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Real Deals: Bowery at Southside sold

🕐 4 min read

SALES

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has sold The Bowery at Southside, a transit-oriented, 303-unit multifamily property in the South Main Village development in Fort Worth. IPA’s Drew Kile, Joey Tumminello and Will Balthrope represented the seller, StoneHawk Capital Partners, and procured the buyer, Weinstein Properties.

“The Bowery at Southside benefits from its location within pedestrian-oriented South Main Village and proximity to the Trinity Railway Express T&P terminal and the Near Southside Medical District,” Kile said. “The Near Southside Medical District’s major hospitals and 40,000 jobs make it Tarrant County’s second-largest employment center,” Tumminello said.

“The Near Southside Medical District’s major hospitals and 40,000 jobs make it Tarrant County’s second-largest employment center,” said Tumminello

MAG Capital Partner LLC has acquired an approximately 139,150-square-foot industrial portfolio through a long-term, sale-leaseback transaction. Located at 5998 Eden Drive in Haltom City, the eight-building, 7.25-acre property is tenanted by local aerospace firm Fore Aero. The seller, San Francisco-based private equity firm P4G Capital, acquired Fore Aero and the real estate in 2017.

“The acquisition came together despite the headwinds brought on by the current economic times. Great real estate is still out there and the DFW market is one of the best, if not the best market, in the country,” said MAGCP principal Andrew Gi. “We are pleased to be in partnership with Fore Aero and believe we can both continue to provide economic fuel to the local economy.”
In 2017, MAGCP acquired the real estate tenanted by Gamma Aerospace, in another sale leaseback transaction in the Dallas-Fort Worth area.
“We are always excited to grow our investment in North Texas,” said MAGCP principal Dax T.S. Mitchell, a DFW local and seventh generation Texan. “Closing a transaction like this in current times has been both uniquely challenging and rewarding.
“The relationship between tenant credit, finance and tangible assets is definitely shifting. We believe sustained success in commercial real estate, especially the single tenant net-leased space, depends vitally on continuing to evolve our own understanding of how these components interplay and influence risk and yields.”

Bryan Huber with SAB Capital in New York represented the sellers in the transaction. MAG Capital Partners was represented by Andy Rogers of Kelly Hart & Hallman LLP’s Fort Worth office and Mary Garnett of Barnes and Thornburg LLP’s Los Angeles office.
MAG Capital Partners has also completed the acquisition and 20-year leaseback of a 28,500-square-foot baby food manufacturing facility in California’s Central Valley.

Led by principals Mitchell and Gi, MAG Capital Partners purchased the fully-leased property from Initiative Foods, the largest private label baby food manufacturer in the United States. The built-to-suit, state-of-the-art automated manufacturing facility at 1945 Industrial Way, Sanger, California, was completed in November 2019 for the award-winning baby food maker. Initiative Foods produces over 50 varieties of premium organic products made from locally sourced fruits and vegetables.

The company was founded in 2002 in California’s Central Valley where it has immediate access to freshly harvested organic products such as squash, pears, sweet potatoes, carrots, and other fruits and vegetables. MAG Capital Partners was represented in the transaction by Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP. Chelsea Mandel with Stream Capital Partners represented the seller. 

Mohr Capital, a Dallas-based privately held real estate investment firm, has sold the first prototype facility for HERC Rentals in Fort Worth. HERC Rentals is a leading equipment rental supplier with approximately 275 locations in North America. The sale was made to the Fisch Grandchildren Trust.

Mohr Capital developed the prototype facility leased to HERC Rentals on a 15-year lease. HERC held an annual board meeting on-site to display the new prototype, said Gary Horn, chief investment officer for Mohr Capital. Horn represented Mohr Capital throughout the transaction in partnership with Zach Johnson and Brad Pepin of The Stan Johnson Company.

LanCarte Commercial announces it has brokered the sale of a 6,144 square Foot office warehouse facility at 3502 Biway S off Azle Avenue in Samson Park. President, Sarah LanCarte, CCIM, SIOR and David Corley III, Associate facilitated the sale.

A local Arlington Investor sold a 6,492 square foot multi-tenant industrial property at 7901 Valcasi Drive in Arlington, Texas. LanCarte Commercial President, Sarah LanCarte, SIOR, CCIM, represented the seller in the transaction.

 LEASES

A total of 2,997 square feet of office space, located at 101 Nursey Lane in the River District of Fort Worth has been leased. GrowCo Development, Sentire Consulting LLC and Rio Brazos Acquisitions LLC are the new occupants. The transaction was facilitated by Sarah LanCarte, CCIM, SIOR and Daniel Shelley at LanCarte Commercial.

Avis Budget Car Rental has leased 1,329 square feet in South Fort Worth at 5862 S. Hulen St. LanCarte Commercial Associate, David Corley III and Vice President, Darren Cain represented the landlord in this transaction.

Cachet Salons & Spa leased 8,233 square feet at 451 South Main St. in Fort Worth. Sarah LanCarte with LanCarte Commercial Real Estate Inc. represented the landlord, CHC Development. Cullen Donohue and Vic Meyer with Stream Realty Partners represented the tenant.

Mochila Fulfillment leased 155,425 square feet at Park Row Logistics Center, 3301 E Park Row Drive, in Arlington. Matt Dornak and Luke Davis with Stream Realty Partners represented the landlord, Alex Coe with Cresa represented the tenant. 

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