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The Retail Connection’s Max Chanon negotiated the lease of the 3,221 square feet retail space with Joe Pastora and Alex Johnson with Stockdale Investment Group. Mayweather Boxing + Fitness is a retail space at the Shops of Highland Park at 4252 Oak Lawn Avenue in Dallas.
Construction has begun on a new, class A office building totaling 84,000 square feet at 5107 82nd Street in Lubbock, Texas. The property is being developed by CMS Properties, Inc and the leasing company on the project is Coldwell Banker Commercial Capital Advisors. The previously undeveloped site on the south side of 82nd Street and just west of Slide road will include four floors of office space served by two elevators. The building will offer views overlooking Lakeridge Country Club. The floor plates are approximately 21,000 square feet with suites divisible to 5,000 square feet. Suites will be built out to suit the needs of the tenants. Asking lease rates are $26 per square foot NNN with generous tenant improvement allowances available. “This is a terrific property located on the southwest side of the Lubbock market where there has not been enough supply of class A office space to satisfy tenant demand,” said Jef Conn, CCIM, SIOR and one of the leasing agents on the assignment. “CMS Properties builds top-notch commercial projects throughout Texas and New Mexico. We are pleased to partner with them to market this quality office asset.”
CBRE announces the sale and financing of Riverside Villas, a 180-unit, Class A multifamily community located at 3741 Post Oak Boulevard in Euless, Texas. First Capital Advisors (FCA) purchased the property from Dallas-based Trinity Postoak Ltd. Chris Deuillet, Jeremy Faltys and William Hubbard with CBRE capital markets’ investment properties in Dallas represented the seller. Jeff Stein, Michael Thompson and Brock Hudson with CBRE capital markets’ debt and structured finance team in Houston arranged the financing on behalf of FCA. This is the second multifamily purchase for FCA as they re-enter the Dallas-Fort Worth market. They were encouraged by the strong DFW market fundamentals and foresee the area as a core market for multifamily ownership across the country. “With Riverside Villas coming out of its initial lease up in the midst of the pandemic, collections were not affected,” said Deuillet. “This was one of our first assets to market in a post-COVID environment and Dallas-Fort Worth is still a very desirable location for solid returns. I was surprised on the level of interest we received.” The CBRE debt and structured finance team worked with FCA to secure attractive 10-year fixed rate agency financing from Freddie Mac. “Riverside Villas garnered intense lender interest from both agencies, but in the end, Freddie Mac was able win the assignment by allowing FCA to lock rate immediately and got comfortable with borrower projections on a property that was just stabilizing amidst COVID-19,” said Stein. Constructed in 2019, Riverside Villas offers residents high quality interior features and community amenities including a resort-style pool, 24-hour fitness center and business center. The property has close proximity to several major Dallas-Fort Worth employers, including DFW Airport, American Airlines, General Motors, Lockheed Market and the University of Texas at Arlington. The property was 94 percent occupied at the time of sale.
With a recently renovated lobby as incentive, Bradford Commercial Real Estate Services has wrapped up a leasing flurry in Arlington Downs Tower in Arlington, Texas, signing one newcomer, two expansions and three renewals in a 30-day span. The deals have locked down 17,537 square feet for the long term in the 87,411-square-foot office tower, located at 2225 E. Randol Mill Road in the Arlington Entertainment District. Bradford’s Richmond Collinsworth, first vice president, and Erik Blais, vice president, lease the project for the local landlord, Arlington Downs Tower. New to the project is Creator Age Inc., a technology development company that’s set up shop in 2,958 square feet. Sheryl Pickens of PickensRidnour LP represented the tenant, formerly Spring St. Productions. Through direct negotiations, the Bradford team has signed renewals and expansions with PDMS Design Group Inc. and Stride Staffing which now occupy 9,765 and 2,370 square feet, respectively. The tenants have expanded by 1,122 and 415 square feet, respectively. The Parks Group Inc. has renewed a 1,719-square-foot lease and Mechanical Contractors Association of Dallas Inc. has re-upped 725 square feet. “We’ve had a lot of interest since we’ve completed the lobby remodel,” Collinsworth said. “Tenants spend a large part of their time at the office so it’s critically important to be in a place that brings you joy.” The lobby sports a contemporary look with new lighting, flooring and wall coverings accented by neutral colors of black, gray and taupe. The upgrades also included modernizing the elevator cabs, a digital directory, tenants’ lounge, a conference room and glass office doors on the first floor. Blais credits the newly signed leases to the lobby remodel and a competitive rate with office projects in Arlington and surrounding markets. The six-story structure historically has been popular with companies and professionals seeking 2,500 square feet or less. “In the past two weeks, we’ve been getting calls from people who want smaller spaces and are ready to get back to the office,” Blais said. “If you need 400 sf square feet, we have it. If you need more, we have it.”
Coldwell Banker Commercial represented a local investment group in the acquisition of a 24-unit multi-family property located at 1514 E 15th Street in Plano, Texas. The property, located just east of downtown Plano near the DART transit line and north of the Telecom Corridor, traded for just under $5 million. The newly constructed property consists of 16 one-bedroom units and eight two-bedroom units on a 1-acre site. The complex, The Touraine, has high-end finishes, offers 24 parking spaces and a gated entrance. “The Dallas metro area is fast-growing and there continues to be high demand for quality, affordable, residential rental units,” said Angela Harwell, CCIM who represented the buyer in the transaction. “The Touraine property offers excellent accessibility and quality construction with popular, modern finishes for tenants. For the investor, the new construction status of the property offers minimal maintenance and desirable price point in the market.”
An approximately 92,450-square-foot distribution building leased to Federal Express Corporation in Fort Worth, Texas has sold for $8,110,000. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, Infinity nine of Fort Worth LLC; Cushman & Wakefield represented the buyer, a California-based investor, MH Sherman Company, in the 1031 exchange. The building sits on a 10-acre parcel and is located at 5601 Mark IV Parkway in Fort Worth. The building features 11 loading doors, expansive parking and a vehicle maintenance shop with three drive-in bays. FedEx has occupied 100 percent of the facility since completion of the build-to-suit construction in 1998. They have since extended the lease twice, the most recent in August 2018, extending their term another 10 years. The subject property is located just a half-mile from Interstate 820 at the interchange of Interstate 35W for quick access to downtown Fort Worth less than eight miles to the south. Additionally, the property is strategically located just five miles from the Fort Worth Meacham International Airport, which sees 1,800 flights per day and is undergoing an expansion, with new hangars and a renovated terminal and administration building.