES Inc. as vice president and president.
Colliers hired David Cochran as executive vice president of the occupier services practice group. Prior to joining Colliers, Cochran was with ESRP Realty.
CBRE selected Sean Goff to lead the Americas local project management business. Before being promoted, Goff was in charge of local project management in Texas, Oklahoma and Latin America.
Venture Commercial hired Mike Smith as vice president. His focus will be on landlord representation and investment sales in the North Texas region.
JPI secured financing for its 387-unit multifamily development, Jefferson Promenade in Las Colinas.
Hard Eight BBQ will put its fifth location in Burleson with a 12K SF restaurant at 220 North Burleson Blvd. Construction is to begin in March and the restaurant is to open in January 2019.
HBK Capital Management leased 43K SF at The Union Dallas for its relocation in the fall of 2018, after the completion of the building. The lease takes up part of the 21st floor and the entire 22nd floor. CBRE’s Robert Blount and Jeff Ellerman represented the tenant. Peloton’s John Brownlee and RED Development’s Paul Rowsey represented the landlord, RED Development.
Purdy-McGuire Inc. renewed 14K SF at 17300 North Dallas Tollway in Dallas. CBRE’s Scott Hubbs represented the tenant. Jessica Cyphers represented the landlord, Hartman Income REIT.
Southwest Media Group is relocating to 24K SF on the 40th floor of Comerica Bank Tower at 1717 Main St. in Dallas. M-M Properties’ Mike Silliman represented the tenant, and the building owner represented itself.
Zobele Group leased 164K SF of industrial space at 3502 Regency Crest Drive in Garland. JLL’s Terry Darrow and Chris Stout represented the tenant. Stream Realty’s Ryan Wolcot represented the owner, Stag Texas Holdings.
An undisclosed buyer bought 10828 Sanden Drive, a 20K SF industrial property in Dallas. TIG’s Matthew Hickey and Kristin Grammar represented the undisclosed seller, and NAI Robert Lynn’s Stephen Cooper represented the buyer.
Centurion American Development Group bought the 3.3-acre pad site of the former Cabana Motor Hotel at 899 Stemmons Freeway in the Dallas Design District for $8.1M. CBRE’s John Alvarado, Peter Jansen and Stan McClure along with OMS Strategic Advisors’ Lawrence Gardner represented the seller, Dallas County. Davidson & Bogel Real Estate’s Scott Lake and Jake Milner represented the buyer.
PRP purchased the 264K SF FedEx Office and Print Services building at 7900 Legacy Drive, part of the Legacy West development in Plano. The building is 100% leased to FedEx.
Colliers put together two sales in DFW totaling roughly 172K SF.
- Colliers’ John Bowles, Bruce Butler and Susan Gwin Burks represented an undisclosed seller in the sale of 1430 and 1440 Empire Central in Dallas to Peewit Partners. The two-building office complex totals 161K SF.
- Colliers’ Jim Nowell and Jim Eagle represented both the seller and the buyer in the sale of the Family Healthcare Associates Building at 4301 Brown Trail in Colleyville. The building is 11K SF. The seller was NEDOCS LLC and the buyer was Provlepsi LLC.
Stream Realty Partners brokered two sales totaling 58 acres.
- Shane Jordan and Larry Masi with 4th Avenue Investments purchased 22 acres at the northwest corner of State Highway 121 and Alma Road at Craig Ranch in McKinney. Stream Realty Partners’ Demian Salmon and CBRE’s Thurston Witt and Tey Tiner brokered the transactions between Jordan and Craig Ranch.
- Design Concepts' Steve McKeever purchased 36 acres at Presidio Junction in Fort Worth from Starwood Capital. Stream Realty Partners’ Demian Salmon brokered the transactions between Design Concepts and Starwood Capital.
THIS AND THAT
Granite Properties’ Factory Six03 opened in West End. The 114-year-old warehouse, which holds a spot on the National Register of Historic Places, has been converted into 215K SF of office space.
Ladies in CRE awarded Corr Law Group's Lauren Corr with the Girl Boss award. Members of LCRE make their nominations over the course of a year, and the Girl Boss award is given to the nominee who displays a passion for her field, is a trailblazer in the industry and helps women around her succeed.
CORRECTIONS, NOV. 21, 2:30 P.M. CT: A previous version of this article incorrectly stated Centurion American Development Group represented itself in the purchase of the pad site at 899 Stemmons Freeway. Davidson & Bogel Real Estate represented Centurion. The article also incorrectly stated David Cochran worked for AT&T and Celanese. Cochran worked for ESRP Realty before joining Colliers.