The Deal Sheet
Among Cobalt Capital Partners' 50 industrial properties across DFW, there’s only a handful of vacancies. (So little vacancy you'll soon be able to rent out your garage to forklifts.) What's more, tenants are opting for five-plus-year leases on a regular basis now. Here's why.
Cobalt COO Mike Wenaas (here with wife, Heidi, and 12-year-old Ben and 9-year-old Ally in Seagrove, Florida, this summer) says tenants are signing the longer leases because of the lack of construction of light industrial space (Cobalt’s sweet spot).
Here’s Cobalt founder/managing partner Lew Friedland and Mike. They tell us that among Cobalt’s recent big leases are the 131k SF renewal to American Tire Distributors at 1701 Vantage in Carrollton. Lee & Associates’ Ken Wesson repped Cobalt. Jackson Cooksey’s Adam Faulk repped the tenant. Concord Industries signed a 34k SF lease at 4150 Kellway Circle in Addison. Transwestern’s Brett Owens repped Cobalt. Stream’s Blake Kendrick repped the tenant. Also, Direct Mail Partners relocated into 26k SF at 1601 Wallace in Carrollton. Holt Lunsford Commercial’s J. Scott Moore repped Cobalt. Jackson Cooksey’s Louis Pascuzzi repped the tenant.
Cobalt recently closed on two acquisitions including the 246k SF three-building 3501 E Plano Pkwy in Plano (pictured) and the 147k SF 2009 County Club Dr in Carrollton, Mike tells us. The Plano acquisition was made off-market from a California group. That site had one vacancy and discussions are in the works to lease up that 40k SF space. Cobalt is in the market to buy more with a target of 100k to 800k SF portfolios, he says. Selling is an option, too. Cobalt sold the vacant 151k SF 1301 Forum Way to a user last month. NAI Robert Lynn’s Todd Hubbard repped Cobalt and E Smith Realty’s Jim Hazard repped the buyer. Mike tells us he’s loading up the family truckster this weekend for an end of summer hurrah to the Hill Country and Sea World.
KDC topped out on the State Farm project within the CityLine development in Richardson with about 1,000 crew members in attendance. Here’s KDC prez Toby Grove with Richardson Mayor Laura Maczka. In other KDC news, construction started on two apartment projects (with JLB Partners) within CityLine. The 532 units will be located within walking distance of the four office towers leased by State Farm. The apartments will be available in Q2. The apartment project financing was provided by Regions Bank and Capital One. Also coming to CityLine will be a 40k SF Whole Foods Market. It will anchor the initial 81k SF phase of Regency Centers’ CityLine Market, a retail center located on 11.3 acres at the intersection of Renner Road and Plano Road. Whole Foods will open in spring 2016.
TriMarsh Properties purchased the 148k SF Emerald Square shopping center at 2985 S. Hwy 360 in Grand Prairie. NAI Robert Lynn retail division’s Mike Smith repped the buyer.
The owners of Driver’s Edge auto repair shops purchased a one-acre pad site at the southwest quadrant of Alma Road and Eldorado Parkway in McKinney. Venture Commercial’s David Davidson Jr repped the seller, Hunter Alma Eldorado, along with Carter Kendall, previously of Henry S. Miller Brokerage. Jack Burgher, previously of SRS Real Estate Partners and now with Venture, represented Driver’s Edge. Edward Bogel and David are marketing the three remaining pads at the intersection.
Crow Holdings Capital Partners is developing Mountain Creek, a new industrial park along I-20 and Grady Niblo Road in Dallas. The 87-acre development will include two buildings totaling 1.3M SF of distribution and warehouse space. The first phase should break ground in the Q3 and will include one 630k SF building. CBRE’s Kacy Jones, Steve Koldyke, and Wilson Brown will lease the project. Crow Holdings Capital Partners hired McFadden & Miller as contractor, and Azimuth Architecture as architect.
West Commercial Realty hired Jonathan Novak as VP. He will focus on corporate rep services to multi-market clients. Prior to joining West, Jonathan specialized in tenant rep at a national real estate firm.
Henry S. Miller added two new corporate real estate and office leasing veterans, Kevin Frederick and Mark Meyer. Kevin joins as a VP and has worked exclusively for corporate clients. Prior to joining HSM, Kevin was an account executive at a Dallas-based commercial real estate firm. Mark brings his 30-plus years of commercial real estate experience for a variety of commercial real estate firms.
Scheef & Stone signed a 12k SF lease in Hall Office Park at 2600 Network Blvd in Frisco. The firm is relocating from within Hall Office Park and almost doubling in space JLL’s Bo Bond and Brooke Armstrong repped the tenant. Hall Financial Group’s Tammy Nellis repped the landlord, Hall Office Portfolio DB.
Ace Hardware inked a 16k SF lease at 7989 Belt Line Rd in Dallas. Venture Commercial’s Chris Corbin and Bob Moore repped the tenant. The landlord, JAH Realty, was self-repped.
TAS Commercial Concrete Construction inked an 11k SF lease at 2727 LBJ Freeway in Dallas from Boxer Property. Boxer’s Jillian Brody repped the landlord.
Structure Commercial inked multiple dels including the 22k SF lease for Office Max at 4601 S. Cooper St in Arlington. Structure’s Eric Deuillet negotiated the lease. He also inked a 14k SF lease along with Jeremy Cummings for Holiday Warehouse at 2819 W 15th St in Plano.
KBS REIT III inked 84k SF of leases at Preston Commons (8111-8117 Preston Rd) and Sterling Plaza (5949 Sherry Ln). CBRE’s Dennis Barnes, Celeste Fowden, Burson Holman, and Seth Thatcher represented KBS REIT III .
•BP Capital signed a 24k SF renewal at Preston Commons, co-brokered for the tenant by Jerry Averyt of Henry S. Miller and Peery Wood of CBRE.
•Caimen Energy inked a 20k SF extension/expansion at Sterling Plaza (repped by Mashburn Commerical Realty’s Waddell Mashburn) and Toombs Hall Foster signed a 10k SF extension (repped by The Weitzman Group’s Larry Denisoff).
Spectrum-VoIP leased 11k SF at 2900 Gateway. West Commercial Realty’s John Paul West repped the landlord. Macy Newman’s Mark Macy repped the tenant. John Paul also repped USMD P.P.M. Medical Clinic of North Texas in its 11k SF lease at 10840 Texas Health Trail. Cambridge Holdings’ Grant Callison repped the landlord.
EquityMetrix signed a 15k SF lease at 13727 Noel Rd in Dallas. Citadel Partners’ Taylor Dickerson and Scott Morse assisted EquityMetrix along with CBRE’s Dennis Barnes, Celeste Fowden, and Hunter Lee.