Mincey-Carter, P.C. renewed 5,118 square feet at 12221 Merit Drive in Dallas, TX. Bruce Hecht with Swearingen Realty Group, LLC represented the tenant and Michael Bowles represented the landlord, Hartman Income REIT.
Category: North Texas Deals & Announcements
Inspired By: Perkins and Will’s Transit-Oriented Project Feels “Like a Heartbeat”
The Dallas firm behind The Epic creates social infrastructure along the extended DART blue line just south of downtown.
Faced with an open site at the Camp Wisdom Station, Dallas-based architecture firm Perkins and Will had all the arrows pointing to one thing: opportunity.
Led by Design Director Ron Stelmarski, the studio recently wrapped up the $10.5-million legacy project in the historically underserved neighborhood just south of downtown.
The Singing Hills Recreation is the first of its kind in Dallas and conceived as a platform for social interaction. The Center is inextricably linked to downtown Dallas, offering expanded economic opportunities and social connectedness. Built along the newly extended blue DART rail line, the building serves as an arrival gateway and a symbol of a more equitable future for the area.
“When you go to an area, and it’s a bit underserved, they not only don’t have access to the health and wellness issues, but they also sometimes don’t have access to getting to a workplace,” Stelmarski told D CEO. “We’ve combined the wellness opportunity with opportunities for being connected to downtown and other jobs, and that amplifies the situation.” Click to read more at www.dmagazine.com.
Adolfson & Peterson Construction Breaks Ground on $40 Million Recreation Center
Adolfson & Peterson Construction (AP), a national construction management firm and general contractor, and the city of Allen broke ground on the Stephen G. Terrell Recreation Center – a two-story, 150,000-square-foot facility located at 1680 West Exchange Parkway in Allen, Texas.
Allen Mayor Ken Fulk, former Mayor Stephen G. Terrell, City Manager Eric Ellwanger, the Allen City Council and Board, officials with various city departments, and representatives from AP and Barker Rinker Seacat Architecture (BRS) participated in the ceremonial groundbreaking at the site of the new building.
“We have a long, established history of working with local Texas governments to build municipal recreation projects that meet community needs and stay within budget,” said Will Pender, Regional President for AP. “We collaborated closely with the City of Allen throughout the preconstruction and estimating process to make the most out of taxpayer dollars while also ensuring the project is built in a safe, timely manner. We’re very excited to see this project come to fruition.”
On June 8, Allen City Council approved $40.4 million to begin construction, culminating five years of collaboration between the city and its residents. AP and BRS recently joined efforts for design and construction purposes. Project planning began in May 2016 when Allen voters approved $27 million in bond funding for Parks and Recreation capital projects, including $16 million proposed for a future park and recreation center.
“From beautiful parks and trails to top-notch facilities, amenities like this are what set Allen apart and make it one of the best places to live in the nation,” said former Allen Mayor Stephen Terrell. “I’m grateful to have represented this fine city for nearly three decades, and I am deeply honored to see that legacy live on through this project.”
Slated to open in early 2023, the recreation center’s amenities were strategically selected by Allen residents through public meetings, workshops and online surveys. Amenities include two gymnasiums with three recreation courts and up to eight competitive play courts, an indoor walk/jog track with both flat and inclined stair options, weights and cardio areas for independent fitness, and group fitness areas for aerobics, dance and spin classes.
Various indoor play spaces, an outdoor fitness deck, a community space with classrooms and collaborative areas, a children’s watch area and a catering kitchen will allow additional spaces for the community to engage in a wide range of fitness and recreational activities. The facility will also include parking areas and driveways to accommodate Allen residents and their guests.
BRS was selected as the architect of record to work with the community in the fall of 2018. The Denver-based firm has a local office in nearby Grapevine and was chosen due to its extensive expertise and deep understanding of innovations in multi-generational recreation and community center design. BRS has completed dozens of recreation and community centers in Texas and hundreds across the country, each unique to its place and environment. BRS leveraged this experience by leading the initial public meetings to select the project amenities and developed the building’s concept while working in collaboration with the city’s steering committee and leadership team, culminating in a full architectural design focused on the community’s character that is “Authentically Allen.”
AP has provided construction management services to several municipalities and governmental entities throughout Texas. Current and past projects include the city of Dallas’ North Dallas Government Center, the Marq for the city of Southlake, the Town of Little Elm for the city of Little Elm, Rockwall County Jail for the city of Rockwall, the Garland Audubon Recreation Center for the city of Garland, and the Potter County District Courts Building in Amarillo. Nationally, AP has completed more than 2.2 million square feet of construction work for municipalities and governmental entities since 2016.
