SALES
Transwestern Commercial Services (TCS) announced Oct. .7 it negotiated the sale of Arlington Center, a 175,537-square-foot property fully leased to Lockheed Martin Corp. TCS Managing Director Steve Simon and Senior Vice President Steve Rowland represented the seller in the transaction. An undisclosed buyer acquired the property at 4501 New York Ave. in Arlington, for an undisclosed amount.
“This was a compelling opportunity to acquire a single-tenant, net-leased property with a high-credit tenant that had just entered a new, long-term lease,” said Simon. “Arlington Center is well-positioned for long-term success with convenient access to two major thoroughfares and proximity to an extensive labor pool throughout the Dallas-Fort Worth metroplex.”
Located at the intersection of Interstate 20 and Highway 360, Arlington Center is centrally located between Dallas and Fort Worth.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Coventry at Cityview, a 360-unit apartment complex in Fort Worth, the company said in a news release Oct. 4.
“Fort Worth is one of the strongest apartment markets in the state of Texas,” said Will Balthrope, IPA executive managing director. Balthrope, Drew Kile, IPA senior managing director, Joey Tumminello, IPA director, and Grant Raymond, IPA associate, represented the seller, Harbor Group International LLC, and procured the buyer, WAK Management Co.
Coventry at Cityview is less than one mile south of the intersection of Interstate 20 and Chisholm Trail Parkway, which provides residents with access to major employers, retail, and entertainment centers throughout Fort Worth.
“The strong fundamentals of the submarket and Coventry at Cityview’s historical performance are well aligned,” said Tumminello.
DFW Lee & Associates recently completed a sale transaction for a 9.288 acres space located on Mitchell Road in Mansfield. Robert Miller and George Tanghongs of DFW Lee & Associates represented the buyer, Nickson Heritage Industrial LLC and the seller, Mansfield Economic Development Corporation, was self-represented. Nickson Heritage Industrial intends to construct four free-standing buildings in two phases, totaling to approximately 100,000 square feet of speculative warehouse space.
John D. Quarles Co. has purchased an 8,000-square foot building and 60,000-square foot of land at 3000 Suffolk Ct. in Fort Worth for investment and future expansion. Quarles was represented by Gary E. Vasseur of Vasseur Commercial Real Estate Inc.
TEXPLEX PARK AND BLAINE STONE LODGE SOLD TO US ASSETS INC.
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MIDLOTHIAN – TexPlex Park and Blaine Stone Lodge has announced its acquisition by US Assets Inc. on Oct. 11, the company said in a news release.
The agreement enables the company to accelerate its strategic growth plan to become the top name in powersports riding and retail, including an immediate expansion into the sale of powersports ATVs, UTVs, dirt bikes, parts, accessories and service, the release said.
Founded in 2017, TexPlex Park and Blaine Stone Lodge host premier powersports events, help train powersports dealers, and execute manufacturer product launches, while also providing recreational riding areas to the general public.
US Assets Inc specializes in the acquisition of $10M+ companies throughout the United States with an expertise in consumer real estate.
TexPlex Park and Blaine Stone Lodge anchor a 1,000+ acre development that focuses on enhancing off-road experiences and product engagement with unmatched riding, racing, and experiential facilities.
www.texplexpark.com
www.blainestonelodge.com
www.usassetsinc.com
ACQUISITIONS
M&M MORTGAGE SERVICES ACQUISITION
LEWISVILLE – Mortgage Contracting Services has reached an agreement to acquire Miami-based M&M Mortgage Services, the company said in an announcement.
“Integrating M&M with MCS allows us to expand our operations in Miami and strengthen our vendor network nationwide,” said Caroline Reaves, MCS Chief Executive Officer. “We are excited to welcome M&M’s employees so that we can combine MCS’ industry-leading experience with the passionate commitment that M&M pursues with each of its clients.”
Under the agreement, Armando Sanz, M&M’s Vice President of Operations, will be joining the MCS management team to continue to oversee the Miami office and ensure a smooth integration and an established service level for M&M’s existing portfolio.
“Adding a great business such as M&M Mortgage Services allows us to continue our pledge to clients to improve mortgage-related processes, build innovative technical solutions, and deliver on quality using the best people from the communities where we operate,” Reaves said.
www.mcs360.com
LEASES
Bright Realty leased a 1,609-square-foot space at Elk Crossing shopping center in Burleson to HotWorx, a hot yoga and workout facility. The 6,662-square-foot Elk Crossing center at 264 SE John Jones Drive and SH 174 is now 100% leased and includes tenants Mint Dentistry and Chicken Salad Chick. Elk Crossing is currently offered for sale by Bright Realty as an investment opportunity. Nick Miller and Britton Lankford represented Bright Realty in the HotWorx transaction and serve as contacts for those interested in additional information about the property. Sean Lockovich with Falcon Realty Advisors represented HotWorx in the lease.
Pony Oil, a land-focused oil and gas company, is moving its headquarters from 4245 N. Central Expressway to 3100 Monticello Ave. in the Uptown area in Dallas. The company has leased 11,917 square feet in a nine-story, newly-renovated Class A office building, which is owned by Prescott Group. Kyle Bramlett and Wes Combs, of Cushman & Wakefield’s Project and Development Services Group, will oversee construction on Pony Oil’s new office space. The company will move into the new space in early 2020. Pony Oil is the largest independent aggregator of mineral and royalty interests in the United States.
New World Combat LLC has leased 5,000 square feet of space at 3000 Cullen St. in Fort Worth from Armature Exchange Inc. New World Combat provides boxing and physical fitness services. New World was represented by Gary E. Vasseur of Vasseur Commercial Real Estate.
Trinity Drywall leased 12,000 square feet at 601 W Ripy St. in Fort Worth. Stream Realty Partners’s Forrest Cook represented the tenant and JLL’s Blake Rogers represented the landlord, Besco Properties.
Stream Realty Partners has leased 8,828 square feet at Fossil Creek Place and Tech Center in Fort Worth. Tenants include BE-CI and Concentra. Stream’s Forrest Cook and Jeff Rein represented the landlord, Fort Capital.
Dick Myers of Vasseur Commercial Real Estate Inc. represented JR Spas, a full-line spa and spa service provider, in a 5,000-square foot lease at 5200 Airport Freeway in Haltom City. The landlord is Leggett Rentals LLC.
Evan Hammer and David Harris of Whitebox Real Estate worked on behalf of Taylor Counseling Group to set up a new 1,219 square foot lease at Charleston Court in Southlake.