The Week in Deals
LEASES
Texas Health Care inked a 10k SF lease at Magnolia Medical Tower at 1307 8th Ave in Fort Worth. Lincoln Harris CSG’s Banks Newton repped the owner, Velocis. The Relyea Co’s Steve Relyea repped the tenant. Velocis recently completed $1.5M in renovations at the property including upgrades to all six floors and the parking garage. The building’s elevators were also modernized. The building is 75% occupied.
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WRA Architects signed a 14k SF lease at 12377 Merit Dr in Dallas. Avison Young’s Bret Hefton repped the tenant. CBRE’s Burson Holman and Ben Davis repped the landlord, YPI Park Central Properties.
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Smink leased 11k SF at 1019 Dragon St in Dallas. NAI Robert Lynn’s Robert Blankinship represented the tenant. In another NAI Robert Lynn deal, Jim Svidron brokered a 34k SF lease for Leo Scientific at 2832 Anode Ln in Dallas.
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Party City Corp inked a 14k SF lease at 6548 Lake Worth Blvd in Lake Worth. Venture’s Jonathan Cooper repped the tenant. CBRE’s Andrew Wiley and Jeff Kittleson repped the landlord, RPAI Lake Worth Towne Crossing.
FINANCING
Younan Properties completed the refinancing of Galleria Plaza with a new five-year, fixed-rate loan from Business Partners. NorthMarq Capital represented Younan Properties.
KUDOS
NAI Global recognized five members from NAI Robert Lynn as part of its annual incentives and recognition program, the NAI Global Elite. Joe Cicardo, Michael Denton, Tim Feagans, and Mark Miller were honored as top producers, and Craig Jones was honored as a top performer.
SALES
7-Eleven selected NRC Realty & Capital Advisors to coordinate the sale of 72 gas stations and/or convenience stores including 22 locations in Texas. Of the Texas sites, 11 are in the San Antonio area, five are in or near Dallas-Fort Worth, two are in the Houston area, one is in Austin, and the remaining three are in surrounding areas. 7-Eleven VP of mergers and acquisitions Robbie Radant says the stores were part of more than 1,000 sites 7-Eleven acquired in the past three years and simply don’t fit 7-Eleven’s business model. Lot sizes range from approximately 8,000 SF to 5.6 acres, while store sizes range from kiosks to 4,640 SF. Fifty of the sites are fee-owned properties, and the remaining 22 are leaseholds. All sites are being sold without 7-Eleven branding. Most are offered for sale with fuel supply, which would be provided by SEI Fuels, a 7-Eleven subsidiary. Property Specific Packages are expected to be available this month, with a bid deadline of April 1.
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Shihkai Investments purchased a 28k SF lot at 9101 Preston Rd in Frisco as an investment property. John T. Evans Co’s Paul Vernon represented the seller.
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DCT Industrial purchased a 100k SF industrial building at 4200 Diplomacy Rd in Fort Worth from Cutler Holdings. Lee & Associates’ Greg Nelson and Conrad Madsen represented the buyer. Henry Miller III repped the seller. Greg and Conrad worked another deal, repping C. Wesley Goyer III in the sale of his 29k SF industrial building at 1632 W Walnut Hill Ln in Irving. The buyer was represented by E. Smith Realty Partners’ Brant Landry.
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A Japanese private investor purchased the 236-unit Pecan Crossing Apartments at 1225 E. Pleasant Run Rd in Desoto from Pecan Crossing Apartments LLC. Colliers International’s Bob Helterbran and Mark Freeman collaborated with Teresa Lowery of Colliers Houston and Jeff Sherman of Colliers Phoenix brokered the deal. The buyer is planning minor renovations in the coming year.
NEW BUSINESS
Holt Lunsford Commercial’s Geoff Shelton was tapped to lease Western Place, two 10-story office buildings at 6000 and 6100 Western Place in Fort Worth. The 427k SF complex was acquired by TLC Urban. Colliers International’s Creighton Stark, Mark McEwen, and Ben Lurie were the sole brokers in the transaction. Sovereign Capital was the seller.
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Sealy & Co formed a JV with AEW Capital Management (which formed the JV for AEW Partners VII, the seventh in AEW’s opportunistic fund series). The JV is looking to acquire value-add industrial assets in the Southwest and Southeast US. The initial investments include a 20-building industrial portfolio in Texas and a Class-A industrial property in Atlanta. The 1.9M SF industrial portfolio is 91% leased with the majority of properties located in Addison, Carrollton, along Stemmons Freeway, and the northwest Dallas submarket. There are also four properties located in Houston, San Antonio, and Atlanta.
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Billingsley Co broke ground on its first building in Mercer Business Park at the northwest corner of LBJ and Stemmons Freeway. The firm started construction on a 340k SF spec distribution center in the eastern zone of the development. The 225-acre development is in the cities of Dallas and Farmers Branch.
