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Real Deals: Brrrrr, Hunt Southwest building cold storage site on spec

🕐 7 min read

OLYMPUS INVESTMENT FUND

ADDS WILLOW PARK PROPERTY

Olympus Property has acquired The Village at Crown Park in Willow Park, a Class-A garden-style complex built in 2015.

It is the sixth asset to be added to Olympus Property’s eighth fund, WW Olympus Property VIII. This fund diversifies investors across four states, providing direct ownership alongside Olympus at the same cost basis, without any mark-up or catch-up fees.

“The Village at Crown Park is a beautiful property only 20 minutes from our corporate headquarters in a highly sought-after school district and community. We are very pleased to be expanding our portfolio in our home state of Texas,” said Anthony Wonderly, principal of Olympus Property.

The property consists of 258 Class “A” units including 50 townhome units situated just north of Interstate 20.

SIMON SAYS HERE’S WHAT’S

COMING TO CLEARFORK

Simon, in partnership with Cassco Development Co., says there are a slew of new offerings coming to the Shops at Clearfork.

“The Shops at Clearfork has introduced so many first-to-market offerings to Fort Worth and we are thrilled to continue the momentum as we near our one-year anniversary,” said Suzanne Paul, general manager. “We value our role in the community and are continually looking to not only enhance our visitors’ experience but also offer a wide variety of options.”

Here’s what’s coming soon:

Bachendorf’s. Since opening its first retail store in Dallas in 1977, the store has provided unique custom jewelry and designer treasures. Opening fall 2018, Bachendorf’s will be located in a 2,300-square-foot store on Monahans Avenue next to Burberry.

Ylang 23. Jewelry designers offer collections including lead designers Jennifer Meyer, Cathy Waterman, Irene Neuwirth and newer, up-and-coming designers such as Raphaele Canot, Yannis Sergakis, Selim Mouzannar, Jade Trau, RedLine and Retrouvai. Slated to open in September, the 2,200-square-foot is located between Louis Vuitton and Tory Burch.

milk + honey. Founded in 2006 by Alissa Bayer in Austin’s Second Street district, it has grown to include day spas throughout Texas and a nationally available line of bath, body, and skincare. Services include massage, facials, body treatments, peels, waxing, natural nail therapy, and a full range of salon treatments. The 7,800-square-foot spa and salon is slated to open early in 2019.

Boardroom Salon for Men. The 1,515-square-foot salon is located on Monahans Avenue between Malai Kitchen and Tommy Bahama and is set to open this fall.

Doc B’s. Named after founder and President Craig Bernstein’s late father, “Doctor B,” the restaurant’s menu is made from scratch daily. Opening in August, Doc B’s is located on Marathon Avenue near Luna Grill.

UNTUCKit. One of the fastest-growing retail brands in the United States, the apparel store is slated to open in August. The brand was created to offer a style of men’s shirts designed to be worn untucked. Since launching in 2011, UNTUCKit has grown to 13 product categories. The 1,838-square-foot space is located on Monahans Avenue between Neiman Marcus and City Works Eatery and Pour House.

Kate Weiser Chocolate. The first Fort Worth outpost of this chocolate shop opens on Marathon Avenue next to CRU Food & Wine Bar in late summer. The 536-square-foot shop also offers ice cream and coffee.

Kalos Medical Spa. Opening in late summer, it offers advanced nonsurgical treatments.

Recently opening at Clearfork were The Summit Cyrocare, which offers cryotherapy and other treatments, and Merrill Lynch, occupying 10,000 square feet of office space on the second floor of Apache Plume.

SOUTHLAKE GROUP BUYS

DALLAS APARTMENTS

Southlake-based Napali Capital LLC has acquired Westwood Apartments in Dallas. The 187-unit property is located to the southwest just minutes from downtown. This acquisition brings the company’s portfolio to eight properties, with three in the Dallas-Fort Worth area.

Westwood Apartments was built in 1969 and consists of 187 one-, two-, and three-bedroom units divided among 15 buildings. Napali Capital plans to immediately rebrand Westwood and invest more than $400,000 for property upgrades and amenity improvements over the next 12 months. The company will retain Place 10 Residential to continue daily onsite management.

“DFW continues to present a wealth of opportunity for our company and investors,” said Napali Capital co-founder and managing partner, Thomas Black. “This area in particular is positioned for impressive growth over the next several years, and we are excited to be part of it.”

