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Tuesday, October 27, 2020
Real Estate Real Deals: COLDWELL BANKER RESIDENTIAL’S NEW HQ

Real Deals: COLDWELL BANKER RESIDENTIAL’S NEW HQ

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Coldwell Banker Residential Brokerage NRT has signed a full-building lease for a new headquarters office in south Arlington, its home base since 1983.

The brokerage firm will relocate in November to 3910 W. Interstate 20, where it’s leased a 4,980-square-foot building formerly occupied by Rattikin Title Co. in Parkside Office Park. Coldwell Banker Residential will expand by nearly 1,800 square feet when it vacates the Comerica Building at 4200 S. Cooper St., which is slated for demolition.

For Coldwell Banker Residential, it was important to stay in the I-20 corridor of south Arlington, where it’s benefited from the high-profile site for 34 years. The new office has a comparable high visibility, between the Arlington Board of Realtors and Rattikin Title’s new office building and within view of I-20.

“Coldwell Banker Residential couldn’t have found a more perfect location. There is a lot of residential synergy right there,” said Beaux Riley, senior vice president of Arlington-based Coldwell Banker Commercial Advisors DFW.

The Parkside structure, featuring a Texas stone façade, was developed in 2007 on 2.4 acres with ample parking and easy access to I-20 and Cooper Street’s shopping and dining destinations. Interior finish-out is underway to combine the building’s two suites into one for the new tenant. Eric English of English Realty LLC represented the landlord, Parkside 20 LLC.

“We jumped into talks as soon as this building became available,” said Riley, who also negotiated the lease termination for the lessee of record, NRT Texas LLC, which was a referral from Coldwell Banker’s corporate office.

Coldwell Banker Residential Brokerage NRT is part of the real estate network of New Jersey-based Realogy Holdings Corp.

SKYLINE LEASES SPACE

IN ARLINGTON, FW

In back-to-back transactions, Skyline Sector 5 has leased 49,076 square feet at two locations in the Great Southwest Industrial District to keep pace with its growth in the marketing and event services industry.

The company has renewed 40,576 square feet in GSW Distribution Center at 417 113th St. in Arlington, situated just a few doors from its headquarters and main creative hub. In the second lease, the company has scooped up 8,515 square feet of ready-to-go office space in Centreport Place II at 4300 Amon Carter Blvd. in Fort Worth for its sister division, Sector 5 Digital.

“I’ve been working with Sector 5 for a long time. It’s one of the top event marketing companies in Texas and has been growing at a particularly rapid pace in recent years,” said Jim Ferris, vice present of Dallas-based Bradford Commercial Real Estate Services, who represented the lessee of record, JTM Ventures Inc., in both transactions.

Three years ago, Skyline Sector 5 purchased a 61,000-square-foot office/warehouse at 525 113th St. to house its management and experiential marketing teams. The office also was the launch site for a digital division that now has 40 employees.

“Sector 5 Digital has grown exponentially. The corporate presence and amenities within CentrePort Business Park were contributing factors for that location decision,” Ferris said.

In the Arlington renewal, the warehouse is used as a storage and production facility for trade exhibits, corporate displays and equipment. “Proximity to my client’s owned site obviously was a factor, but we did spend some time looking at what was available in that section of the industrial park,” Ferris said.

The Arlington landlord, Icon Owner Pool 6 El Paso LLC, was represented by Mark Graybill of Lee & Associates. Negotiating for CentrePort’s owner, Columbia TX Amon Carter Industrial LP, was Michael Peinado of Lincoln Property Co.

RANDYS AUTOMOTIVE

LEASES IN ARLINGTON

Dan Spika and Jim Breitenfeld of the Office and Industrial Division for Henry S. Miller Brokerage represented Ring & Pinion Service Inc., dba Randys Worldwide Automotive of Everett, Washington, in the lease of 29,000 square feet at 1214 Avenue H in Arlington. The warehouse and distribution facility is the company’s first location in Texas. Brian Gilchrist of CBRE represented the landlord, First Industrial Realty Trust Inc.

Randys Worldwide Automotive is a U.S. supplier for ring and pinions, axles, installation kits, third members, race/differential small parts, tools, lockers and positractions.

ATRIUM WEST SOLD

TO ILLINOIS BUYER

Hangover Opportunity Fund has sold the 48,898-square-foot Atrium West office building in Fort Worth to Illinois-based Aberfeldy Properties Inc. in its ongoing disposition of a 21-property portfolio bought on the value-add market and then primed for resale.

The three-story, Class B building, located at 8851 Camp Bowie Blvd. West, was 93 percent leased at sale time. Theron Bryant and Joe Hamilton of Coldwell Banker Commercial Advisors DFW represented the seller of record, The Atrium Remains the Same.

“We had significant activity on this listing because it’s on the west side of Fort Worth, where there has been a major increase in lease rates and the vacancy rate is low,” Bryant said.

Aberfeldy’s offer came with the promise of a quick close – 40 days after the contract was placed. “This is an experienced national buyer in the garden office market who also owns a similar property about two miles away,” Bryant said. “Atrium West is in good hands.”

The Hangover fund acquired the 3.5-acre Atrium West in June 2013 in partnership with the Caffey Group, which has its headquarters in the building. The city of Fort Worth is the largest tenant with 16,741 square feet, the entire third floor.

Atrium West, like the rest of Hangover’s portfolio, underwent a major renovation aimed at increasing occupancy and rents. Adding to its value, the 31-year-old structure is situated not far from Fort Worth’s hotbed of new development, which is being fueled by the exodus of downtown office tenants seeking close-in projects, easier commutes and ample parking.

There are eight properties left to sell in the Hangover portfolio.

“Funds have life spans. Hangover was not intended to run long term,” said Clint Holland, acquisitions director for SkyWalker Property Partners, the fund’s managing partner.

Aberfeldy Properties was represented by Greg Hoffman of Colliers International, who leases and manages the buyer’s properties in the region.

LEASES

Cintas Corp. has leased 22,622 square feet of office/warehouse space in the Trinity 161 Trade Center, 3100 N. State Highway 161 in Grand Prairie. Jamie White represented the tenant and John Leinbaugh, Michael Stanzel and Patrick Embry of NAI Robert Lynn represented the landlord.

Texas Plumbing & A/C Service has leased 4,000 square feet of space at 2515 Minnis Drive in Haltom City. Chris L. Stewart of Vasseur Commercial Real Estate Inc. represented Texas Plumbing and 5 Star Properties represented the landlord.

Send real deals to Robert Francis at rfrancis@bizpres.net.

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