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Thursday, January 21, 2021

Real Deals: Amazon adding another Texas site in Coppell

Acquisitions analyst

SkyWalker Property Partners has added a full-time acquisitions analyst in its North Texas office.

Nick McCandless was promoted to a full-time position after working as a part-time analyst since September. His duties involve financial analysis, decision-making support during due diligence and assisting Clint Holland, director of acquisitions and asset manager for the Arlington-based investment group.

McCandless previously was a land/lease analyst for Bounty Investments in Fort Worth. He is a recent graduate of the University of North Texas, where he earned a bachelor’s degree in finance.

Industry Insider

Real estate research merger

Richardson-based software provider RealPage Inc. announced Jan. 24 that it plans to acquire Dallas-based Axiometrics, an apartment research firm, for $75 million. RealPage plans to combine Axiometrics with its MPF Research Division, which also provides real estate research.

In addition, RealPage has entered into a long-term relationship with Real Capital Analytics (RCA), a leading authority on multifamily sales transaction data. Combining data from Axiometrics, MPF Research and RCA with the data analytics technology of RealPage, which is based on millions of real time lease transactions, will create a unique market intelligence platform, according to RealPage.

“This is a big win for our clients and the multifamily rental housing industry,” said Ron Johnsey, CEO of Axiometrics. “By combining with RealPage, we will vastly expand our data coverage and forecasting capabilities and thereby increase the value we offer to all constituents in the apartment housing industry.”

Amazon.com Inc. announced Jan. 18 that it will open its third fulfillment center in Coppell – its ninth in Texas – adding 1,000 full-time jobs at the Seattle-based retailer’s new facility in the city.

Amazon operates fulfillment centers in Coppell (two facilities), Haslet, Dallas, Fort Worth, Schertz and San Marcos and has one under construction in Houston. Amazon also has sorting centers in Irving, San Antonio and Houston.

The new location will be a new addition to the Amazon Robotics fulfillment network, according to Akash Chauhan, Amazon’s vice president of North American operations. “Because of our ability to have more inventory on hand and increased speed of fulfillment, we are able to better meet customer demand and create thousands of associate roles, which receive competitive wages and benefits. We are proud of our ability to create jobs, spur innovation and provide excellent Prime service to members.”

Amazon employees at the1 million-square-foot Coppell fulfillment center will pick, pack and ship smaller customer items such as books, electronics and toys. Amazon’s first Coppell fulfillment center began filling customer orders in 2013 and its second facility opened during the 2016 holiday shopping season.

The project is being developed jointly by Hillwood Investment Properties and Perot Development Co.

NEW YEAR, NEW SALES

A dentist and a daycare operator have scooped up two commercial properties in the Mid-Cities and Arlington in unrelated transactions to jump-start this year for Coldwell Banker Commercial Advisors DFW. The properties closed within five days of each other.

In Hurst, RAKS Real Estate LLC has acquired a 6,503-square-foot office building on a one-acre tract at 800 Forest Oaks Lane from Doug Tonne Investments LLC. In Arlington, TL Reeves Realty LLC has purchased a 7,572-square-foot single-story office building on 0.6 acres at 400 N. East St. from Monopoly Ltd.

The properties were vacated last year. In both cases, the former tenants shared the same professions as the new owners, making it easier to obtain certificates of occupancy and get the new businesses up and running.

The last tenant of the Hurst property was a dentist, as is the buyer. The property is situated across the highway from a new Walmart-anchored center and close to State Highways 121 and 183 and Loop 820.

“It is a ready-to-go building in a redeveloping area,” said Chris Mendez, vice president of Coldwell Banker Commercial Advisors DFW, who sold both properties.

In Arlington, the daycare operator is planning to install a sprinkler system and tailor former adult daycare space to its needs. The property is in the downtown commercial district.

“What made this building so attractive is it only needed a sprinkler system,” Mendez said.

Jim Leebens of KW Commercial handled talks for the Arlington buyer, who closed the deal with SBA financing. Lalji Mansur of Re/Max represented the Hurst buyer in an all-cash transaction.

FAST FOOD LANE

Arlington-based SkyWalker Property Partners through its affiliate, Life in the Fast Food Lane LLC, has sold a local Raising Cane’s restaurant to California-based Weinberg LLC for an undisclosed sum. Fast Food Lane is a partnership between SkyWalker Property, Dallas developers Kelly Hampton and Dave Carter and Hangover Opportunity Fund LLC.The one-year-old restaurant is part of a townhome development scheduled for completion in March. A Wendy’s restaurant on the property was sold to an investor in June 2015, roughly four months after it opened. Like Raising Cane, it too is tied to a 15-year ground lease.

