JLL Capital Markets closed the sale of and arranged acquisition financing for an eight-property, shallow bay industrial portfolio totaling 606,889 square feet within infill markets in the Dallas-Fort Worth metroplex area. Terms of the deal were not disclosed. JLL worked on behalf of the seller, Fort Capital. Birtcher Anderson, in a joint venture with Belay Investment Group, purchased the portfolio. Additionally, JLL worked on behalf of the new owner to place the five-year, floating-rate acquisition loan. The 95-percent-leased, multi-tenant portfolio includes Manana Business Park at 2526 Manana Drive in Dallas; Garden Brook Industrial at 3109, 3113 and 3300 Garden Brook in Farmers Branch, Texas; 4101 Lindberg in Addison, Texas; Luke Business Park at 1100-1220 Luke Street in Irving, Texas; Hickory Business Park at 1665 Hickory Drive in Haltom City, Texas and 1115 and 1101 NE 23rd Street and Suffolk Industrial Park at 2901, 2905, 2921 and 2951 Suffolk Drive in Fort Worth. All these properties are in premier infill locations in established industrial submarkets near major transportation arteries. The JLL capital markets investment advisory team representing the seller was led by senior director Stephen Bailey, managing director Dustin Volz, senior director Zane Marcell and analysts Wesley Gilmer and Erin Lazarus. The JLL capital markets debt placement team representing the new owner included senior director Cullen Aderhold. The DFW industrial market continues in 3Q 2020 to set its record run of growth as one of the top industrial markets in the country. JLL reports that strong fundamentals and ongoing demand for space in the DFW market will continue to push rents higher along with new speculative construction well into 2021.
Optimal Elite Management LLC has acquired a 63,483-square-foot office/warehouse in the Great Southwest Industrial Park. The deal shores up a plan for the sign manufacturer to relocate its headquarters and production facilities to North Texas from Los Angeles in June. Optimal Elite’s new hub is a two-story manufacturing facility on 9.5 acres at 2601 Pinewood Drive in Grand Prairie, Texas. The seller, Breg Inc., will continue to occupy the site through a six-month sale-leaseback. Bradford Commercial Real Estate Services broker associate, Noah Dodge, and market director, Jason Finch, represented the buyer. Steve Koldyke, Brian Gilchrist and Chris Powers of CBRE represented the seller. “The sale-leaseback agreement built in the time that both sides needed for executing their relocation plans,” said Dodge. The acquisition went full circle in less than four months. Dodge credits the building’s size and dynamics of the Great Southwest as the deal makers, as well as labor availability, pricing and a location midway between Dallas and Fort Worth. Optimal anticipates creating at least 50 jobs when it ramps up production. “This company has been looking to relocate to Texas for quite a while,” Dodge said. “We moved pretty quickly to identify properties that met Optimal’s requirements and set up tours.” The buyer’s requirements were a freestanding building with ample room to manufacture and assemble its specialty LED signs and meet future expansion needs. The Pinewood Drive structure, which is climate-controlled and fully sprinklered, has 46,950 square feet of light-manufacturing space and the balance is office. Amenities include four dock-high doors, two oversized grade-level doors, heavy car parks and a 3,300-square-foot exterior storage facility. Finch, along with Michael W. Spain, executive vice president and managing partner, also represented Commerce Park Owner LLC in two lease transactions at Commerce Park in nearby Irving, Texas. General Parts LLC renewed its 2,472-square-foot industrial flex lease at 4823-45 W. Royal Lane. Chase International, represented by Richard Nin of Ebby Halliday, has leased 2,372 square feet of industrial flex space at 8406 Sterling Street.
Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of the first mortgage for Oak Haven Estates Manufactured Housing Community. Oak Haven Estates is located at 415 North East Street in Arlington, Texas. The subject property is located on the east side of North East Street, and the west side of Truman Street just southeast of Cowboys Stadium. The mobile home park is situated on 9.05 acres. The site is improved with 98 mobile home pads. The site features driveways and full utility hook-ups for each unit and is within close proximity to schools and shopping. The property features asphalt roads, street lights, city water and sewer, concrete parking and many mature trees. The 10-year fixed-rate first mortgage was limited to 71% loan to value. The loan was non-recourse and amortized over a 30- year period. Proceeds from the first mortgage paid off the existing lender, returned equity to the borrowing entity, and paid for closing costs. The loan was funded by a national lender.
About Maverick Commercial Mortgage, Inc.
Maverick Commercial Mortgage, Inc., arranges a wide variety of commercial real estate loans ranging from $2,000,000 to $50,000,000 for its middle market real estate developer and investor clients. Please contact Benjamin L. Kadish at 312-268-6000, 312-953-4344, or at firstname.lastname@example.org.
Fallas Borrower, IV, LLC sold their 24,833 square foot building at 2551 Ephriham Avenue, Fort Worth, Texas to Savcorp, Ltd. Dba Savers Cost Plus Supermarket. Shawn Ackerman, President of Henry S. Miller Brokerage Houston office represented the Seller and Troy Morgan, Principal with Structure Commercial represented the Buyer.
“Levant Kebab leased 2,830SF at 100 South Central Expressway in Richardson, TX for 8 years. Kat Morrison represented the landlord, Hartman Income REIT.”
Hyatt Hotels Corporation has opened Thompson Dallas, the first Thompson Hotel property in Texas. The 219-room hotel is located at 205 N. Akard Street in the historic George-Dahl-designed building, The National, which recently underwent a $460 million preservation effort. The hotel’s design is brought to life through a collaboration between Caroline Todd of Todd Interiors and Cindy Zelazny of Interiors Limited. Merriman Anderson Architects are the architects of record for the development and are also involved in the interior design. “Modern-day Dallas represents a global destination for culture, gastronomy and entertainment, and Thompson Dallas personifies the evocative spirit and refined edge of one of The Lone Star State’s most sophisticated cities,” said Steve Shern, general manager, Thompson Dallas. “This is a historic moment for Dallas, and we are proud to welcome guests, World of Hyatt members, customers and the Dallas community to experience Thompson Hotels’ unparalleled guest experience.” Originally designed by George Dahl, the architect responsible for iconic Dallas establishments such as the art deco buildings of Fair Park and Neiman Marcus Downtown, The National historic elements include restored original wood panels inlaid with brass that line the walls of the ninth floor and the original 17,555 hand-cut exterior marble panels sourced from the same quarry as the marble used for the Parthenon. More than $2 million of art and one-of-a-kind furnishings from Frieze London, PAD London, and internationally recognized galleries were personally selected by interior designer Caroline Todd and are located throughout the property. Beyond housing Thompson Dallas, The National expects to be home to a variety of influential businesses and organizations including Downtown Dallas, Inc. Thompson Dallas is part of one of the largest adaptive reuse projects in the history of Texas. Further, Thompson Dallas’ guestrooms average 700 square feet and feature walnut and brass headboards that echo restoration efforts. Guestrooms include 52 suites and two penthouse suites. Led by culinary director Jeramie Robinson, formerly of Uchi and The Rosewood Mansion on Turtle Creek, and director of restaurants, bars, and events Jonathan Geffrard, a 12-year veteran of Hillstone Restaurant Group, Thompson Dallas currently boasts two restaurant experiences: Catbird and Nine at The National.