Office off West 7th Street changes hands
A Fort Worth investor has purchased the three-story, 43,729-square-foot office building known by its address, 200 Bailey Ave.
Hahnfeld Hoffer & Stanford Architects, a lead tenant in the building, will remain in its current location. Transwestern Real Estate Services (TRS) announced the sale July 19. The buyer was Will Martin of W. Martin & Co. who said he plans to upgrade the building.
“It’s a great location,” Martin said.
Transwestern’s Kyle Poulson and Gibson Duwe facilitated the transaction on behalf of the seller.
“With roughly 18,000 square feet of vacant space, the buyer is planning to revamp aesthetic features of this building creating a sizable block in addition to smaller suites of office space, which is hard to find in this unique part of Fort Worth,” said Duwe. “Located in a highly desired location on the west side of Fort Worth, we are thrilled for the future of this site for the new buyer and we are excited they saw the tremendous value of this site.”
200 Bailey Ave. is in proximity to notable projects and attractions such as the Modern Art Museum and Crescent Real Estate’s upcoming $250 million Cultural District development. The acquisition of this building presented a unique opportunity to purchase an office property in a market that has maintained 86.8% occupancy with rental rates upwards of $29 per square foot throughout COVID-19.
TCCD selects firms for SE Campus redevelopment
Tarrant County College District (TCCD) has selected three leading North Texas construction firms to lead the redevelopment of its SE Campus.
Fort Worth’s Byrne Construction Services and Potere Construction and Dallas’ Hunt Construction Group were chosen based on their extensive experience and record of success, TCCD said in a news release.
The firms also demonstrated a particular commitment to the local community and to ensuring diversity and inclusion throughout all stages of the project. Under the contract, the firms will manage the construction of new building additions as well as the full renovation of existing structures, the release said.
“The Tarrant County MWBE construction and subcontractor community is the ultimate award winner represented by this JV Team,” said Andre McEwing, TCCD Supplier Diversity Manager. “The award of the TCC SE Campus CMAR project to the Byrne/Potere/Hunt JV Team represents a qualified locally diverse and inclusive construction management team representing 45% of MWBE Prime contractors (Byrne/Potere). Beyond this, they have also committed to building the MWBE subcontractor capacity with a 30% MWBE subcontractor goal. This is a tremendous moment that the entire TCC community is proud of.”
Both Byrne and Potere are certified Historically Underutilized Businesses (HUBs) and have a heightened awareness of the significance of diverse and inclusive practices.
Texas Oncology breaks ground on new center in the Alliance Corridor
Texas Oncology recently broke ground on a new 22,300-square-foot cancer care center in the Alliance Corridor that will provide medical oncology, hematology, radiation oncology and infusion treatments, all in one location.
Located at 9750 Hillwood Parkway, at Alliance Town Center, the new Texas Oncology–Keller expects to open in 2022.
“Texas Oncology provides leading-edge cancer care where our patients live and work, and this new cancer center will allow us to care for more patients in the growing Alliance Corridor and Keller region,” said R. Steven Paulson, M.D., president and chairman of the board, Texas Oncology.
Hillwood and Meridian serve as the real estate developers of the project. Corgan and E4H serve as the architects and DPR Construction is the general contractor.
SALES
Lee & Associates Dallas Fort Worth, one of the largest privately-owned national real estate firms, has complete a sale transaction for 458,810 square foot industrial space situated on 97.1 acres and located at 8600 N. Central Freeway in Wichita Falls 76308. Nathan Denton, SIOR, Reid Bassinger, SIOR and Trey Fricke, SIOR of DFW Lee & Associates represented the seller, 8600 Central Venture. The buyer, Panda High Plains, was represented by Michelle Hudson and Tom Hudson of Hudson Peters Commercial.
Dominus Commercial Self Storage team Chad Snyder and Tyler Trahant closed on their 13th self-storage transaction in 2021, Snyder-Trahant represented the seller in the recent sale of American Storage of Rockwall which closed in July. The transaction included an 82,794 square foot facility on 3.98 acres located immediately off Interstate 30 and Rochelle Road in Fate, Texas. The Dominus Self Storage Team wasted no time procuring a buyer for their client, transacting very quickly after listing the property.
