Westmount Realty Capital, LLC and a fund managed by New York-based DRA Advisors sold Dallas Food Center, a 1.13-million-square-foot, state-of-the-art cold storage facility. Jonathan Bryan and Randy Baird of CBRE represented the seller in the sale transaction. Terms of the deal were not disclosed. Spanning approximately 61 acres, the asset includes four distribution buildings, two refrigerated warehouses and substantial trailer storage. Located at 2600 McCree Road in Garland, Texas, the property was originally built as a Safeway (Tom Thumb) distribution center then saw major expansions and renovations in 1970, 1972, 1996, 2006 and 2008. “Westmount has had its pulse on industrial since the 1990s long before the explosive growth we’ve recently seen in the cold storage and industrial markets,” said Cliff Booth, CEO of Westmount. “We recognized this asset early on as a valuable investment that would be attractive to tenants due to its size, versatility and location. When we acquired this property, it was an under-performing portfolio that was 68 percent occupied. We were able to actively manage and lease-up the asset, growing occupancy to over 92 percent while improving the tenant profile and signing credit-worthy tenants to long-term leases spanning 10-15+ years.” Cold and freezer warehouses can pose a unique set of challenges but with extensive experience in value-add industrial, Westmount was able to identify the proper upgrades and modernize the facility including improvements made upon acquisition to convert dry warehouse space into cold storage. Those significant improvements met pent-up market demand, increased rents and occupancy. Westmount also raised the roof of the property in September 2017 by 15 feet, maximizing cold storage space as well as the addition of 90,000 square feet of freezer/cooler space. These renovations allowed high-profile tenant, Kraft Heinz Company, to quickly transport cold goods to more retail clients and consumers, resulting in the signing of a new 121-month lease that commenced in September 2017. Other improvements included parking lot paving and concrete repair, repainting the buildings, upgrading the sprinkler system and installing a heated floor to allow for greater cold storage capabilities. The improvements yielded a weighted average lease term remaining of 8.75 years for current tenants at the time of closing. With convenient access to three major interstates, I-635, I-30 and U.S. 75, the location has become a prime regional food distribution hub that is within a five-hour drive to San Antonio, Houston, Austin, Oklahoma City and Tulsa. The site is also served by various rail lines, including Dallas, Garland and Northeastern Railroad (DGNO) with the Kansas City Southern Railroad (KCS) running adjacent to the complex.

NAI Robert Lynn landed a lease renewal for Dickey’s Capital Group, a Dallas-based holding company for international barbecue chain Dickey’s Barbecue Restaurants, Inc. Dickey’s renewed a long-term lease on its corporate headquarters in the vibrant Knox-Henderson district, which is positioned across the highway from Dickey’s original 1941 location. “NAI Robert Lynn was thrilled we could keep Dickey’s in the area where they started,” said NAI Robert Lynn vice president, Justin Utay, who represented Dickey’s in the deal. “In 1941, Travis Dickey, a World War II veteran, opened the first Dickey’s Barbecue in Dallas, and fast-forward nearly 80 years, and they’re continuing to serve the Dallas metroplex and millions of other customers around the world. Nothing beats their authentic, slow-smoked barbecue, and we’re glad they’re operating in a great, familiar location right in the heart of Dallas.” Dickey’s, the largest barbecue franchise in the world, has been at its corporate headquarters since April 2000, occupying a full floor and over 11,025 square feet of office space. Despite challenges during the COVID-19 pandemic, Dickey’s has reported positive same-store sales for May, July, August, September and October. The fast-casual concept, which offers a variety of slow-smoked meats and wholesome sides, has two international locations in the United Arab Emirates and is on track to open other overseas locations later this year in Brazil, Pakistan and Egypt. “We’re proud to be Texas born and bred and thanks to NAI Robert Lynn, our employees, who work tirelessly to serve our owner operators and guests, can look forward to making more memories in an office that has been home for many years,” said Roland Dickey Jr., CEO of Dickey’s Capital Group.

Thompson Coe has renewed their 69,130-square-foot office lease at Plaza of the Americas at 700 N. Pearl Street in downtown Dallas. CBRE brokered the deal on behalf of the nationally recognized law firm while Transwestern represented ownership in lease negotiations. Harlan Davis, Phil Puckett and Jeff Ellerman with CBRE in Dallas represented Thompson Coe. Transwestern’s Kim Brooks, Justin Miller, Paul Wittorf, Laney Underwood and Ford Childress represented the building owners, a partnership between M-M Properties and Invesco Real Estate. Thompson Coe, which has occupied floors 23-25 since 2002 made the decision to sign the multi-year lease extension because of the central location, the ability to modernize their space and the high concentration of amenities within the building. “We wanted to identify the best location for our business to thrive,” said Shawn Phelan, chair of the firm’s management committee. “After reviewing our options, it was clear that staying in the Plaza of the Americas would allow us to both meet the needs of our clients and help us create a space that would attract and retain top talent.” Thompson Coe is recognized for its civil litigation capabilities, expertise in insurance law and diverse group of attorneys. Founded in Dallas in 1951, the firm has expanded to five offices across Texas, Louisiana and Minnesota. Their Dallas office serves as their largest location nationally. Steps away from the DART Pearl Street Station in the Dallas Arts District, Plaza of the Americas is a premier mixed-use development containing two 25-story office towers. The recently refurbished Marriott City Centre, numerous retail and restaurant options, and an indoor urban garden are all connected by a 13-story glass atrium, bringing every amenity today’s occupants desire within footsteps. “We know there are a lot of options in the market and are happy that after evaluating the options, Thompson Coe recognized the value in remaining at Plaza of the Americas,” said Joel McCarty, principal with M-M Properties. “We greatly appreciate Thompson Coe’s continued interest and confidence in this location.”

The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed a Fannie Mae loan for the acquisition financing of The Corners Apartments, an 85-unit market rate multifamily apartment property located in DeSota, Texas. The 12-year term, 30-year amortization loan utilized Green Rewards and was arranged through a partnership with Old Capital Lending. The property was built in 1984 and renovated in 2019.

Dot It Restaurant Fulfillment has secured a new, long-term, 134,272-square-foot lease at 4200 Empire Road in Fort Worth, immediately south of Dallas-Fort Worth International Airport. The company previously occupied approximately 60,000 square feet in Arlington, Texas. Transwestern principal John Brewer and associate Riley Maxwell represented Dot It in the transaction. Luke Davis and Matt Dornak with Stream Realty Partners represented the landlord, ML Realty Partners. “4200 Empire gives Dot It the much-needed infrastructure and space to further grow its efficiency and processes to take their business to the next level,” Brewer said. “Dot It has weathered the recent uncertainty in the economy extremely well by pivoting to produce a variety of labels for food delivery services across the nation, on top of its normal lines of business.” Dot It is a single-source brand partner specializing in food safety products and print fulfillment solutions, including sourcing, printing, kitting, order processing, warehousing and distribution for growing brands looking to streamline supply chain and maintain brand consistency. 4200 Empire was one of the few existing facilities on the market that offered the above-standard office space Dot It needed, as well as fully air-conditioned warehouse space. According to Transwestern’s third quarter industrial report, large users have sustained demand, particularly in submarkets near airports, such as DFW and Alliance Airport.