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Real Estate Real Deals: Crescent fund buys Florida resort

Real Deals: Crescent fund buys Florida resort

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CRESCENT FUND BUYS

FLORIDA BEACH RESORT

Fort Worth-based Crescent Real Estate LLC on Feb. 2 announced that it used the GP Invitation Fund I (GPIF) to buy the Sirata Beach Resort and Conference Center, a 382-room resort property on St. Pete Beach, Florida. The resort sits on 15.4 acres and features 725 feet of beach front along the Gulf of Mexico in the St. Petersburg/Clearwater/Tampa market. The hotel and conference center has 30,000 square feet of meeting space, including a 5,100-square-foot ballroom, three restaurants and three swimming pools.

Crescent plans significant capital investments including updated guest rooms, and improvements and additions to resort amenities.

Crescent is partnering on the investment with Atlanta-based Five Star Realty Partners LLC, a North America real estate investment and advisory firm, and is engaging the hotel management firm HEI Hotels to operate the resort. Crescent and Five Star used their relationship with the Sirata Beach Resort owner, the Nicklaus family, to secure the deal in an off-market transaction.

“This was a unique opportunity to secure an excellent resort property ideally positioned to grow,” said Jason Anderson, Crescent’s co-CEO.

Crescent has been an active investor in the Tampa area since 2011 and owns 2,200 multifamily units in the region.

In 2016, Crescent engaged HEI to operate the 220-room luxury Hotel Crescent Court in Uptown Dallas. Hotel Crescent Court was one of the early acquisitions by the Crescent-managed GP Invitation Fund I. GPIF is an investment fund established by John Goff, chairman of Crescent, in 2016. Crescent manages the fund for Goff and the fund’s investment partners.Marriott opens Courtyard hotel in Stockyards

LBA Hospitality, a full-scale hotel management, development and consulting firm, opened its Courtyard by Marriott Fort Worth Historic

Stockyards on Feb. 2.

The opening of the 124-room hotel marked a milestone for Marriott, as it is its 1000th Courtyard by Marriott in the Americas.

Marriott in the Stockyards is a landmark achievement for developer Sunbelt Development LLC of Dothan, Alabama. Working together for nearly 25 years, this project is Sunbelt’s 50th hotel developed.

“It has been such an honor to be aligned with our other partners in Sunbelt,” said LBA’s president, Beau Benton. “We are eager to celebrate this milestone, especially when the end result is a unique, landmark hotel that has already brought more than 50 jobs to the area.”

Ownership group Apple Hospitality REIT tapped LBA to provide development and management services for the hotel, which included installing and training the leadership team and hiring of 22-year industry veteran Terri Elorreaga as general manager. Architects Bradley, Schmidt & Carn and designers from Studio3877 designed the four-story property to reflect the area’s intersection of urban lifestyle and traditions of the Wild West by intertwining rope, weathered metal, wood and Western motifs throughout.

LIFEGIFT BREAKS GROUND

TO DOUBLE OFFICE SPACE

LifeGift, an organization that facilitates organ and tissue recovery for transplants, broke ground Jan. 31 on a new building at 1000 12th Ave. in Fort Worth. The 14,000-square-foot office will more than double the size of its current 6,934-square-foot office space.

“The construction of the new Fort Worth building is a huge milestone for LifeGift,” said Kevin Myer, president and CEO. “The capabilities of this building and ideal location in the Medical District will help us offer more hope to donor families, transplant recipients and those waiting on the gift of life.”

The NAI Robert Lynn Office Division represented LifeGift in the relocation and leasing

For LifeGift to operate out of one facility, it needed a larger office building to accommodate in-house surgical suites for tissue recovery, according to the organization. Colt Power, office division vice president at NAI Robert Lynn, selected a site near multiple hospitals for convenient transfers of donors to LifeGift’s tissue recovery suites. Power also coordinated the arrangement for the specially designed property required for LifeGift’s operation requirements.

“I’m very fortunate to play a small part in the success of a great organization that provides hope to those in need,” said Power. “After finding the perfect location for a new facility, LifeGift will have the ability to service a higher number of patients each day and successfully complete thousands more lifesaving transplants.”

LifeGift is one of three organ procurement organizations in Texas that facilitate organ and tissue recovery. As the federally designated organ and tissue recovery agency for North, Southeast and West Texas, it partners with more than 200 hospitals across 109 Texas counties.

Power represented LifeGift in the lease negotiations with the property owner, Steve Hawkins. LifeGift is partnering with Hawkins Construction to serve as the general contractor and developer. The new building is expected to be open by the end of the year.

NEW CHILL ON THE WAY

FOR DFW AIRPORT CARGO

There’s a chill in the air at Dallas Fort Worth International Airport, or there will be soon, even in the middle of a hot August summer.

Cargo and logistics customers will soon have better opportunities to ship perishable items through DFW Airport when a cold chain facility goes online, likely sometime this summer.

The cold chain facility will be operated by Houston-based AirLogistix USA. The state-of-the-art transfer facility will let the airport precisely control warehousing temperatures for shipments of pharmaceuticals, flowers and fresh foods.

“There are tremendous growth opportunities for domestic and international cargo customers to ship perishables through DFW to 180 markets,” said John Ackerman, executive vice president of global strategy and development at DFW Airport. “Today, we handle 66 percent of the air cargo from Texas, and our cargo tonnage increased by more than 8 percent over last year and is up 18 percent this year. This new facility will increase our handling capabilities and open new doors for all our cargo and logistics partners to ship high-value, temperature- and time-sensitive products through DFW.”

