Category: North Texas News DO NOT USE

Younger Partners Awarded Leasing Assignment for DFW-Area Office Asset

Posted on by Sarah

Younger Partners has been exclusively awarded the leasing assignment for the Atrium on Collins, 1701 N. Collins in Richardson, Texas. The 109,000-square-foot property is located in the thriving Richardson/Plano submarket with easy access to three major thoroughfares. The leasing efforts will be led by Younger Partners’ Kathy Permenter, Garrett Marler and Masen Stamp. “1701 N. Collins provides a professional atmosphere for any size tenant from 400 to 12,000 square feet,” Permenter said. “Tenants will enjoy the floor-to-ceiling windows, ready-to-go spec suites and easy access to US Highway 75, Interstate Highway 635 and George Bush Turnpike (US Highway 190).” “The property has been remodeled, creating lighter, brighter renovated common areas,” said Marler. “Thus, making it an attractive option with a classic design and modern feel. 1701 N. Collins offers tenants access to a building conference room and Foodbsy delivery service. Additionally, there are numerous restaurants and retail services along nearby Campbell Road.” The building offers 4/1,000 parking with covered spaces available. In addition to its central location and nearby amenities, there is monument and building signage available.

CBRE Brokers Sale of 160-Unit Apartment Complex in Irving

Posted on by Sarah

CBRE announced the sale of Monterey Apartments, a 160-unit multifamily community located at 700 S. Story Road in Irving, Texas. Plano-based Elmstone Group purchased the property in 2016 and sold the asset to Texas-based Beazworkz Investing for an undisclosed sum. Built in 1971, Monterey Apartments was 73 percent occupied at the time of sale with most units in classic condition. This provided a rare opportunity for investors to purchase an underperforming property in occupancy and collections, giving them the ability to make significant upgrades to increase their rental income. “We were able to conduct a very quick, precise marketing process that was able to attract immediate interest with strong offers,” said Chris Deuillet, senior vice president with CBRE. “We are thrilled we were able to leverage our network to make this another successful sale for the owners, who we have worked with before on numerous occasions.” Deuillet and William Hubbard with CBRE capital markets’ investment properties in Dallas represented the seller. “As on previous occasions, Chris Deuillet and the CBRE team helped make this sale progress very smoothly,” said Steven R. Gould with Elmstone Group. “We were able to lean on their knowledge of the market and the key players in it, helping us get us the best price for this asset.”

Dalfen Industrial Expands East Dallas Footprint with Acquisition of Peachtree Distribution Center

Posted on by Sarah

Dalfen Industrial has acquired Peachtree Distribution Center from Clarion Partners at 17745 Lookout Road in the east Dallas suburb of Mesquite, Texas. Terms of the deal were not disclosed. Constructed in 2001, the property is a 396,750-square-foot, cross-dock, multi-tenant distribution facility within a minute drive of I-635—the loop around Dallas—as well as I-30, I-80 and the Mesquite Airport. The property includes 68 docks, ample car and trailer parking space and is 100 percent leased to three internationally recognized tenants–Dal-Tile Corp., Parker-Hannafin Corp. and Bronco Orora. “This acquisition is squarely within our strategy of focusing on infill in key markets,” said company president and chief investment officer, Sean Dalfen. “Dallas-Fort Worth has one of the strongest industrial markets in the nation, and the East Dallas Mesquite submarket is one of the best due to location, workforce and proximity to major highways.” The East Dallas Mesquite industrial submarket is a longstanding transportation center and is home to one of Dallas-Fort Worth’s major intermodal hubs for industrial development, attracting the undeniable attention of institutional investors and large-cap companies. “Adding Peachtree to our other two properties in the submarket (as well as one large property under development), Dalfen views this submarket as a perfect last mile location to service the rapidly growing north and east Dallas suburbs,” said Kevin Caille, market officer for Dalfen. With this acquisition, Dalfen Industrial currently owns and operates over 4.4 million square feet of last mile industrial assets in Texas and over 24 million square feet nationwide.

Shallow Bay Industrial Portfolio in the Dallas-Fort Worth Area Sells

Posted on by Sarah

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.

LED Sign Company Purchases Great Southwest Building, Relocating from Los Angeles Next Year

Posted on by Sarah

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.

SOLD 2551 Ephriham Avenue, Fort Worth, Texas to Savers Cost Plus Supermarket

Posted on by Sarah

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.