This Week's Dallas-Fort Worth Deal Sheet
CBRE Affordable Housing has sold Carpenter’s Point, a 150-unit senior housing community in Dallas that opened in 2010.
The property was financed as part of the Section 1602 Tax Credit Exchange Program. Zimmerman Properties, in partnership with the Raymond James Housing Preservation Fund, purchased the property with assistance from National Housing Advisors LLC for an undisclosed price.
Dmitry Gourkine and Johnathan Smith of CBRE Affordable Housing, and Chris Deuillet and Chandler Sims of CBRE’s Dallas office represented the seller.
“Carpenter’s Point is the first Tax Credit Exchange property to be sold in the state of Texas and the second that CBRE Affordable Housing has sold in the country," Senior Vice President Dmitry Gourkine said in a statement released with the sale. “This program allows properties to be sold fee simple earlier in the Tax Credit Compliance Period and provides tax benefits to the seller — while keeping properties available to the low-income residents who need it the most.”
The Tax Credit Exchange Program was part of the 2009 federal stimulus package, known as the American Reinvestment and Recovery Act. The program was created to offer grants in lieu of tax credits to stimulate the creation and renovation of affordable housing, according to the Texas Low-Income Housing Information Service.
Carpenter’s Point is at 4645 Dolphin Road and has maintained a historically high occupancy with a wait list of over 1,000 applicants. All units are restricted to residents 55 and older who earn at or below 60% of average median income.
The property has a Project Based Voucher contract with the Dallas Housing Authority. That voucher closes the gap between tenant payments and unit rent.
CBRE Affordable Housing is a specialty group within CBRE Group that combines investment sales, debt and structured finance, and investment banking into a fully integrated service offering for clients in the affordable housing industry. The group has closed over $16.2B in sales and financing since 2001 and has conducted transactions in all 50 states and Puerto Rico.
Jade Scott joined Whitebox Real Estate as a transaction manager to focus on portfolio account management. Scott has done more than 1.2M SF in industrial and 400K SF in office transactions across 20 states in North and South America.
CBRE has sold Lakewood Towers, two recently renovated office/medical buildings in East Dallas. The asset includes one four-story building and a nine-story tower totaling 170K SF of office space. It also includes a five-level parking garage and surface parking.
Caddo Lakewood II L.P., an affiliate of Dallas-based Caddo Holdings LLC, purchased the asset from Highland Lakewood LLC for an undisclosed price. CBRE’s John Alvarado, Gary Carr, Robert Hill, Eric Mackey and Evan Stone as well as CBRE Capital Markets' Institutional Properties' Jared Chua arranged the transaction on behalf of the seller.
LCG Spring Valley LLC purchased Spring Valley Tech Center, a 61K SF flex property at 4200 Spring Valley Road in Farmers Branch. Transwestern Senior Vice President Steve Rowland and Vice President Timothy Veler represented the buyer. Hal Pollard represented the seller, 669 Fairway LLC.
A Texas investor has purchased Westover Village in Fort Worth, three buildings totaling 113,374 SF near a number of big-box tenants. STRIVE Vice President Jennifer Pierson represented both the buyer and the seller, a St. Louis developer. Additional terms of the sale were not disclosed.
T&T Realty Corp. purchased 16.49 acres on IH 30 at Gus Thomasson Road in Mesquite from YA Live Oak Landholdings LLC for an undisclosed price. Transwestern principal Thomas Clarke negotiated the transaction on behalf of both buyer and seller.
Gamma Capital Investments LLC purchased an 18,850 SF office/warehouse building at 13730 Gamma Road in Farmers Branch. NAI Robert Lynn's Cole Horowitz represented the buyer.
Greysteel has arranged the sale of Metker Garden, a 68-unit property in Irving. Greysteel’s team of Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson and Jack Stone negotiated the sale. The property, built in 1963, has one-story duplex construction with private, fenced backyards.