Shortly thereafter the team represented another seller of mixed property in Joshua. Snyder and Trahant’s expertise in this field successfully brought buyer and seller together to generate an off-market transaction. The mixed asset property consists of 18,130 total square feet (15,000 square feet Class B self-storage facility with a 3,130 square foot multi-tenant commercial building.
Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced July 29 the sale of Eagle Mountain Self Storage, a 68,200-square foot self-storage facility in Azle.
Brandon Karr and Danny Cunningham, investment specialists in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a private investor. They also secured the buyer, a limited liability company.
“I began advising the seller over five years ago when he had just finished constructing the first phase of the property. Over the years, we regularly met to discuss property values and market conditions, but we always determined it was not the appropriate time to sell. However, in early 2021, it became clear that it was finally the right time to dispose of the property, Cunningham said.
“The seller was ready to move on, and the market for value-add storage facilities with expansion potential was at an all-time high. Given the property’s size, location, and future potential, our team knew exactly who the right buyer was, and we were able to successfully negotiate a price that was almost three times higher than the value the seller and I discussed five years ago,” Cunningham said.
Marcus & Millichap (NYSE: MMI) announced July 26 the sale of two multifamily properties in Northeast Tarrant County: Spring Valley, a 150-unit apartment complex in Euless, and 154-unit Oasis Springs in Hurst.
“These two well-located and maintained Class B assets closed with attractive new bridge financing just 60 days after going under contract,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “Both properties have significant value-add opportunities with solid going-in yield and demonstrable rental upside.”
Silva and Ford Braly, first vice president investments on the Silva Multifamily Team, represented the sellers, two Dallas-based private investors and procured the buyers, two separate Dallas-based investment groups.
“During a four-week marketing campaign, we conducted a combined total of 77 property tours, generated 48 offers and ultimately achieved pricing $3.7 million above guidance,” said Braly. “The offers came from a wide range of local and out-of-state private and institutional investors.”
Owned and operated by the same family since it was built in 1971, Spring Valley is located just south of Highway 183. The property has 12 two-story buildings, a large swimming pool, onsite laundry facilities and a generous amount of open space. Most of the units are two-bedroom or larger, and the average unit size is 920 square feet.
Constructed in 1979, Oasis Springs is adjacent to Vivagene Copeland Park and Bellaire Park and close to Bell Station, a Trinity Railway Express commuter rail station. Community amenities include a basketball court, swimming pool, laundry facilities and a playground. Apartments have high-speed internet, linen closets, new countertops and private patios or balconies.
Year-to-date, the Silva Multifamily team of Marcus & Millichap has successfully marketed and negotiated the sale of 17 multifamily communities in the Dallas/Fort Worth area totaling more than 3,500 units and $380 million in sales volume.
Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced July 29 the sale of Tuck’s Mobile Home Park, a 605,048-square foot manufactured homes community located in Mineral Wells. Robert Denninger, an investment specialist in Marcus & Millichap’s Dallas office, listed the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured by Denninger. Tuck’s Mobile Home Park is located at 2001 FM 1195 in Mineral Wells.
LEASES
Ri-Tar Enterprises Inc. has leased 63,612 square feet of industrial space located in Arlington Business Park at 605 109th St. in Arlington. Patrick Embry of NAI Robert Lynn represented the tenant. John Brewer and Riley Maxwell of Transwestern represented the landlord.
O’Rourke Bros. renewed 95,500 square feet at Lakeside Corporate Center in Flower Mound. Jeremy Kelly and Sarah Ozanne with Stream Realty Partners represented the landlord, DWS. Hudson Peters Commercial represented the tenant.
Genuine Cable Group leased 18,000 square feet at Park 20/360 – Building 7 in Arlington. Matt Dornak, Luke Davis and Charles Brewer with Stream Realty Partners represented the landlord, Heitman. Newmark Knight Frank represented the tenant.
