A Taco Bell restaurant in Shelbyville, Kentucky, in 2015. The near-term performance of Yum depends on Taco Bell, and the performance of Taco Bell. CREDIT: Bloomberg photo by Luke Sharrett.
PrimeLending has a new business arrangement with Dallas-based home builder Grand Homes Inc., creating a new residential mortgage lender, Grand Home Loans LLC.
PrimeLending Ventures Management LLC owns a majority interest in Grand Home Loans, and a minority interest is owned by Grand Lending LLC. Grand Home Loans is a member of the Hilltop Holdings Inc. (NYSE:HTH) family of companies.
Grand Home Loans will begin offering home financing to the Dallas-Fort Worth area in February.
Recruiting is under way to hire leadership, loan originators and operations staff for this new PrimeLending business affiliate.
“We’re extremely excited about our relationship with Grand Homes,” said Mike Matthews, senior vice president of joint venture sales and support at PrimeLending. “With our combined efforts, we’re confident we will be able to assemble a talented team of home loan experts dedicated to helping customers achieve their homeownership goals.”
Grand Home Loans will offer home loans such as fixed-rate and adjustable-rate loans, as well as loans for renovations and refinancing.
3 OFFICE SALES CLOSE YEAR
FOR CBC ADVISORS DFW
Coldwell Banker Commercial Advisors DFW closed out 2017 with three office property sales, all income-producing investments in Arlington.
The largest transaction was Arlington Oaks Office Park at 301 Osler Drive, a 13-building property totaling 95,232 square feet on 12.4 acres off State Highway 360. The seller was One Oak Over the Line LLC, a single-purpose entity of locally based Hangover Opportunity Fund. The buyer was ReyCo Dallas Holdings LLC of El Paso, which plans to open a law office in roughly 3,000 square feet of the property, which is 64 percent leased.
Arlington Oaks’ new ownership includes principals in the Reyes & Reyes firm, which also has offices in Austin, Dallas and Phoenix. Daniel Miller of Rubicon Representation was the buyer’s broker.
Hangover bought the property in May 2011 and invested in exterior upgrades, mechanical systems and parking lots.
“We had a few offers, but this buyer made it very clear they wanted this property. They were aggressive with the offer and closing time,” said Shane Benner, investment sales associate in CBC Advisors DFW’s Fort Worth office.
Arlington Oaks went under contract within 16 days of hitting the market.
Benner also sold two 90 percent-leased buildings in Governors Row Office Park in an off-market transaction with DaPra Family Holdings LLC of Coppell. The properties are a 7,709-square-foot structure at 2003 E. Lamar Blvd. and 5,488-square-foot building at 2017 E. Lamar Blvd.
Benner represented the sellers. The larger structure was sold by Bardin Square Investors Ltd. and the other one by Gridiron Row Ltd., both entities of locally based SkyWalker Property Partners. CBC Advisors DFW will continue to lease and manage the DaPra new holdings.
“There is a lot of demand for income-producing investment product in the North Texas market because it is doing so well economically,” Benner said. “The challenge is always finding situations in which the bid and ask prices match.”
IPA TEXAS SELLS $350M
IN APARTMENTS, LAND SITE
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced that IPA Texas, led by Will Balthrope, executive director, and Drew Kile, senior director, completed 13 multifamily transactions in the last 90 days totaling 2,594 units and one multifamily development site. The total value is $350 million. The properties included six in the Fort Worth area.
“Investor interest in Texas multifamily assets remains extremely strong in all the Texas metros, including Dallas, Fort Worth, Houston, Austin and San Antonio,” said Balthrope. “Stabilized deals with value-add components are particularly sought after, but the supply is limited.”
The transactions consisted of both value-add and newly constructed stabilized Class A assets.
The properties sold by IPA Texas included these in the Tarrant area: Residences at Holly Oaks, 128 units, Weatherford; Gardens of Weatherford, 76 units, Weatherford; Gardens of DeCordova, 110 units, Granbury; River Walk Village, 358 units, Flower Mound; Timberview Ranch, 304 units, Grand Prairie; and Western Center development site, 14.7 acres, Fort Worth. Others were
27TwentySeven, 152 units, Dallas; Southpark Crossing, 308 units, Austin; Crosswinds, 176 units, Corpus Christi; The Quarry Luxury Townhomes, 150 units, San Antonio;
Pecan Springs, 344 units, San Antonio; Seville Apartment Homes, 200 units, San Antonio; and Vantage at Harlingen, 288 units, Harlingen.
IPA Texas associates Jordan Featherston and Joey Tumminello both played an active role in the sales of these assets. Nick Fluellen, senior managing director investments, and Bard Hoover, first vice president investments, procured the buyer in the sale of the Gardens of Weatherford and the Gardens of DeCordova and were part of the brokerage team on the sale of Crosswinds and Residences at Holly Oaks. Max Helgeson, associate, provided additional representation in the sale of the Gardens of Weatherford and the Gardens of DeCordova.
SALES/LEASES
Atlas Copco Compressors LLC has leased 8,500 square feet of warehouse space at 2520 N. Great Southwest Parkway, Grand Prairie, from Columbia Texas PP Industrial LP. Alejandro Rojas with Bradford Commercial Real Estate Services represented the tenant. Gil Stroube of Lincoln Property Co. represented the landlord.
Champions DFW Commercial Realty LLC completed three commercial real estate transactions. Eric Goodwin completed a lease transaction at 901 West Wall St. in Grapevine. An acupuncturist will occupy this 1,200-square-foot property. Jim Kelley represented the owner in a retail/restaurant pad sale at 120 Worth St. in Grapevine. Rudy Janecka represented Taco Bell (North Texas Bells) in the purchase of a 35,000¬-square-foot parcel at 1100 Red River Blvd. in Burkburnett.
Send real deals to Robert Francis at rfrancis@bizpress.net.