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This Week's Dallas-Fort Worth Deal Sheet

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Anthracite Realty Partners and MAH Properties teamed up to buy 1400 West 7th St., a four-story office building in Fort Worth. The off-market sale is the latest in a string of significant office transactions in Fort Worth.

This Week's Dallas-Fort Worth Deal Sheet
1400 West 7th St., Fort Worth

MAH Properties is owned by Mike Hernandez, owner of D&M Auto Leasing, which will relocate its HQ from Grand Prairie to the second and third floors (20K SF) of 1400 West 7th in 2019. D&M has been based in Tarrant County for 42 years, and though it is moving 100 employees (including some new hires) to Fort Worth, it is retaining offices in Dallas and Grand Prairie/Arlington.

“Fort Worth’s flourishing sense of community, combined with a highly skilled workforce, abundant labor pool and a pro-business attitude makes for an ideal location to deepen our roots and build on our 40-plus year history in the DFW Metroplex,” Hernandez said in a statement.

SCC Development Co.'s Todd Davenport and Tyler Baucom represented the buyers, who also received advisory services from Maize Partners’ Cody Baker and Clint Corn. JLL’s Todd Burnette and Cannon Camp represented the seller, Whitley Penn, which built this property 11 years ago as its headquarters. Stream Realty’s Tyler Maner is marketing the 10,500 SF fourth floor for lease; Compass Bank, which provided acquisition financing, is retaining its space on the first floor.

Fort Worth’s office market has seen some big moves recently, including the delivery of Frost Tower Fort Worth, which sparked this latest move — Whitley Penn is moving its HQ to that property. The WT Waggoner Building sold last week, the latest in a series of sales for XTO Energy as it exits Fort Worth and relocates to Houston. Sundance Square purchased the Petroleum Building from XTO in January. The Fort Worth Stockyards is being redeveloped and this week inked a 77K SF lease with Simpli.fi.

EXECS

Sharon Haines Walhood joined CBRE as managing director for asset services for the North Texas market. She will be responsible for developing and implementing strategic direction and day-to-day leadership for 61M SF of office, industrial and retail properties the company manages on behalf of building owners and investors. She was most recently senior property manager for M-M Properties at Comerica Bank Tower in Downtown Dallas and previously led management of Lincoln Harris’ 2.5M SF portfolio of healthcare properties.

SALES

Northland Properties Corp. purchased the WT Waggoner Building in Fort Worth. The sale includes an adjacent surface parking lot, a rare undeveloped lot in Downtown Fort Worth. The 120K SF office property was built in 1920 and the ground-floor bank and elevator lobby were restored in 2003 to match the historic finishes. JLL’s Ryan Matthews represented seller XTO Energy, and CBRE’s David Walters and Marty Neilon represented the buyer, which will operate the property as a hotel. Northland is the parent company to Sandman Hotel Group, The Sutton Place Hotels, the Dallas Stars hockey team, the Texas Stars, Moxie’s Grill & Bar and Shark Club Sports Bar & Grill.

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This Week's Dallas-Fort Worth Deal Sheet
Brittney Place apartments in Irving

Berkadia’s Jay Gunn, Tom Burns, William Jarnagin, Taylor Hill and Michael Ware brokered three sales of apartment communities:

  • Corey Place, 276 units built in 1970 at 602 West Pioneer Parkway in Grand Prairie.

  • Brittney Place, 169 units built in 1964 at 1516 East Irving Blvd. in Irving.

  • The Heights, 79 units built in 1965 at 409 North Irving Heights Drive in Irving.

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An undisclosed family looking to buy land in areas with appreciation over time purchased a 634-acre farm in Howe and a 371-acre parcel in Sherman. Younger Partners’ John St. Clair brokered the sale.

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Younger Partners’ John St. Clair brokered the sales of the following land tracts to undisclosed buyers.

  • 5.86 acres at the Sam Rayburn Tollway, west of Coit Road in Frisco to 121 Huffman Medical Park. The site will be used to develop medical office buildings.

  • 160 acres west of Sherman in Grayson County. The land was purchased as an investment.

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First Choice Labels, an affiliate of Labelcraft Products, purchased 2112 Jo Drive, a 38K SF industrial building in DeSoto. Biel Partners represented the buyer. The building will be the U.S. headquarters for First Choice Labels and the main manufacturing operation for Enviro Liner, a Labelcraft product.

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Caddo Holdings purchased Carpenter Court, a 76K SF, Class-A office building at 130 East John Carpenter Freeway in Fort Worth. Holt Lunsford Commercial’s Geoff Shelton and Marshall Mays represented the seller, while Rubicon’s Daniel Miller represented the buyer. HLC will be retained to lease the project and is constructing spec suites ranging from 1,700 to 3K SF in the building.

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Century AC purchased a 14K SF building at 1504 Fairway Drive in Lewisville. Lee & Associates’ Nathan Denton represented the buyer and Stream Realty’s Eric Crutchfield represented seller Rainbow Creations.

LEASES

This Week's Dallas-Fort Worth Deal Sheet
Legacy West

Whitley Penn leased 13K SF at Legacy West in Plano. JLL’s Calvin Hull represented the tenant in taking space at 5908 Headquarters Drive. Whitley Penn also recently leased space in Frost Tower Fort Worth. CBRE’s David Reed and Ben Davis represented the landlord, Legacy West Investors L.P. DLR Group | Staffelbach is overseeing the interior design.

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Holt Lunsford Commercial negotiated the following leases:

  • Voltea Inc. signed for 13K SF at 1920 Hutton Court in Carrollton. HLC’s Andrew Gilbert of Holt Lunsford Commercial represented the landlord, Frontier Equity.