Oncology-Hematology Consultants has leased a 4,500-square foot office building at 223 S. Morgan St., Granbury, from Cheyne Family Trust. Nick Talley, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord in the direct deal.
T & G Identification Systems leased 1,623 square feet at Ridglea Office Building, Fort Worth, 76107. Marshall Mays with Holt Lunsford Commercial represented the tenant. Ben Gehrke with Colonial Commercial represented the landlord, Pescador Partners.
Circle-E Facility Services leased 16,541 square feet at Northern Crossing, Fort Worth, 76137. George Jennings, Hogan Harrison and Matt Carthey with Holt Lunsford Commercial represented the landlord, Windsor at Northern Crossing.
Senior Health Pharmacy leased 10,000 square feet at Riverbend Business Park, Fort Worth, 76118. George Jennings and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Business Park LLC.
Blushington Blooms leased 3,000 square feet at Riverbend Business Park, Fort Worth, 76118. George Jennings and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Business Park LLC.
Omega Pool Service leased 2,700 square feet at Riverbend Business Park, Fort Worth, 76118. George Jennings and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Business Park LLC.
SCL Cold Chain LLC signed a 47,921 square foot lease at 9001 Sterling St. in Irving. Canon Shoults and Maddy Canty with Holt Lunsford Commercial represented the landlord, Brookfield Properties. Tom Hubbard with NAI Robert Lynn represented the tenant.
Ferguson Enterprises LLC renewed a 22,350 square foot lease at 700 -710 107th St. in Arlington. Canon Shoults and Maddy Canty with Holt Lunsford Commercial represented the landlord, Humphreys Capital. Brian Gilchrist with CBRE represented the tenant.
RSI North America leased 391,985 square feet at Carter Distribution Center, Fort Worth, 76134. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the owner, PGIM. Grant Pruitt and Jade Scott with Whitebox Real Estate represented the tenant.
366 Processing renewed its lease of 12,048 square feet at Riverbend Business Park, Fort Worth, 76118. George Jennings and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Business Park.
Neema Mailing renewed its lease of 8,000 square feet at Riverbend Business Park, Fort Worth, 76118. George Jennings and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Business Park.
Ironhaus Doors leased 4,500 square feet at Suffolk Business Park, Fort Worth, 76133. George Jennings and Thomas Grafton with Holt Lunsford Commercial represented the owner, Birtcher Anderson.
Landpoint Holdings leased 6,811 square feet at Overton Centre, Fort Worth, 76109. Matt Carthey with Holt Lunsford Commercial represented the landlord, FLDR/TLCOverton Centre. Jake Neal and David Cason with Holt Lunsford Commercial represented the tenant.
Stubbs Engineering leased 1,504 square feet at Livestock Exchange Building, Fort Worth, 76164. Matt Carthey and Jake Neal with Holt Lunsford Commercial represented the owner, Hickman Investments.
Infinite Electronics expanded by 17,466 square3 feet at CreekView 121 in Lewisville for a total of 175,216 square feet. Bob Hagewood and Eric Crutchfield with Stream Realty Partners represented the landlord, EastGroup Properties. Brad Struck with ESRP represented the tenant.
Harvest Roasting leased 35,707 square feet at Trinity 161 Trade Center in Grand Prairie. Matt Dornak and Luke Davis with Stream Realty Partners represented the landlord, LINK. Sarah Ozanne with Stream Realty Partners represented the tenant.
Maccaferri leased 24,950 square feet at 2626 Skyway Drive in Grand Prairie. Mac Hall with Stream Realty Partners represented the tenant.
AutoSavvy of Fort Worth LLC signed a new 13,481 square foot lease with North Fort Worth Dealership Land Acquisitions LLC located at 3125 NE Loop 820. Transwestern’s Kyle Poulson and Gibson Duwe represented the landlord. Hank Wright of SRS Real Estate represented the tenant. The facility is a former Acura dealership.
Restoration Counseling signed a new 8,630 square foot lease at 2421 W. 7th in Fort Worth. Transwestern’s Theron Bryant and Casey Tounget represented the landlord.