Streamline Packaging Solutions renewed and extended its HQ and manufacturing space lease to 92k SF at 15124 Grand River Rd in Fort Worth. It’s the first transaction made in the 355k SF building since it changed hands earlier this year.
Chicago-based SCG River Park Business Center acquired the 16-acre development in May and awarded leasing to Bradford Commercial Real Estate Services. Bradford’s Michael Spain and Will Dillard repped the landlord. Cassidy Turley’s Blake Anderson and David Eseke repped the tenant. Options are limited in that size range in the DFW Airport and Great Southwest submarkets, Michael says.
KUDOS
Granite Properties was named by Great Place to Work as one of the No 1 best small workplace in the US on its annual 2014 annual 50 Best Small and Medium Companies To Work For list, as published in Fortune magazine. This is the third consecutive year that Granite Properties has been recognized on the list. Pictured is a team from Granite hosting a party for patients at Children’s Medical Center last month. The patients made crafts and donned masks and capes like superheroes while also creating a special flip-book keepsake.
LEASES
Billingsley Co leased the first 75k SF at its second spec distribution center at Mercer Business Park to ViaTech, which is relocating from Billingsley’s Metropolitan Distribution Center. JLL’s Kurt Griffin repped the tenant.
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TTTE leased 24k SF at 2220 Merritt Dr in Garland. NAI Robert Lynn’s Stephen Cooper repped the tenant. Stephen also repped the landlord in its 19k SF lease at 4401 Samuell Blvd in Mesquite to Novatech.
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Sanyo Energy Corp will expand and relocate its HQ to a new 30k SF build-to-suit at the Austin Ranch development in The Colony. Cushman & Wakefield’s Dean Collins and Mark Collins repped the tenant. Billingsley Co’s Marijke Lantz represented the property owner. Construction on the new office structure, located off Plano Parkway between Highway 121 and Windhaven Road, will begin immediately with completion expected by July. Sanyo Energy will move its existing HQ and employees from its current location at 2600 Network Blvd in Frisco.
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Regal Corp leased 19k SF at 605 Avenue R in Grand Prairie. NAI Robert Lynn’s Michael Stanzel repped the tenant. Bradford’s James Ferris repped the landlord.
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Dal-Tile Distribution renewed 16k SF at 720 Industrial Blvd in Grapevine. Bradford’s Michael Spain repped the landlord. CBRE’s Nathan Lawrence repped the tenant.
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Consolidated Electrical Distributors leased 39k SF at 11560 Hillguard in Dallas. Transwestern’s Joe Whitmer repped the tenant.
EXECUTIVE MOVES
Jeanette Rice joined CBRE Group as Americas head of investment research. She will manage the investment and strategy team within CBRE’s research group, developing analysis and insight on investment opportunities across the region. She has consulted for investors such as Verde Realty, IDI, Brookfield Asset Management, The Lionstone Group, Granite Properties, and Invesco Real Estate, and has held senior investment strategy and research leadership positions at IDI Gazeley, Crescent Real Estate, and HFF.
SALES
A JV between Hines Interests Limited Partnership and institutional investors advised by J. P. Morgan Asset Management sold the 215k SF Plaza at Legacy Class-A office tower in Legacy Business Park in Plano to a subsidiary of MetLife and negotiated by MetLife Real Estate Investors. CBRE’s John Alvarado, Gary Carr, Eric Mackey, and Robert Hill repped the seller. The property has undergone more than $2.2M in capital improvements since 2012. It is fully occupied.
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Spear Street Capital closed on the purchase of the 800k SF Galatyn Park Office Portfolio in Richardson. Cassidy Turley’s Chris Taylor and Peloton Commercial Real Estate’s Russ Johnson handle leasing at Galatyn Park. The portfolio includes the Renaissance Hotel, the Eisemann Performing Arts Center, an eight-acre Nature Preserve, a multifamily development, and the 1M SF Blue Cross Blue Shield HQ.
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High Point Ricchi, a subsidiary of The Ricchi Group out of San Antonio, purchased the 257k SF High Point Centre at 12225 Greenville Ave in Dallas. Henry S. Miller Brokerage’s multifamily investment team of Lew Wood, Andrew Doster, and Darden Orand repped the buyer. CBRE’s Eric Mackey and Gary Carr repped the seller, Riversource REO 1, a Minnesota-based bank and lender. The Ricchi Group also recently purchased properties at 1111 Mockingbird Ave and 2100 Valley View Ln.
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Presidium Group acquired the 332-unit Ridgmar Square in West Fort Worth; the 353-unit Vineyards Apartments in Irving; and the 216-unit Villa Jolla in Northeast Dallas. Presidium Group plans extensive interior and exterior renovations to reposition the assets within each submarket. Presidium will also rebrand the properties within the next few months.
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Venture Commercial Real Estate’s Kevie Beard, McGregor Converse, Jonathan Cooper, and Theo Thompson repped WinCo Foods in the acquisition of a 12-acre tract at 1122 W Centerville Rd in Garland. WinCo is expected to complete construction of its new 85k SF store in the spring. The Retail Connection’s Jim Weir repped the seller, IUM Investors. DWC Commercial Properties’ Caroline Woodbury and Don Woodbury coordinated the acquisition, development, and entitlement of the property.
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AEW Capital Management sold a six-property portfolio totaling 463k SF in the north DFW area to one of its institutional clients, Red Tail Acquisitions. The portfolio includes 1360-1420 Presidential Dr and 850-890 North Dorothy Dr in Richardson, and 1420 Halsey Way, 1406 Halsey Way, 2122 Country Club Dr, and 2855 Trinity Square Dr in Carrollton. The properties are 87% leased. HFF’s Randy Baird, Robby Rieke, and Justin Kundrak repped the seller. The acquisitions team was led by Sean Miller. Ryan Rubenkoenig also contributed to the acquisition.
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Onward Investors made its third recent acquisition in the DFW area with its latest purchase of the 153k SF 5601 Executive Dr in Irving, which has been rebranded Plaza 5601. It will also undergo a significant renovation. Transwestern’s Fletcher Cordell and Nathan Durham will lease the building. Onward Investors also acquired the Arbors at Brookhollow at 2201 E. Lamar Blvd in Arlington and Woodcreek Plaza at 101 W Renner Rd in Richardson.
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An owner-user purchased the 13k SF 18170 Hillcrest Rd office property in Dallas. Marcus & Millichap’s Ron Hebert repped the seller, a partnership
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KDC agreed to sell land to LOOK Cinemas to build a 60k SF upscale dining and movie theatre complex at CityLine. The dining and entertainment complex will be freestanding on the corner of State Street and Plano Road. Construction is expected to start in May with a grand opening in May 2016.