RealSource Arranges Pre-Sales of Two Single-Tenant 7-Eleven Stores
RealSource Group, a national commercial real estate brokerage company focused on retail, healthcare and automotive properties, announced today that the firm arranged the sales of two, brand-new, single-tenant net-leased investments occupied by 7-Eleven and a fuel station in off-market transactions in Houston and Arlington, Texas.
In Houston, Vice President Austin Blodgett, in association with ParaSell, Inc., represented the seller, a private developer based in Houston, for the pre-sale of a brand new, single-tenant net-leased investment occupied by 7-Eleven, Laredo Taco Company quick-serve restaurant, and a fuel station. Chuck Klein, executive director with Cushman & Wakefield of San Diego, California, represented the buyer, a private investor based in Southern California. Although the purchase price could not be disclosed, the sale achieved a cap rate of 4.5% in the off-market transaction.
“We began marketing the single-tenant 7-Eleven while it was still in the early stage of construction and generated multiple offers within the first week of marketing,” said Blodgett. “We secured an all-cash, Southern California-based buyer who was looking for a brand-new construction 7-Eleven property in a tax-free state. One of the main selling points on this deal was that it was a build-to-suit; in this case, 7-Eleven put up nearly all of the capital necessary to build the fuel station portion of the project, which clearly showed the tenant’s commitment to this location.”
7-Eleven is located at the signalized intersection of Broadway Street and Rockhill Street at 8550 Broadway Street, with 30,000 cars per day. 7-Eleven, which opened on June 10th, occupies a 4,842-square-foot building on 1.1 acres with a new absolute, triple-net 15-year lease.
“This is a great location with excellent visibility, a large 48-foot pylon signage directly on Broadway Street, and less than 1 mile from Houston’s Hobby International Airport with over 50 million passengers annually,” noted Blodgett. “7-Eleven has little to no competition within a 3-mile radius and is in the direct driving path for rental car returns and major overnight paid parking lots at Houston Hobby Airport. The property is also within walking distance to more than 3,500 apartment units and hundreds of single-family homes.”
Blodgett adds, “Along with gas and c-store sales, 7-Eleven and the developer expect that this site will do extremely well with Laredo Taco QSR, providing a steady flow of additional income to this store.”
In Arlington, RealSource’s Blodgett, along with ParaSell, Inc., represented the seller, a private developer based in Houston. Jeremy McChesney, executive vice president with Hanley Investment Group, represented the buyer, a private investor based in Southern California. Although the purchase price could not be disclosed, the sale achieved a cap rate of 4.7% in the off-market transaction.
“We helped secure an all-cash, California-based 1031 exchange buyer who was looking for a brand-new construction 7-Eleven property for their upleg,” said Blodgett. “We negotiated that the buyer was non-contingent months before the store opened for business or started paying rent. However, due to the buyer’s 180-day exchange deadline ending before the scheduled close of escrow (which was tied to 7-Eleven’s opening and the payment of rent among other things), we structured two different closings. The first closing occurred early to meet the buyer’s 1031 exchange deadline requirement, and certain funds were held in escrow until the store opened, which triggered the second closing and final disbursement of funds.”
Blodgett added, “This was a unique loophole to get around the 180-day exchange closing deadline in a situation where construction was delayed beyond the buyer’s exchange deadline and the buyer did not want to close escrow until the store opened. We often see delays on new construction transactions, and we were able to work with the buyer to get them comfortable with this type of closing structure to make the deal work.”
The property is located at the signalized intersection of Collins Street and Blue Lake Blvd. at 4016 N. Collins Street, the main north-south corridor in the Arlington area. 7-Eleven, which opened on June 10th, occupies a 3,010-square-foot building on 1.3 acres with a new absolute, triple-net 15-year lease.
According to Blodgett, “7-Eleven is one of the most popular, recession-proof and internet-resistant net lease investments available today. In the last six months, 19 new-construction 7-Eleven deals have traded in Texas and, with the company’s growth and expansion plans in states like Texas, along with the population growth in these areas, we can expect to see a lot more of these transactions over the next year. The increased demand from buyers for new 7-Eleven builds will put pressure on cap rates to compress and pricing will continue to grow.”
FST Leased 3,984 SF at Corporate Park Place in Irving
FST, LLC leased 3,984 square feet at Corporate Park Place in Irving, TX. Allison Fannin represented the landlord, Hartman Income REIT.
King & Fisher Law Leased 2,945 SF at 12221 Merit Drive in Dallas
King & Fisher Law Group, PLLC leased 2,945 square feet at 12221 Merit Drive in Dallas, TX. Matt Perry-Miller with Laughlin Commercial represented the tenant and Michael Bowles represented the landlord, Hartman Income REIT.