Transwestern Fort Worth negotiated the following sales:
- IDEA Public Schools purchased 20 acres at 1900 Altamesa Blvd. in Fort Worth for an undisclosed price from Hillcrest LLC. Transwestern principal Lester Day represented the seller. Northern Realty Group's Will Northern and Lorraine Miller represented the buyer.
- Alliance-156 Partners L.P. sold 5.5 acres at the intersection of Highway 114 and FM 156 in Fort Worth for an undisclosed price to Ed Kit. Transwestern principal Lester Day and associate Ben McBroom negotiated the sale on behalf of the seller.
- Edward Hodge sold 1015 East Belknap St., a 10,470 SF industrial property in Fort Worth, to Eddie Stephens for an undisclosed price. Transwestern principal Todd Hawpe negotiated the transaction.
CPSG Partners has renewed a 35K SF lease in Providence Towers. KBS Realty Advisors, based in Newport Beach, California, represented the company.
Holt Lunsford Commercial’s Josh Barnes and Ben Wallace completed the following leases:
- Motion Industries renewed its 14,346 SF and 22,734 SF leases at 2450-2462 Merrit Drive in Garland. Barnes and Wallace represented the landlord, Taurus Investment Holdings LLC.
- Lennox Industries renewed its 8K SF lease at 1303-1307 North Watters Road in Allen. Barnes and Wallace represented the landlord, Blackstone.
- Flip Screen leased 13,440 SF at 10990 Petal St. in Dallas. Barnes and Wallace represented the landlord, Rialto. Stream Realty's Adam Jones represented the tenant.
366 Processing Services leased 12K SF of office space at Riverbend Business Park in Fort Worth. Holt Lunsford Commercial's Clay Balch represented the tenant.
Bohler Uddeholm Corp. renewed its 22,265 SF lease at 921 Ave. M in Grand Prairie. Holt Lunsford Commercial's Canon Shoults represented the landlord, Sealy.
Taylor Communications expanded to 220K SF at 8700 Autobahn Drive in Dallas. Holt Lunsford Commercial's John Gorman and Canon Shoults represented landlord TA Realty. CBRE's Ann Huntington represented the tenant.
Peachtree Stair Co. renewed its 26,203 SF lease at 5200 East Grand in Dallas. Holt Lunsford Commercial's Canon Shoults and Josh Barnes represented landlord Frontier Equity. Avision Young's Buddy Turner represented the tenant.
Sam Pack’s Five Star Ford renewed its 23,300 SF lease at 1210 Champion Circle in Carrollton. Prologis' Mitch Pruitt represented the landlord, and Holt Lunsford Commercial's Jim Brice represented the tenant.
Martin Preferred Foods renewed its 20,400 SF lease at 5556 Redbird Center Drive in Dallas. Holt Lunsford Commercial's Canon Shoults, Andrew Gilbert and John Gorman represented landlord Rialto Capital.
L.E. Klein Co. renewed its 58K SF lease at 2115 East Beltline Road in Carrollton. Holt Lunsford Commercial's Andrew Gilbert and Jim Brice represented landlord Rialto Capital.
Fusion Labs has negotiated a 10-year, 14K SF lease at Prism Midtown, 5580 Peterson Lane. Whitebox Real Estate represented Fusion. Cushman & Wakefield’s Executive Director Robbie Baty also assisted in the lease.
Taco Azteca has leased 4,750 SF at 550 N U.S. Highway 175 in Seagoville. Brian Sladek and Chris Flesner of Retail Solutions represented the landlord.
Jackson Supply Co. signed a new lease for 20,651 SF of industrial space at 6450 Midway Road in Haltom City. Transwestern principal Todd Hawpe represented landlord ACE Manor Property Management I Ltd. Jamie White of Jamie White Commercial Real Estate LLC represented the tenant.
Transwestern completed the following leases, totaling about 100K SF:
- MMD Holdings LLC has renewed its lease for 51K SF of industrial space at 1115 Crowley Drive in Carrollton, Texas. Transwestern principal Bill De La Chapelle and Senior Associate Sharon Cramer represented the tenant.
