This Week's Dallas-Fort Worth Deal Sheet
Thursday night will usher in the 2014 NTCAR Stemmons Service Award winner and last year’s winner, Colliers EVP Allen Gump, tells us this year’s event (at the Meyerson Symphony Center in Downtown) promises to be a change in direction from the previous few years.
Allen (holding the Stemmons Award among his Colliers colleagues at the 2013 event) tells us it’s been exciting to be the reigning award-winner after being a four-time nominee. “I’m somewhat of an expert on being a finalist,” he jokes. He’s stoked about the changes he’s made to this year’s event. Past Stemmons winners will introduce each nominee (instead of a video). This year’s nominees include UCR’s Mickey Ashmore, Hall Financial’s Kim Butler, Colliers International’s Greg Cannon and Transwestern’s Nora Hogan. The event will also feature a keynote speaker, KDC’s Steve Van Amburgh (to be introduced by Richardson Mayor Laura Maczka), Allen tells us. Nominees for the Young Citizen Award include Younger Partners’ Sean Dalton, Hillwood’s Reid Goetz, Peloton’s Aarica Mims and Transwestern’s Natalie Snyder.
Trammell Crow Co and JV partner MetLife announced plans for a 916k SF mixed-use project called ParkDistrict. The three-acre parcel, between Pearl Street, Olive Street and Klyde Warren Park, will include a Class-A office tower, a luxury residential tower, ground-floor retail, below-grade parking and a plaza. The project is being designed by HKS with The Office of James Burnett designing the plaza. The 19-story Park District tower on Pearl Street will feature 502k SF of office space. High Street Residential will develop the 32-story Residences at Park District on Olive Street.
The five-story Pinnacle Bank Place on Lancaster Avenue in downtown Fort Worth will begin early this year after Pinnacle Bank committed to loan the City of Fort Worth’s local development corporation $16.5M to build the 160k SF mixed-use development building on Lancaster between Jennings and Throckmorton streets near the Fort Worth Omni Hotel and facing the US Post Office and T & P Station. The ground floor of the building is slated to have retail space and apartment management offices. The four floors above will include 130 apartments. Named Pinnacle Bank Place, the $20M project should be completed by Q1 16. JHP Architectural/Urban Design with consultant Ibañez Architecture is designing the project with Jordan Foster handling construction.
Joey Grisham joined the Greater Irving-Las Colinas Chamber of Commerce as economic development director. He comes from the Hutto Economic Development Corp, where he served as the president/CEO. He has also served in leadership roles for the Lake Granbury Economic Development Corp, the Mobile Chamber of Commerce and the Marion County Development Partnership.
Bobby Kunkle joined DTZ as senior project manager for project and development services. He will provide development and project management services for DTZ’s investor and occupier clients. Prior to joining DTZ, he was a project manager at Oxford Development Co in Pittsburgh.
John Brewer joined Transwestern Dallas as principal in the industrial services group. He comes to the firm from CBRE, where he served as a SVP. In the last three years, he negotiated $87M in transactions for more than 2.5M SF.
Construction is complete for the new 26k SF Autobahn Motor Group BMW dealership at 2828 White Settlement Rd. The dealership features a rooftop parking structure, a linking sky bridge and a 43-foot-tall clock tower. Speed Fab-Crete was the GC and Callahan & Freeman was the architect. The custom-made clock tower is topped with a six-foot-diameter, skeletal-illuminated, quartz-controlled LUMICHRON clock equipped with a GPS antenna for time accuracy. The clock’s face glows at night.
California-based Riflegear inked a 15k SF lease in the Windhaven Park Shopping Center on the northwest corner of the Dallas North Tollway and Windhaven Parkway in Plano. The firearms retailer is relocating its HQ from Fountain Valley by next year. Venture Commercial’s Amy Pjetrovic and John Rutledge repped the landlord, Windhaven Park Partners. E Smith Realty’s David Cochran and John Pelletier repped the tenant.
Boss Exotics inked a 14k SF lease at 4400 US Hwy 80 in Mesquite from SCG Mesquite Business Center. Lee & Associates’ Robert Miller repped the tenant. NAI Robert Lynn’s Stephen Cooper repped the landlord.
California-based CCC&R Investment Group sold the 284-unit The Villas on Fair Oaks to Vizao TTH Partners II. CBRE’s Chris Deuillet repped the seller. The 48% occupied property at 7222 Fair Oaks Ave in the Vickery Meadow area of Midtown Dallas will be rebranded as Valenceo @ Midtown.
DBearden Investments-GP purchased a 24k SF industrial building at 4600 Airport Freeway in Haltom City from ACME Brick. Lee & Associates’ Nathan Denton and Robert Miller repped the buyer. Transwestern’s Sarah Everett-Lancarte repped the seller.
TCJRV purchased a 46k SF building at 1101-1103 Venture Ct in Carrollton. NAI Robert Lynn’s Chad Albert repped the buyer. Colliers International’s Greg Cannon repped the seller.
Cobalt Capital Partners sold its portfolio of 256 primarily light industrial assets for approximately $1.6B to Colony Financial. The 30M SF portfolio is leased to more than 600 tenants across 16 markets with significant concentrations in Atlanta, Dallas and Chicago. Cobalt's management team, led by Lewis Friedland, joined Colony to run the day-to-day operations of the business, including investments, asset and property management. Locke Lord served as Cobalt's legal adviser. The transaction was handled by Eastdil Secured’s Steve Silk and Jay Borzi and CBRE’s Jack Fraker and Chris Riley, and Gannon Gerrity Advisors’ Kristin Gannon and Kevin Gerrity.
Rainier Realty Investments acquired an 18-acre site at 7100 Oakmont Blvd in Fort Worth with plans to redevelop it for mixed-use including restaurant/retail frontage, office, medical and specialty uses. The property, formerly occupied by Baylor All Saints Medical Center, contains a two-story 120k SF building, pad sites and ground leases under two medical office buildings. Inwood Bank provided acquisition financing. CBRE’s Bob Scully and Nanci Johnson-Plump will lead the marketing efforts for Rainier.
HLC Equity, along with Mosaic Realty Partners, purchased the 154-unit Windscape Apartments in Grand Prairie.
Bright Realty sold several acres of a 19-acre tract at Hwy 121 and Josey Lane in the Nebraska Furniture Mart/Castle Hills area. Public Storage purchased four acres. Bright’s Tim McNutt and Britton Lankford repped the seller. Edge Realty’s Ryan Jordan and David Copeland repped the buyer. A Culver’s frozen yogurt franchise will also go in the area. Tim and Britton repped the seller. Schoellkopf Co’s Justin Schoellkopf repped the buyer. NorthPoint Development Co purchased 1.169 acres from Bright Realty, making this NorthPoint’s second pad site purchase within the tract. Tim and Britton repped the seller. Venture Commercial’s Bryan Cornelius repped the buyer.
E Smith Realty Partners industrial services president Brad Struck received his SIOR designation. Congrats!