Category: North Texas News DO NOT USE

Real Estate Valuation in the Wake of COVID-19

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When the commercial real estate market is in turmoil, valuations are needed. And when the market is stable, valuations are needed. Either way, a professional valuation is not guided by a magic crystal ball—the process is both art and science. North Texas had been humming along thanks to an 11-year long bull run. The region was leading the country in job growth. The prospects for relocating companies to the area from out of state fueled a seemingly ever-robust office market. Businesses saw record profits and income close to historical highs at the end of 2019. Meanwhile, the DFW real estate market paced the country in multifamily and industrial construction. That all came to an abrupt stop with COVID-19. Many of us have dealt with natural disasters, such as tornadoes, hurricanes, floods, wildfires, earthquakes, and drought. Human-caused disasters include riots, mass violence, terrorism, shootings, and industrial accidents. COVID-19 is like nothing we have ever seen; it seems to have touched nearly every aspect of our lives. Click to read more at www.dmagazine.com.

Texas Triangle apartment complex sold by Institutional Property Advisors

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Institutional Property Advisors (IPA), a division of Marcus & Millichap, facilitated the sale of Vantage at Waco, a 288-unit multifamily asset in Waco, Texas. “Waco’s central location inside the Texas Triangle region places it within 200 miles of all major Texas metropolitan markets,” said Will Balthrope, IPA executive director. “The region is ranked as the fifth-strongest economy in the United States and is home to 53 of Texas’s 54 Fortune 500 companies.” Balthrope along with Tommy Lovell III, first vice president investments and Richard Robson, associate, both with Marcus & Millichap in Dallas, represented the seller, Vantage Communities. The buyer is an out-of-state private investor in a 1031 exchange represented by Mandelbaum & Associates/RealTax, repositioning specialists based in Manhattan Beach, California. “Waco’s bountiful employment opportunities include nearly 32,000 jobs within nine miles of [the] property,” said Lovell. “The city also has three colleges totaling over 30,000 students and 5,400 employees.” Vantage at Waco is within a five-minute drive of Baylor University and the Magnolia Market shopping complex. Baylor Scott & White Medical Center–Hillcrest, University High School, Central Texas Marketplace and Interstate 35, the main thoroughfare through the Texas Triangle are also nearby. Less than one mile from the community, a 32-acre development project that is expected to be the largest multilevel family entertainment center in the state is nearing completion. “A key element in executing this transaction is the ability of IPA to identify and secure private and institutional buyers,” said Balthrope. “By covering the entire state with one team that serves all major metros, we can quickly match assets with the most likely buyers, even during times of uncertainty including the global health pandemic. Vantage at Waco gives this new owner the first-generation value-add opportunity that meets their investment criteria.” Constructed in 2017 on 20 acres, the three-story, garden-style community is composed of 13 residential buildings and an office. The unit mix includes one-, two- and three-bedroom units that average 838 square feet.

JLL secures $10M refinancing for Dallas’ Pinnacle Business Center

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JLL Capital Markets has arranged a $10 million refinancing for Pinnacle Business Center, a fully leased, three-building, Class A, shallow-bay industrial facility totaling 181,050 square feet in Dallas. JLL worked on behalf of the borrower, an affiliate of Cohen Asset Management, to place the 10-year, fixed-rate loan with National Life. JLL will also service the loan. Completed in 2004, Pinnacle Business Center’s rear-load buildings feature clear heights ranging from 24 to 28 feet, deep truck courts, 51 dock-high doors, nine ramp access doors, office space and ample parking. The industrial facility is home to 12 tenants in a wide array of industries, including manufacturing, baking, architecture, clothing and automotive. Situated on 12.68 acres at 1444 N. Cockrell Hill Boulevard, 4310 Adler Drive and 4305 Pinnacle Point Drive, Pinnacle Business Center is six miles from downtown Dallas and located off Interstate 30, the major thoroughfare between Dallas and Fort Worth. Additionally, the park is in the Eastern Lonestar/Turnpike Industrial submarket, an established submarket that has seem tremendous rental growth over the past decade. The JLL capital markets debt placement team representing the borrower was led by director, DJ Meagher, senior managing director, Paul Brindley, and analyst, Dillon Donald. The team secured financing for the borrower’s acquisition of this property in 2015.

