This Week's DFW Deal Sheet
Libitzky Property Cos purchased the recently redeveloped 10-story 238k SF Canal Centre from LaSalle Investment Management. It brings Libitzky’s Dallas portfolio (along with its Texas affiliate, Sunwest Real Estate Group) to 1.1M SF.
CBRE’s Eric Mackey, Gary Carr, John Alvarado and Robert Hill repped the seller. Gary tells us Canal Centre offered investors a mix of long-term, in-place leases and several opportunities for future income growth. It's in Las Colinas, where Class-A occupancy and rents are trending upward. Libitzky and Sunwest plan to grow the DFW portfolio. The Las Colinas submarket is in the midst of a significant development cycle with $6B in projects either under construction or in the planning stages.
Hunt Mortgage Group provided a $44M Fannie Mae fixed-rate loan for the acquisition of 925 Main St in Grapevine for 925 Main LP, managed by Roland Stewart. The Class-A trophy asset, on a 5.5-acre lot, has 251 units with 20k SF of retail. The loan term is 10 years with five years interest only, followed by a 30-year amortization period and 9.5 year yield maintenance with an 80% LTV.
John Leinbaugh joined the NAI Robert Lynn industrial division as managing partner of industrial leasing. He brings a 5M SF portfolio of Class-A industrial space. He comes to the firm from IDI, where he was VP of leasing.
Axiometrics named Corbin Baumel as CFO. He comes from Platinum Training, where he served as CFO.
Solana Business Park partnered with 5G Studio Collaborative for the multimillion-dollar renovation of its 230-acre campus. Equity Office Properties (an affiliate of Blackstone Group) purchased the property last year and will invest more than $50M in upgrades. Turner Construction is the contractor. Among the improvements are more parking spaces, improved wayfinding systems, interior and exterior renovations, enhanced landscaping and upgrades to the retail amenities, including the 38k SF Larry North Fitness Center. DTZ will manage the overall renovation process, handle exclusive leasing for the office properties, and provide property management services.
Lustig Land Holdings acquired a one-acre land tract on the southeast corner of North Tarrant Parkway and Park Vista Boulevard in North Fort Worth. The seller, Tarrant Vista Partners, was self-represented. In a separate transaction, Lustig sold a two-acre tract on the southwest corner of the same intersection. The buyer, LG North Tarrant and Park Vista, was self-represented. Venture’s Edward Bogel and David Davidson Jr repped Lustig Land Holdings in both transactions.
NTA Holdings sold 103k SF on 6.4 acres at 1470 Ave T in Grand Prairie to Conti Warehouses. Bradford’s Michael W Spain and Jim Ferris repped the seller. Conti Warehouses was represented by in-house broker Ryan Wood.
Venture completed the sale of a one-acre tract of land on the southeast corner of Big A Road and Rowlett Road in Rowlett. Venture’s Edward Bogel, David Davidson Jr and Amy Pjetrovic repped the seller, Connor W Patman. The Retail Connection’s Jack Weir repped the buyer, Advanced Auto Parts.
Smithers Merchant Builders purchased a 10-acre tract for a future skilled nursing center at the southwest corner of Golden Triangle Boulevard and North Beach Street in Fort Worth. John T. Evans Co’s Craig Johnson repped the seller.
A JV of Bascom Oaktree Capital Management acquired The Timber Links, a 480-unit apartment community at 5201 Par Dr in Denton. GE Capital Bank provided financing, which was sourced by HFF’s John Brownlee and De’on Collins. HFF’s Roberto Casas repped the seller. The property will be managed by Entrada Partners.
Dollar Tree signed an 11k SF lease at 1970 Central Expy in McKinney. The Woodmont Co’s Karen Mitchell and Dorinda Cavender repped the landlord. The Retail Connection’s Jim Weir repped Dollar Tree. The store will open in July.
MI Windows and Doors will relocate its window fabrication operations to the 402k SF DFW Airport North Distribution Center in Flower Mound at 1900 Lakeside Pkwy. Stream’s Blake Kendrick and Luke Davis repped the tenant. Stream’s Cannon Green repped the landlord, Huntington Industrial Partners. Pictured are Cannon, Blake, MIWD's JR Minnich, Luke, Huntington's Steve Meyer and Flower Mound EDC director Mark Wood.
Block Sports Volleyball Club leased 36k SF at 10401 Miller Rd in Garland. Stream’s Eric Crutchfield and Seth Koschak repped the tenant. Lee & Associates’ Brett Lewis repped the landlord, Colony Realty.
Genband renewed 100k SF at 3605 E. Plano Pkwy in Plano. Stream’s Seth Koschak and Ryan Wolcott repped the landlord, Liberty Property Trust. CBRE’s Baron Aldrine repped the tenant.
Ozburn-Hessey Logistics extended its 178k SF lease at 4445 Rock Quarry Rd. Stream’s Cannon Green and Matthew Dornak repped landlord TIAA-CREF. CBRE’s Ann Huntington repped the tenant.
We asked our readers how they spent their ice day. Here’s Cushman & Wakefield’s Shannon Johnston and Rena Chappell working fireside. PJs, laptops and coffee made conference calls from home go a little smoother, they tell us.
Our DFW reporter, Tonie Auer, couldn't let the ice day be a complete waste. She joined her kids in a little sledding down their driveway between taking calls and writing up today's deal sheet.