DFW Airport handles more than 794,600 tons of air freight, which is shipped all over the world. Fourteen dedicated freighters serve 22 major cargo hubs throughout Asia, Europe and North America from the airport. Belly cargo capacity is also available to more than 200 global destinations on the 26 passenger airlines that serve the airport.

MEGA DATA CENTER

SOLD IN FORT WORTH

QTS Realty Trust has purchased a 260,000-square-foot data center in Fort Worth’s Alliance area from Health Care Service Corp. (HCSC).

The facility becomes QTS’ second mega data center in the broader Dallas-Fort Worth market. The facility is carrier-neutral with 12 carriers and is situated adjacent to a number of other large enterprise and technology company-owned data center facilities, including a 1 million-square-foot data center operated by one of the largest social media companies in the world, according to a news release from QTS Realty.

QTS, based in Overland Park, Kansas, bought the facility for about $50 million, which represents an upfront cost per megawatt of about $6 million. The facility has 40,000 square feet of built-out raised floor available and 8 megawatts of gross power with powered shell that is able to support total capacity of about 80,000 square feet of raised floor. Ultimately, including adjacent land, the site can support a total of more than 300,000 square feet of raised floor and 60 megawatts of gross power. QTS financed the transaction through its revolving credit facility, according to its news release.

“Our success in one of the nation’s largest Tier 1 markets is a testament to the value our customers are seeing in our fully integrated platform,” said Chad Williams, chairman and CEO of QTS.

HURST RETAIL CENTER

ON PIPELINE ROAD SOLD

Marcus & Millichap has sold Pipeline Road Plaza, a 10,800-square-foot strip center in Hurst, for an individual/personal trust, according to Kyle Palmer, regional manager of the firm’s Fort Worth office.

Lisa Estrada in Marcus & Millichap’s Fort Worth office had the exclusive listing. The property was placed under contract within 20 days of listing it and at 99 percent of the list price. Estrada also secured the buyer, a limited liability company.

Pipeline Road Plaza is located at 846-850 Pipeline Road in Hurst. The center was 73 percent occupied at the time of closing. The current tenants have been in place for 17 years. Some $26,000 in parking lot repairs were done in August 2016 and a new roof was installed in 2009.

OFF-CAMPUS HOUSING

REFINANCED AT TCU

CBRE Capital Markets’ Debt & Structured Finance has arranged $38 million in permanent financing for the recapitalization of two student housing properties adjacent to the campuses of Texas Christian University and Baylor University.

Benjamin Roelke of CBRE’s Dallas office arranged a combination of long-term fixed and floating rate loans on behalf of Newsome Development. The financing was provided through CBRE’s Fannie Mae Delegated Underwriting and Servicing program.

The property in Fort Worth is Village East at 2737 Merida Ave. in Fort Worth, with 117 units and 325 beds. The property in Waco is the 11th Street Flats located at 1714 S. 11th Street, with 45 units and 134 beds

Village East features Class A new construction with top-of-the-market unit interiors. Each unit is fully furnished and includes off-street, dedicated parking.

LEASES

DSI Solutions Inc. has signed a 3,792-square-foot renewal and expansion, adding 152 square feet of office space at 701 Highlander Blvd., Arlington. Renee Efimoff of Coldwell Banker Commercial Advisors represented the landlord, This Land is Highland LLC. Jason Brecheen of Swearingen Realty Group represented the tenant.

Lethal Encounter has leased 1,811 square feet of office space in Arlington Oaks, 331 Osler Dr., Arlington, from One Oak Over the Line. Judy Nitzinger of Coldwell Banker Commercial Advisors represented the landlord. Kimdolyn Smith of Webb-Barton & Associates LLC represented the tenant.

Suddath Relocation Systems of Texas has leased 148,357 square feet at CentrePort, Building 5, 14500 FAA Blvd. in Fort Worth. Dave Anderson and Steve Koldyke of CBRE-Dallas represented the landlord.

Floorball Planet has leased 12,818 square feet at Woodlands Business Center II, Building 3, 2005 108th St. in Grand Prairie. Michael Spain and Brock Wilson of Bradford Commercial Real Estate Services-GSW Office represented the landlord.

VFC Lightning Protection has leased 6,300 square feet at DFW Airfreight Center, 1240 Texan Trail in Grapevine. Phillip Rosenfeld and Matthew Thompson of Lee & Associates-Dallas represented the landlord.

Eshon Auto has leased 4,050 square feet at 1421 E. Vickery Blvd. in Fort Worth. Dawn Potthoff of Coldwell Banker Commercial NRT represented the landlord.

Tune Up The Manly Salon has leased 1,765 square feet at Colleyville Stampede Shopping Center, 4712 Colleyville Blvd. in Colleyville. Tey Tiner of CBRE | UCR Retail Advisors-DFW represented the landlord.

Reino Cleaners has leased 1,764 square feet at Village Creek Shopping Center, 426-428 E. Lamar Blvd. in Arlington. John Dickey of Carlisle Interests represented the landlord.

Skyline Consulting Group Inc. has leased 1,679 square feet at Bedford Place, 1903 Central Drive in Bedford. Chris Wright and Hartley Hobson of Peloton Commercial Real Estate-Dallas represented the landlord.

Namaste has leased 1,670 square feet at Arlington Plaza, 1511-1527 S. Cooper St. in Arlington. Perren Gasc of DBA Commercial Real Estate represented the landlord.

Integra Capital has leased 1,509 square feet at Southlake Town Square, Building I, 1246-1276 Main St. in Southlake. Ward Eastman of Cushman & Wakefield-Dallas represented the landlord.

Send real estate news to Robert Francis at rfrancis@bizpess.net.


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