Thursday, December 2, 2021
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Real Deals: Abbey Pub owners acquire building

🕐 3 min read

SALES

Will Northern of Northern Realty Group represented Cuisine For Healing, a provider of healthful foods for cancer patients, in the purchase of 2,373 square feet at 1614 Mistletoe Ave. to add a commercial kitchen to cook and deliver food. Jack Huff of Transwestern represented the seller.

Matt McEntire, owner of Shamrock Corner Holdings, has sold the 6,250-square-foot building at 2708-2710 West Seventh St. to Jim Kelli and Matt Suarez, owners of The Abbey Pub. They will continue to operate the pub there. Opa Mediterranean Café, also in the building, has three years left on the lease.

Marcus & Millichap has announced the sale of Oasis Springs, a 154-unit apartment property located at 601 Bellaire Drive in Hurst, according to Kyle Palmer, regional manager/vice president of the firm’s Fort Worth office. Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office sold the property off-market on behalf of Dallas-based MBP Capital to a Dallas-based investment group. The sale closed 60 days after an agreement was reached between buyer and seller.

Institutional Property Advisors, a division of Marcus & Millichap, has sold the Quality Estates Value-Add Portfolio, a portfolio of eight properties with 2,048 multifamily units located throughout the Dallas-Fort Worth area.

“The portfolio gives the new owner tremendous first-generation repositioning upside,” said Will Balthrope, IPA executive director. “Constructed between 1977 and 1985 and held by a single owner for an average of 28 years, the properties have been well-maintained by long-term in-house management and have little to no deferred maintenance.”

Balthrope, Drew Kile and Joey Tumminello of IPA and Al Silva and Ford Braly of Marcus & Millichap represented the seller, a private investor based in Canada, and procured the buyer, Texas-based Exponential Property Group.

“Current market rents are significantly lower than the competition, and 95 percent of the units are prime for value-add repositioning,” Kile said. The properties are:

• Pecan Knoll, 358 units, Garland;

• Broadway Manor, 134 units, Garland;

• Quail Ridge, 292 units, Grand Prairie;

• Cedar Point of Arlington, 272 units, Arlington;

• The Woodlands, 346 units, Fort Worth;

• Marine Creek, 248 units, Fort Worth;

• Normandale Manor, 122 units, Fort Worth;

• Emerald Hills, 276 units, Fort Worth.

Noravi Properties of Wichita Falls has acquired about 3 acres on Benbrook Highway (U.S. Highway 377) in Benbrook, just south of the traffic circle. Colonial Commercial Real Estate LLC’s Robert Dorrough represented the seller, Buckner Foundation of Dallas.

LEASES

Molly MacEwan, director at Vision Commercial, completed lease negotiations at 417 N. Retta St. in Fort Worth. Take Charge Staffing renewed its lease for Suite 105 in the East Fort Worth office-retail center. The tenant was self-represented, and Vision Commercial represented the undisclosed landlord.

Hecho, a chuck wagon-inspired southwestern restaurant, has leased 2,965 square feet for a restaurant and 275 square feet for an outdoor patio at 411 S. Main St. in Fort Worth. Will Northern of Northern Realty Group represented the tenant and the landlord, 4-Eleven Realty Partners. Hecho, which means “made” in Spanish, has been operating as a food truck and catering company.

Dixon Chiropractic has signed a lease for 1,200 square feet of office space at one of Woodcrest Capital’s office buildings on Hulen Street in Fort Worth.

Woodcrest Capital’s Park Place Plaza, located in Azle, has added Cashmere Cubs children’s boutique as a tenant opening soon. Taylor Marks with Woodcrest Capital negotiated the deal on behalf of the landlord.

Woodcrest Capital has secured a 35,000-square-foot anchor tenant, Airborne Sports, at Tarrant Parkway Plaza. The Utah-based family entertainment group will open its first Texas location, perhaps by the fourth quarter of 2018. Taylor Marks negotiated the transaction on behalf of Woodcrest Capital, the landlord.

Send real deals to Robert Francis at rfrancis@bizpress.net.

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