  • Tex Sun Shade Co. leased 11K SF at 12150 Shiloh Road in Dallas. HLC’s Josh Barnes and Ben Wallace represented the landlord, Frontier Equity.

  • Casco Industries renewed 5,655 SF at 1517 West Carrier Parkway in Grand Prairie. HLC’s Clay Balch and Canon Shoults represented the landlord, KFG Investments. Christopher Fleeger of Morrow Hill represented the tenant.

  • Powers Taylor has signed an 8,900 SF lease in 5445 La Sierra. HLC’s Brandon Avedikian and John Dickenson represented the landlord; Avison Young’s Rock Linton represented the tenant.

  • Wood Group USA renewed 2,212 SF of office space at 4150 International Plaza in Fort Worth. HLC’s Matt Carthey represented the landlord, FLDR/TLC Overton Centre L.P., and CBRE’s Steve Hesse and David Walters represented the tenant.

  • HLC’s Jake Neal leased 16K SF of industrial space on behalf of landlord 303 Associates to various tenants at 3201 East Pioneer Parkway in Arlington.

  • HLC’s Donnie Rohde and Jake Neal leased 121K SF of industrial space at Riverbend Business Park on behalf of Riverbend Properties.

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Holt Lunsford Commercial’s Matt Carthey and Thomas Grafton inked two deals in Carter Distribution Center in Fort Worth for landlord CH Realty VII/I Fort Worth Carter L.P.

  • XPO expanded into 46K SF at 6657 Oak Grove. CBRE’s David Walters represented the tenant.

  • Flowco Production Solutions leased 68K SF at 6633 Oak Grove in a direct deal.

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Toyota Music Factory signed three new restaurants: Reservoir (by Funky Lime Hospitality Concept’s Emil Bragdon, opening in Billy Bob Barnett’s former space), Kitchen 101 and Violet Room (by Sambuca owner Kim Forsythe).  

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Bunga Inc. renewed 28K SF at 807 South Parkway Drive in Grand Prairie. Mercer Co.’s Corby Hodgkiss represented the tenant, and CBRE’s Kacy Jones and Brian Gilchrist represented landlord First Industrial Texas.

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This Week's Dallas-Fort Worth Deal Sheet
Mule Alley at the Fort Worth Stockyards

Simpli.fi leased 77K SF of creative office space in the Horse and Mule Barns on Mule Alley in the Fort Worth Stockyards. The Stockyards are being redeveloped by Majestic Realty Co., the Hickman Cos. and Stockyards Heritage Development Co. JLL’s Ryan Matthews and Matt Montague represented the tenant, and Stream Realty’s Seth Koschak and Tyler Maner represented the landlord.

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Original One Parts leased 21K SF at 10701 King William Drive in Dallas. Lee & Associates’ Ken Wesson and Adam Graham represented the landlord, EastGroup Properties. The tenant was represented by ESRP’s Barrett Bufkin.

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Stream Realty Partners brokered the following leases:

  • Charter Spectrum leased 31K SF at 495 Winscott Road in Benbrook. Stream’s Forrest Cook and Seth Koschak represented the tenant, and Peloton’s Chris Wright and Worth Commercial’s Jerry Bolz represented the landlord, Capital Commercial.

  • Rexel leased 20K SF at Parc North Building 1 in North Fort Worth. Stream’s Seth Koschak and Forrest Cook represented the landlord, EastGroup Properties. CBRE’s Arien Ramsire represented the tenant.

  • ERMC Aviation leased 10K SF at 2302 113th St. in Grand Prairie. Stream’s Forrest Cook represented the tenant. Lee & Associates’ Mark Graybill and Colton Rhodes represented the landlord, Floyd Ventures.

  • Fort Worth Window Cleaning leased 10K SF at 1782 Layton St. from Trotter Enterprises. Stream’s Forrest Cook and Jeff Rein represented the tenant.

  • Manna Worldwide leased 6K SF at 4800 Kennedale New Hope from AFBC Air Conditioning. Stream’s Jeff Rein represented the landlord.

  • Cascade Screw subleased 14K SF at 6760 Exchange Drive in Kennedale. Stream’s Jeff Rein and Seth Koschak represented the tenant. VarTex Realty’s Mike Varrichio and Phil Varrichio represented the sublandlord, Lewvia Inc.

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Ten Eight Media leased 10K SF of distribution space in Midway Business Center, 3361 Boyington Drive in Carrollton. Bradford Commercial Real Estate Services’ Melanie Hughes and Bret Cooper represented the tenant. Stream’s Corbin Stall represented the landlord, G&I VII Midway L.P.

DEVELOPMENT

The Dallas Marriott Las Colinas completed Phase 1 of a multimillion-dollar renovation, which included all 364 guest rooms. Phase 2, which is underway and will wrap up this fall, will update public and meeting spaces, the restaurant, the bar/lounge and the lobby.

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American Hotel Income Properties REIT L.P. completed $5.2M of renovations at Embassy Suites DFW South in Irving. It rebuilt the atrium with a new bar, breakfast restaurant, communal seating areas, digital docking tables and water feature. Most Embassy Suites by Hilton are undergoing a significant design refresh.

THIS AND THAT

Fetch, an off-site package platform that accepts packages at warehouses and then delivers to multifamily residents’ doorsteps, received $3M in seed funding led by Silverton Partners. Silverton’s Kip McClanahan joined Fetch’s board of directors with the deal. Fetch was founded in Dallas in 2016 and will now expand into Houston and Austin. Capital Factory and Venn Ventures also invested in the seed round.

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Tarrant County College is placing 6 acres of undeveloped land on the market, listed by JLL’s Todd Burnette and Austin Speni. The two tracts are on the edge of Tarrant County College Northeast Campus in North Richland Hills and Hurst.