NorthMarq’s Dallas-based Multifamily Investment Services Group said it brokered the sale of Ascent at Lake Worth, a 265-unit apartment community located at 6303 Shady Oaks Manor Drive, Fort Worth. NorthMarq Managing Director Taylor Snoddy, Senior Vice President Philip Wiegand and Senior Vice President James Roberts represented the seller, Presidium. A Denver based firm acquired the property for an undisclosed amount and has planned extensive interior and exterior renovations.
The debt/equity team of Managing Director Stephen Whitehead, Senior Vice President Lauren Bresky and Vice President Will Hancock secured permanent-fixed financing for the property through Fannie Mae. The property was awarded the 2018 Apartment Association of Tarrant County Community of the Year Award.
“Our marketing efforts produced 175 registrations, resulting in 26 tours at the property and 20 offers. This was a highly sought-after offering due to its location and size,” said Snoddy
Grapevine firm part of JV acquiring Luna Road office building
Grapevine-based real estate investment firm 2GR Equity has made an equity investment into a joint venture with Reserve Capital Partners. On Nov. 15, 2019, the newly-formed JV acquired the office building located at 11511 Luna Road near LBJ Freeway.
The 181,000 square foot office building is home to major corporate tenants including IBM, S&P Global, BBVA and Home Point Financial. Minor interior improvements are planned for a portion of the common areas, as well as the implementation of a spec suite program to provide move-in ready office space. Reserve Capital Partners will assume property management duties.
“This institutional quality asset boasts strong corporate tenants located in a submarket that has delivered over 4,000 multifamily units and 5,000 single family homes since 2016 all within a three-mile radius of the property,” said Isaac Gregory, 2GR Equity principal and cofounder. “Couple that residential growth with the corporate relocations and retail development along the West LBJ submarket and we believe this asset is well positioned for sustainable appreciation.”
Gulf Corporation sells Plano Medical Pavilion
Gulf Corporation, a privately held, full-service real estate development and investment company, has sold Plano Medical Pavilion for more than $20 million to Healthcare Realty Trust.
The 102,000 square-foot facility adjacent to Baylor Scott & White Medical Center-Plano,
located at the corner of President George Bush Tollway and Preston Road, features a 49,000
square-foot building and a 53,000 square-foot parking garage. It is 50% leased.
Gulf Corporation acquired the building site in early 2016 and began construction on the
healthcare facility in 2017.
“We wanted to create a premier medical property that would complement the Baylor Scott &
White hospital campus,” says CEO Austin Ames. “Forty percent of the building was preleased to
Baylor Scott & White Health and United Surgical Partners International Joint Ambulatory
Surgery Center (ASC), taking an entire floor.”
The property is located at 4825 Alliance Blvd., Plano, Texas 75093. Evan Kovac with the JLL
Capital Markets team in Seattle, assisted with the sale. The building will join Healthcare
Realty’s existing 2.4 million square foot medical office building portfolio in the Dallas area.
www.gulfcorpusa.com
LEASES
Driven Apparel Co. renewed its lease of 2,000 square feet at Riverbend Business Park. Keaton Duhon and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Properties.
Rooted Hearts LLC has leased 1,390 square feet of retail space located in Northgate Plaza at 507 N. Highway 77 in Waxahachie. Tom Heraty with NAI Robert Lynn represented the landlord.
DFW Lee & Associates recently completed a lease transaction for a 43,838 square foot space at 920 Avenue R, Grand Prairie. Reid Bassinger and Trey Fricke of Lee & Associates with Scott Delphey represented the tenant, Country Fresh Holdings Company Inc. The landlord, High Street Realty Company, was represented by Jerod Hangartner of Colony Capital.
Bright Realty leased a 1,609-square-foot space at Elk Crossing shopping center in Burleson to HotWorx, a hot yoga and workout facility. The 6,662-square-foot Elk Crossing center at 264 SE John Jones Drive and SH 174 is now 100% leased and includes tenants Mint Dentistry and Chicken Salad Chick.
Elk Crossing is currently offered for sale by Bright Realty as an investment opportunity. Nick Miller and Britton Lankford represented Bright Realty in the HotWorx transaction and serve as contacts for those interested in additional information about the property. Sean Lockovich with Falcon Realty Advisors represented HotWorx in the lease.
DFW Lee & Associates also completed a sublease transaction for a 120,003 square foot space at 1350 Ave. S., Grand Prairie. Becky Thompson, principal at DFW Lee & Associates, represented the tenant, Blue Apron LLC., in the sublease of freezer/cooler warehouse space to T.A.E. C. Inc., who was represented by CBRE/West Los Angeles.
SALES
David Harris and Jade Scott of Whitebox Real Estate assisted Taylor Counseling in the purchase of a 2,400 square foot, one acre, building at 300 N. Interstate Highway 35-E in Waxahachie.
Marcus & Millichap has announced the sale of Tribecca Pointe, a 175-unit apartment property located in Hurst, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
Al Silva, senior managing director Investments and Ford Braly, vice president Investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, a Dallas-based investment company. The buyer, a Dallas-based investor group, was also secured by the Silva Multifamily team.
During a four-week marketing campaign, the 1969 vintage asset attracted 29 property tours from potential buyers and 11 offers from a diverse group of both local and out-of-state investors. The sale closed just 65 days after an agreement was reached between buyer and seller. Tribecca Pointe is located at 601 Brown Trail in Hurst.
SSC Properties LLC has purchased a 68,676 square foot industrial building at 2090 McGee Lane in Lewisville. SSC Signs and Lighting will consolidate three of its locations into this facility to better serve its customer base. The City of Lewisville and its office of economic development provided flexibility and guidance on modifications to the property for SSC Signs to make Lewisville its new home. SSC will spend the next 60-90 days upgrading the facility for its custom use. Ryan Lee and Jim Hancock, CCIM, CPM with NAI Robert Lynn represented the seller.
DFW Lee & Associates recently completed a sale transaction for a 9.288 acres space located on Mitchell Road, Mansfield. Robert Miller and George Tanghongs of DFW Lee & Associates represented the buyer, Nickson Heritage Industrial LLC. and the seller, Mansfield Economic Development Corporation, was self-represented. Nickson Heritage Industrial LLC intends to construct four free-standing buildings in two phases, totaling to approximately 100,000 square feet of speculative warehouse space.