Stream Realty Partners closes several deals in Dallas-Fort Worth metro

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Stream Realty Partners recently closed on 10 transactions in the Dallas-Fort Worth area. The deals included four renewals, five new leases and one sale. EXFO America, Inc. renewed its 8,282-square-foot lease at The Points at Waterview, 3400 Waterview Parkway, in Richardson, Texas. Matt Wieser and Ryan Evanich with Stream Realty Partners represented the landlord, 3400 Waterview LLC. Kent Smith with NAI Robert Lynn represented the tenant. Plant Interscapes, Inc. renewed its 10,068-square-foot lease at Manana I-35 Business Center, 10730-10768 N. Stemmons Freeway, in Dallas. Drew Feagin and Todd Poticny with Stream Realty Partners represented the landlord, DRA Advisors. Whitebox Real Estate represented the tenant. Arizona Tile LLC renewed its 100,398-square-foot lease at International Commerce Park, 2701 Regent Boulevard, in Irving, Texas. Blake Kendrick, Jeremy Kelly, and Sarah Ozanne with Stream Realty Partners represented the landlord, Link Industrial Properties. Newmark Knight Frank represented the tenant. Inovar Packaging Group, LLC renewed its 23,487-square-foot lease at Northgate II, 10470-10490 Miller Road in Dallas. Matt Dornak and Adam Jones with Stream Realty Partners represented the landlord, Agellan Commercial REIT. 3228 Halifax, L.P. purchased a 10,000-square-foot industrial building at 3020 Wichita Court in Fort Worth. T. Weldon Davis with Focus Service Group, Inc. represented the buyer. Jeff Rein with Stream Realty Partners represented the seller, Wireline Properties LLC. Printed Threads leased 21,000 square feet at 210 South Freeway in Fort Worth. Stream Realty Partners’ Rein, along with Forrest Cook, represented the landlord, a local Fort Worth investor. Stream’s Brett Carlton represented the tenant, Print Threads. ComSovereign leased 15,289 square feet at 5000 Quorum Drive in Dallas. Evanich, Chase Lopez and Brandon Terrell represented the landlord, G&I VIII 5000 Quorum L.P. ICB Properties represented the tenant. CKS Packaging, Inc. leased 50,560 square feet at 2829 Merrell Road in Dallas from Gillis Thomas, L.P. Ryan Boozer and Lena Pierce with Stream Realty Partners represented the tenant. Image Micro Spare Parts leased 42,415 square feet at Luna Distribution Center, 2100 Luna Road, in Carrollton, Texas. Eric Crutchfield and Mac Hall with Stream Realty Partners represented the tenant. Fulfillment by Eagle, LLC leased 18,898 square feet at Jetstar Service Center, 8181 Jetstar Drive, in Irving. Transwestern represented the landlord, Denver Third Creek, LLC. Boozer and Hall with Stream Realty Partners represented the tenant.

Two-acre site in Ennis, TX to be future home of Marriott Fairfield Inn

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Enterprise America has purchased almost two acres of land at Ennis Crossing, a seven-acre development in Ennis, Texas. Demian Salmon with Stream Realty Partners represented Enterprise America in the purchase, while Jim Jamerson with SEGOVIA Retail Group and Chad DuBose with Foremark brokered the sale on behalf of DA Ennis 45 Partners, LP. “Since DFW has experienced significant migration from outside Texas, we have seen the hospitality market embracing communities such as Ennis for its quality of life and strategic proximity to larger markets,” said Salmon, senior vice president of land division at Stream’s Dallas office. “We are thrilled to get this deal across the finish line for Enterprise America.” The future site of a 95-key Marriott Fairfield Inn is located at the northeast quadrant of I-45 and East Ennis Avenue (SH 34). The hotel will join a thriving development that currently features Chick-Fil-A, Schlotsky’s, Smoothie King, and Highway 55 Burgers. “We are excited about bringing this latest development to Ennis,” said Sharif Choudhury, president of Enterprise America. “Compared to other markets in the U.S., the hospitality industry in the Dallas-Fort Worth metroplex has the potential to bounce back much faster.” This site development will contribute to the Ennis Economic Development Corporation’s operations, which have brought over $535 million in industrial development projects to Ennis and created more than 2,000 jobs in the last ten years. As the Economic Development Corporation continues to make strides in the Southern Tier of the Dallas/Fort Worth Metroplex, this hotel site will enhance the quality of life and recreation that the city of Ennis provides to both residents and visitors. “The Enterprise America team remains committed to developing properties in DFW to support the entrepreneurial, pro-business environment that this region is known for,” said Warren Yip, director of hospitality management and investment at Enterprise America.

Reach new heights in Cedar Hill: The greenest city in North Texas is prime for development

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Towering over the DFW Metroplex, Cedar Hill delivers the kind of live-work environment that is found nowhere else in North Texas. A place full of natural beauty and breathtaking views where business opportunities are as ready for discovery as new walking trails. Cedar Hill is a perfect community for corporate headquarters, burgeoning entrepreneurs, small business owners, and a talented workforce to call home. The city deliberately fosters a careful balance between industry and nature. As it grew from a population of 6,850 in 1980 to nearly 50,000 today, it is proud to have maintained the highest percentage of preserved open space of any Metroplex city. Tree-lined rolling hills and wide-open green space earn Cedar Hill the nickname ‘The Hill Country of the Metroplex.’ This community offers miles of hiking, biking, and running trails, some around the 2,000-acre Cedar Hill State Park. The park, which features more than 100 miles of shoreline around Joe Pool Lake, is one of the most visited state parks in Texas. Home to a variety of rare plants and animals, Dogwood Canyon Audubon Center is another popular destination, bringing visitors from the four counties surrounding Cedar Hill. Click to read more at www.rednews.com.