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Real Estate Real Deals: American Defense Systems makes lease

Real Deals: American Defense Systems makes lease

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LEASES

Button Eyes LLC has leased 1,047 square feet of retail space located at Cedar Hill Town Center Phase II on 642 Uptown Blvd. in Cedar Hill. Suzy Featherston and Tom Heraty with NAI Robert Lynn represented the landlord and Sarah Mitchell of Mote & Associates represented the tenant.

Philander Prounh, director at Vision Commercial, and Covington Credit of Texas recently completed lease negotiations at 6109 S Cooper St Arlington. Covington Credit of Texas will move into suite 121 and be co-tenants with Pediatrics After Hours, Agape Pharmacy, Vapor Connection, Navy Career Center, and Metro PCS. Covington Credit of Texas is expected to open Sept. 1, 2019. In this transaction the lessee, Covington Credit of Texas, was represented by an undisclosed party, and the lessor, Smaldino Investments LLC by Vision Commercial.

Trenton Price, director at Vision Commercial, recently completed lease negotiations at 8701 Bedford Euless Rd in Hurst. American Defense Systems will occupy the entire 6th floor of the building totaling 12,756 square feet and is expected to open in June. American Defense Systems will be located by the Northeast Mall and will be co-tenants with Texas Workforce Solutions, Knights of Columbus Insurance, and Ancora Education. The building itself sits between Bedford Euless Road and N Weyland Drive, right off of highway 183.

In this transaction the lessee, American Defense Systems, was unrepresented, and the lessor, 777 Arnold LLC, by Vision Commercial.

SALES

Olympus Property has acquired Victorian Quarters at Team Ranch, a Class-A garden style community built in 2005 and located in Benbrook. The asset will be renamed Olympus Team Ranch. Olympus plans to spend approximately $2 million on top of the existing finish outs to further enhance the interiors, rebrand the property, and add light amenity upgrades. These upgrades include adding stainless appliances, granite countertops, lighting package, vinyl flooring, backsplash, framed mirrors, washers and dryers, and fenced back yards in some units. Olympus Team Ranch is a 248-unit low density.

Marcus & Millichap has announced the sale of Fairfield Inn & Suites Dallas Lewisville, a 71-room hospitality property located at 2697 Lake Vista Drive in Lewisville.

Chris Gomes, senior managing director investments, Joseph Jaques, senior associate in Marcus & Millichap’s Dallas office, and Allan Miller, senior vice president investments in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Dallas. The Miller-Gomes Hotel Team at Marcus & Millichap also procured the buyer, a private investor.

E&R Family Limited Partnership has sold 4,002 square feet of office space located at 1507 N. Hwy. 67 in Midlothian. Tom Heraty with NAI Robert Lynn represented the landlord and Judge Fite Century 21 represented the buyer.

STRIVE has announced the sale of the Fireside Pies in Grapevine. The property, part of a four-restaurant development, has a long-term absolute net ground lease in place. STRIVE exclusively represented the seller, a local Dallas investor, and also sourced the buyer, a private investor from the Dallas-Fort Worth area. Additional terms of the sale were not disclosed.

Marcus & Millichap has announced the sale of The MacDonald 3 Value-Add Portfolio, a three property package totaling 532 units located in Fort Worth and Arlington. The three properties included the 228-unit Aspen Woods and 168-unit The Rochester in Arlington and the 136-unit Cobble Hill in Fort Worth. The properties were marketed together but ultimately sold to three separate investment groups. Al Silva, senior managing director Investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the properties on behalf of the seller, Dallas-based MacDonald Realty Group. Aspen Woods was purchased by Dallas-based Sentinel Peak Capital, Cobble Hill by Austin-based Obsidian Capital and The Rochester to Lubbock-based Madera Residential. All three properties attracted multiple offers from prospective buyers from all over the U.S. and all closed within 30 days of one another. They will all undergo multi-million-dollar renovations to common area amenities, building exteriors and unit interiors in order to provide a higher quality living environment for area renters. The Rochester was built in 1980 and is located at 2604 Furrs Street in Arlington. Aspen Woods was built in 1976, is also in Arlington at 2910 South Collins and has been renamed The District on Collins by the new owners. Cobble Hill was built in 1983 and is located in east Fort Worth at 6050 Oakland Hills Drive

Marcus & Millichap has announced the sale of Medical Offices of Mansfield, a 13,694-square foot office property located in Mansfield, according to Mark McCoy, sales manager of the firm’s Fort Worth office. Cody Payne, vice president Investments and Wayne Bares, senior associate in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured by Payne. Medical Offices of Mansfield is located at 221 Regency Pkwy and measures approximately 13,694square feet.


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