SALE

SVN | Dunn Commercial has announced the sale of 16 acres at the intersection of County Road 109 and State Highway 67 in Venus. With approval from the City of Venus, the land will be used for a concrete plant purchased by Plexus CRM LLC. The purchase will expand Plexus’s reach and grow its operations across the state.

“This purchase will position my clients with not only the advantage of a great location, but will allow them to be in front of the competition in the ever-growing development of D-FW’s southern suburban cities,” said Dan Morris, senior advisor of SVN | Dunn Commercial, who represented the buyers in this transaction.

Send real deals to Robert Francis at rfrancis@bizpress.netHunt Southwest is constructing a 300,000-square-foot speculative freezer/cold storage warehouse in Carter Industrial Park in south Fort Worth with an estimated completion date of March 2019, CBRE announced July 31.

DFW ColdSpot is the first cold storage warehouse in Texas to be developed on a speculative basis, according to CBRE.

“This building is designed to meet the demand of industrial food occupiers, whether they are food distributors, manufacturers, or third-party cold logistics providers,” said Kevin Kelly, senior vice president of CBRE. “If an industrial food user needs temperature-controlled space in this region, ColdSpot meets this need by offering efficiency, flexibility and speed to market. These are competitive advantages that have never existed in this part of the country,”

The warehouse will sit on 18.99 acres at 8200 Will Rogers Blvd. and have 45-foot clear height, making it the tallest such spec warehouse in Texas, according to the news release. The warehouse also has a deep truck court and heavy car, truck and trailer parking and is rail capable with additional off-site trailer storage available.

“We’ve studied the user demand and the choices they have had for freezer and cooler space in this market over the last 15 years,” said David Sours, senior vice president at CBRE. “We have worked with Hunt Southwest to incorporate the elements that are important to the end user.”

The warehouse can serve a single tenant or multiple tenants at 100,000 square feet or more.

“We are big believers in the cold storage space, and Hunt Southwest, with its entrepreneurial capital and industrial development experience, is uniquely qualified to take advantage of the supply-demand imbalance in the sector,” said Preston Herold, vice president, Hunt Southwest.

Sours and Kelly with CBRE’s National Food Facilities Group are marketing the waraehouse on behalf of Hunt Southwest.

LANDMARK PETROLEUM BUILDING

PART OF SUNDANCE PORTFOLIO

Sundance Square has begun marketing the Petroleum Building, a 14-story, 117,000-square-foot landmark situated on a full city block at West Sixth Street between Houston and Throckmorton streets in downtown Fort Worth. Sundance Square bought the building in January from XTO Energy for an undisclosed price.

Designed by Wyatt C. Hedrick for businessman Richard Dulaney, it was built in 1927 and features art deco elements. It has gone through several alterations over its 90-year history and was restored in 2004 by XTO Energy.

“The market is strong in downtown Fort Worth and we believe now that the Petroleum Building is part of Sundance Square’s portfolio, the demand for this property will be high,” said Johnny Campbell, CEO of Sundance Square, in an announcement on July 26. “We will continue to create a vibrant Central Business District that emanates throughout downtown. The Petroleum Building will maintain its position as a notable property.”

Robert Gamblin, Sundance Square’s director of leasing, will handle the leases.

A parking garage connected to the Petroleum Building by an enclosed skywalk will offer 534 parking spaces and additional retail space.

249-UNIT COMPLEX IN FW

SOLD TO DALLAS COMPANY

Marcus & Millichap on July 30 announced the sale of Tuscany, a 240-unit apartment complex at 1401 Morrison Drive in Fort Worth, according to Kyle Palmer, vice president/regional manager of the firm’s Fort Worth office.

Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, Lubbock-based Madera Residential. Silva also secured the buyer, a Dallas-based private investment company.

The property was marketed for four weeks and attracted 19 offers from local, out-of-state and foreign investment entities. The new owners plan to make substantial improvements to the common areas, property amenities and unit interiors.

Tuscany was built in 1980.

82-UNIT FW COMPLEX SOLD

C Vistana Apartments, an 82-unit apartment complex at 1404 Weiler Road in Fort Worth, has been sold, CBRE announced July 25.

Gomel Vistana LLC of Dallas and Sherman Oaks, California, bought the asset from Josmatava LLC of Arcadia, California, for an undisclosed price.

Chris Deuillet and Chandler Sims with CBRE Capital Markets’ Investment Properties in Dallas represented the seller.

The apartments were built in 1972. The complex was 96 percent occupied at the time of close.

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