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Tuesday, December 1, 2020
Real Estate Commerical Real Deals: Arlington Apartments sold

Real Deals: Arlington Apartments sold

Other News

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Arlington Apartments sold

Wellington Realty has announced the sale of Sam Maverick Apartments, located at 711 Grand Court, Arlington.

The apartment complex sold in May 2020, and Wellington Realty’s managing partner, David Shaffer, and investment sale associates, Caleb Jones, Will Miller, and William Hubbard, who are all based in the company’s Dallas office, worked on the transaction.

“Despite the unexpected market conditions stemming from COVID-19, we facilitated this transaction to the closing table with outstanding terms for our client,” said Jones

Built in 1982, Sam Maverick Apartments is located on the corner of Park Row and Cooper Street in Arlington. This dense intersection of Arlington is supported by many retailers and employment making it a great investment, short or long term, for the purchaser. Also, rent growth and occupancy in Arlington has been strong over the past couple of years, indicating continued growth and demand in the area,” said Miller. 

Properties acquired

Corinth Land Co. and Prattco Creekway Industrial (PCI) has acquired two additional properties and have refinanced six of their eight jointly-owned properties. The acquisition of 8400 Ambassador Row in Dallas includes 42,420 square feet on 2.746 acres, allowing for additional development in the popular Brookhollow area. The building is 100 percent leased with two tenants, Lawns of Dallas and Stone Ave. The purchase was financed by Veritex Bank, directed by Josh McKee with equity provided by Fort Worth-based Western Production Company, an affiliate of Corinth Land Co.

The second property at 1110 Ave. H in Arlington is also 100 percent leased with Digital Room as its major tenant. The Ave. H property sits on 1.6 acres with 25,000 square feet and was built in 1979. This acquisition was ultimately wrapped into the refinance package. The building is adjacent to an already existing building in the PCI/Corinth Land partnership.

“The light industrial sector continues to be a solid investment area in this market, and we think the trend will continue. On the refi side, we were more than pleased with the terms we garnered through RGA for our portfolio refi,” said Corinth Land Co. President and Founder Paun Peters. “Despite the current economic setback due to COVID-19, North Texas will come through this stronger than ever. We believe in the long-term viability of this market and will continue investing in our local communities.”

These are the seventh and eighth joint venture acquisitions for Corinth Land Co. and PCI since initiating their investment partnership in 2017, totaling more than 602,000 square feet of industrial property in North Texas. Refinancing of the partners’ joint venture properties totals approximately 460,000 square feet of industrial space located throughout Dallas, Fort Worth and Arlington. The properties were refinanced through Reinsurance Group of America Inc, directed locally by Virgil Hogan, vice president and regional manager of RGA Real Estate in Dallas.

Heritage Auctions has new HQ for cool stuff

Heritage Auctions has a lot of cool stuff. Now they’re a lot closer to Fort Worth. The auction house has moved its global headquarters into a new state-of-the-art, 160,000-square foot facility and multi-purpose campus, befitting its status as the largest auction house founded in America.

As of June 1, Heritage Auctions’ global headquarters is now located at 2801 W. Airport Freeway, Dallas, Texas 75261, which is adjacent to Dallas Fort Worth International Airport and in its foreign trade zone. 

Transwestern Principal Nora Hogan facilitated the move, with additional support from Principal Robert Deptula and Vice President Jordan Wade. Mark Hayes with HPI Real Estate Services and Investments represented the landlord, Bandera Ventures.

LEASES

Dickey’s Barbeque Pit has leased 4,000 square feet of retail space located in South Texas Plaza at 300 S. Bibb Street in Eagle Pass. Justin Utay and Andrew Shaw, CCIM with NAI Robert Lynn represented the tenant.

Corrugated Partners LLC has leased 15,406 square feet of industrial space located in I-30 Distribution Center at 920 113th Street in Arlington. Patrick Embry with NAI Robert Lynn represented the tenant.

Vision Commercial Real Estate’s Philip Green, director, completed lease negotiations at 1507 Central Park Drive in Hurst with Megan McNulty, senior advisor at Tenant Base. The 5,000 square foot retail property is located in the HEB submarket across from taffic generators QT, and Sonic. The retail property was acquired by Appia Wind Services and has an intended use for wind power services. The property will share the marquee with Tee Time Golf Carts, and Eco Power Systems.  Vision Commercial represented the landlord in lease neogotiations and the tenant was represented by McNulty.

SALES

LanCarte Commercial announces it has brokered a sale to Brothers Machining Mfg. for a 4,500 square foot warehouse off East Rosedale in Fort Worth.  LanCarte Commercial’s Daniel Shelley, Associate facilitated the sale.

LanCarte Commercial leases over 12,250 square feet of industrial space at Suffolk Business Park near TCU in Fort Worth. president, Sarah LanCarte, CCIM, SIOR and Associate, David Corley III facilitated the transactions.

LanCarte Commercial announces it has brokered the sale of a 138,000 square foot industrial facility off Forum Way S. in South Fort Worth.  president, Sarah LanCarte, CCIM, SIOR, facilitated the sale.

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Elwood Oaks

Marcus & Millichap (NYSE: MMI) has sold Elwood Oaks, a 54-unit apartment property located in Irving. Nick Fluellen, Bard Hoover and Matt Aslan, investment specialists in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was also secured and represented by Fluellen, Hoover and Aslan. Elwood Oaks is located at 721 North Nursery Road in Irving.

Marcus & Millichap (NYSE: MMI) has announced the sale of Flat Rock Road RV Park, a 101-site RV Park located in Azle. Robert Denninger, an investment specialist 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 also secured and represented by Denninger. Flat Rock Road RV Park is located at 101 Mundi Lane in Azle.

Marcus & Millichap (NYSE: MMI), has announced the sale of 9000 Jacksboro Highway, a mobile office and more than acres of outside storage in Fort Worth. Adam Abushagur, senior vice president investments and Cliff Zimmerman, associate, had the exclusive listing to market the property on behalf of the seller, a private investor. The subject property is situated on 5.11 acres of land.

Los Angeles-based CIM Group has acquired Junction 20/35, an industrial property of approximately 1.1 million square feet consisting of cold and dry storage, and an adjacent 14.42-acre land parcel located at 7550 Oak Grove Road in South Fort Worth. Built in 1989, the purpose-built facility has modern clear heights and column spacing, loading bays, a truck court, car and trailer parking, and rail accessibility. The multipurpose facility has been renovated several times, most recently in 2018, and provides freezer and cooler space.

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