- Marcus & Millichap has extended and expanded its lease for 17,531 SF of office space at Providence Towers, 5001 Spring Valley Road, in Dallas. Transwestern principals Kim Brooks and Justin Miller and Vice President Scott Walker represented the landlord, KBS Realty Advisors. Scott Bumpas of CRESA Partners represented the tenant.
- Barse & Co. signed a new lease for 8K SF of industrial space at Carpenter Center, 8701 John Carpenter Freeway, in Dallas. Transwestern Vice President Timothy Veler represented the tenant. Felder Property Group's Neil Felder represented the landlord.
- Highpoint Administrative Services signed a new lease for 8K SF of office space at 4455 LBJ Freeway in Dallas. Transwestern principal David Besserer represented the tenant. Mark Siegel of Amtrust North America represented the landlord.
- Addison Foods renewed its lease for 6K SF of office space at Addison Tower, 16415 Addison Road, in Addison, Texas. Transwestern principal Randy Garrett represented the tenant. Colliers International's Michael Bowles, Chris Lipscomb and Jeannette DelBosque represented the landlord, Aque Investment Group.
- Burns & Wilcox extended and expanded its lease for 7,347 SF of office space at Providence Towers in Dallas. Transwestern principals Kim Brooks and Justin Miller and Vice President Scott Walker represented the landlord, KBS Realty Advisors. Citadel Partners' Taylor Dickerson represented the tenant.
MYCON has started construction on a new ambulatory surgery center at the corner of Gillespie Drive and State Highway 121 in Plano.
The 20K SF ophthalmology clinic and facility will include two operating rooms with pre- and post-surgery rooms, consultation and diagnostic areas, offices and a reception area. The project architect is Browne McGregor Architects Inc. of Houston. The owner is Brooks Eye Associates of Plano.
Construction began in June and is targeted for completion in January.
Office Evolution, a rapidly growing B2B franchise offering coworking space, private office space, virtual offices, conference rooms and business services, has teamed up with local business leaders Vicki and Bob Fox to open a new business center in Southlake, the first of two locations to be developed in the Dallas-Fort Worth area and nine in the state.
The new 6,900 SF center, in the Southlake Town Square area at 180 State St., Suite 225, offers small businesses and entrepreneurs professional, on-demand office space with 24/7 access. Members can choose from several packages that include business mailing and telephone answering services and administrative support.
Trez Capital has closed a $10M loan to MM Chalk Hill LLC, an affiliate of Centurion American. This loan will finance the first phase of the Chalk Hill development in Celina, which consists of 157 of the 440 planned single-family lots. Chalk Hill is at the southeast corner of Preston Road and County Road 102 in Collin County.
JLL's Capital Markets has secured the financing for The Hive, a 386-unit multifamily property at 6003 Abrams Road in Dallas. Freddie Mac provided the loan for S2 Capital. JLL Capital Markets Managing Director Mark Brandenburg led the team.
“Continued growth across the Metroplex is attracting investment activity across all classes in the region, especially multifamily assets,” Brandenburg said in a statement. “Recent job gains over the past few years in North Texas and our state’s economic drivers have put S2 in a great position to benefit long-term on this asset, thanks in part to the financial solution we were able to secure for their team.”
THIS AND THAT
Marcus & Millichap has partnered with Feeding America to provide 1 million meals for those in need.
The project has been named the Million Meals Initiative. On June 22 Marcus & Millichap’s offices throughout the Midwest and Texas volunteered at local food banks and pantries in support of the Million Meals Initiative.
“It was great to see the team get out of the office to support a cause everyone can get behind,” First Vice President and Dallas District Manager Tim Speck said. “Locally we raised enough money to serve 300,000 meals and at the same time boxed over 25 pallets, or 10,000 meals! Phenomenal day and we look forward to the next one!”
Marcus & Millichap Dallas participated in the initiative at the North Texas Food Bank. Together, the team packed 787 boxes, totaling 25 pallets. The boxes weighted a total of 11,780 pounds and will provide 10,150 meals.