Christopher Gibbons of Venture Investment Sales represented the seller in the Raising Cane and Wendy’s transactions. The buyer’s broker was Jason Jones of California Lifestyle Realty.

STRIP CENTER ON HULEN

Marcus & Millichap announced the sale of an 11,700-square-foot strip center located at 8556 S. Hulen St., just north of West Risinger Road in Fort Worth, The terms of the sale were not released.

Vincent Knipp and Adam Abushagur, both in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was procured by Knipp, Abushagur and Bill G. Jordan in Marcus & Millichap’s Fort Worth office.

“The strip center was on the market for more than a year before the seller contacted Marcus & Millichap,” said Abushagur. “Once we began the marketing process, we leveraged our nationwide network of agents and captured the attention of investors from across the country. The net results of our marketing campaign produced 13 offers in only two days.”

Built in 2003, the center sits on approximately 1.29 acres. At the time of listing, it was 100 percent occupied by a mix of national, regional and local tenants on triple-net leases.

SALES

LQ Development LLC sold 10 acres in Landmark Quebec at Loop 820 and State Highway 199 in Fort Worth to Parker Products Inc. Jeff Givens and Sarah LanCarte with Transwestern represented the seller.

River Bend Development Group LP sold 3.26 acres at 5600 E. Interstate 20 in Aledo to Wilbarger Street LP. Trey Neville and Amber Calhoun with Transwestern represented the buyer.

Green Bank N.A. sold 2.37 acres at 6351 and 6413 Glenview Drive in North Richland Hills to Benchmark American Homes LLC. Ben McBroom with Transwestern represented the seller.

Robhana Inc. and Waltco of Nevada Inc. sold a 53,300-square-foot industrial building at 2155 FM 1187 in Mansfield to Crown Building Products LLC/Comarca Grande. Jeff Givens with Transwestern represented the seller.

Robert Petrie sold a 7,250-square-foot retail building at 401 Northwest Parkway in Azle to Tesla Investments LLC. Sarah LanCarte with Transwestern represented the seller.

LEASES

Lykes Cartage Co. Inc. has signed a long-term lease for 27,062 square feet of class A warehouse space in the DFW Global Logistics Centre at Dallas Fort Worth International Airport.

The company will move Feb. 1 to 1200 Mustang Drive in Grapevine from 306 Airline Drive in Coppell. “We saw this space early in the search process. It was really a good fit and the office was in place and ready to go,” said Susan Singer, executive vice president of Dallas-based Bradford Commercial Real Estate Services.

The logistics company is gaining about 10,000 square feet of operating space, including a 1,775-square-foot spec office that was a near-perfect match for its needs. “It was the right size, right amount of office, right amount of dock doors and offered additional trailer parking,” Singer said. “This property checked all the boxes.”

Bradford’s CORFAC affiliation put Singer at the helm of the site search via a referral. She and Russell Todd of Centric Commercial in Austin, also a CORFAC member, represented the tenant, who leased the last available spot in the 143,320-square-foot distribution/warehouse. Steve Koldyke and Kacy Jones of CBRE negotiated the lease on behalf of the landlord, LIT Industrial LP.

Renewal by Anderson signed a 10,000-square-foot industrial lease at 5003 North Freeway in Fort Worth with Hoisager & Crossley Properties. Sarah LanCarte with Transwestern represented the landlord.

GiGi’s Cupcakes signed a 2,336-square-foot retail lease in Museum Place at 3280 West Seventh St. with Museum Place Block C Ltd. Trey Neville, Amber Calhoun and Frank Bullock with Transwestern represented the tenant.

YEB I LLC dba Super Chix signed a 2,281-square-foot retail lease in Near Southside Mercantile in Fort Worth with Funky Town Development LLC. Trey Neville and Amber Calhoun with Transwestern represented the landlord.

Emersons Commercial Management US LLC signed a 2,124-square-foot office lease in the Frost Bank Building at 4200 S. Hulen St. with Frost Bank Office Building. Whit Kelly with Transwestern represented the landlord.

Send real estate news to rfrancis@bizpress.net.

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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