Maersk Inc. has sold 25 acres of undeveloped land in Denton County fronting FM 156 near its junction with FM 1384 just north of Justin to J&B Construction.
Nick Talley, senior vice president and managing partner of Bradford Commercial Real Estate Services, represented the seller in the direct deal.
J&B Construction has started the cleanup of the site, which is laden with tons of concrete debris, as the first step in redeveloping it.
“The buyer plans to subdivide the land and sell development tracts once the remediation’s done,” said Talley, who secured the deal via a CORFAC referral.
J&B acquired the mineral rights as part of the deal. The flat farmland must be restored to its original point above the flood plain before it can be subdivided. It is in an extraterritorial jurisdiction, which means no zoning requirements and a variety of redevelopment options, including industrial uses.
“This was purely a cleanup investment move on J&B’s part,” Talley said. “It’s a specialized buyer with the necessary heavy equipment for a redevelopment of this size and scope.”
The land has roughly 200 feet of frontage along FM 156, which connects to State Highway 114 and offers easy access to Interstate 35W. The site is five miles northwest of Texas Motor Speedway and 9.5 miles from Fort Worth Alliance Airport.
CONSTRUCTION BUILDING
ON 17 ACRES SOLD IN FW
Dan Spika, executive vice president of the industrial division for Henry S. Miller Brokerage, recently represented Texas Sterling Construction, a heavy civil, highway and municipal construction company, in the sale of a 16,320-square-foot building at 3475 High River Road on the far east side of Fort Worth. The two-story building is on 17 fenced acres and features office and warehouse space, two drive-through bays, a wash bay with drain, five grade-level doors, heavy power, a five-ton crane, above ground fuel storage and air lines throughout.
“This building also has outside storage,” said Spika. “Many properties don’t, because of city restrictions that ban storing construction equipment and other large items on the site.”
Mike Chiocca of CBRE represented the buyer, Black Diamond Real Estate Inc. No price on the transaction was released.
RHINO MEDICAL EXPANDS
HQ IN ARLINGTON BUILDING
Rhino Medical Services has expanded its headquarters to a full floor in the seven-story Bank of America Building in north Arlington, increasing its office space by nearly 40 percent to become the largest tenant in the Class A project.
The health care staffing company has signed an early renewal and expansion, totaling 13,678 square feet, at 2000 E. Lamar Blvd. The firm will occupy the 5,256-square-foot balance of the second floor on Oct. 1 in a direct deal with the landlord, AOB Lamar LLC. The building is now 90 percent leased.
“The new development in multifamily and retail in north Arlington has helped us to retain existing tenants and attract new ones,” said Theron Bryant, principal of Coldwell Banker Commercial Advisors DFW, who represents the Oklahoma City-based landlord. Currently, the largest available space is 4,513 square feet on the top floor.
Rhino Medical Services is marking its 13th year as a tenant. “It’s been fun to watch this tenant’s growth and successes through seven renewals and expansions in the Bank of America Building,” Bryant said.
Rhino Medical Services provides staffing nationwide for health care providers, medical centers, hospitals, government facilities, freestanding emergency rooms and outpatient centers.
Bank of America Building, developed in 1985, is one of Arlington’s most recognizable office properties, sitting on nearly five acres atop a hill overlooking Interstate 30.
6 APARTMENT COMPLEXES
SOLD FOR $41 MILLION
Marcus & Millichap has announced that the Dallas-based Fluellen-Hoover multifamily investment sales team, led by Nick Fluellen and Bard Hoover, closed six multifamily properties with a total of 656 units for about $41 million. The properties are: The Carlton, 108 units, 6301 Woodway Drive in Fort Worth; Country Place, 172 units in Abilene; Fair Oaks, 14 units in Dallas; Legends of Lindale, 88 units in Lindale; Riverwood, 112 units in Temple; and La Vita, 162 units in Dallas.
“These six transactions display an evolving investment trend,” said Fluellen. “As the Metroplex’s strong historical performance continues to attract developers and investors, more and more buyers are pursuing opportunities in smaller markets in every direction around Dallas and Fort Worth.”
“Each one of these assets presented a distinct opportunity for upside,” Hoover added. “While all the properties were stabilized at the time of sale, there were also strategic openings for capital injection and revenue enhancement. Each buyer had an aggressive plan to improve the exterior and community amenities while also upgrading interiors to compete with the market leaders in each location.”
Fluellen, senior managing director investments, and Hoover, first vice president investments, represented the sellers and procured the buyers. Matt Aslan, Evan Burke and Sean Scott, associates, provided additional representation for the Country Place, Riverwood and Legends of Lindale transactions.
Jake Roberts, senior managing director capital markets with IPA Capital Markets, arranged financing for the Country Place and Riverwood acquisitions.
SALE
Roger Smeltzer Jr. of Vision Commercial and Huong Lan Lam with Universal Realty recently completed the sale of a medical condo building at 643 South Great Southwest Parkway in Grand Prairie.
Tenants in the owner-occupied, 6,066-square-foot building are two gynecologists and a pharmacy. The undisclosed buyer was represented by Universal Realty, and the undisclosed seller was represented by Vision Commercial.
LEASES
DeCoty Coffee Co. has leased 16,051 square feet of distribution center space in Premier Place, 3225 Premier Drive in Irving, from WPI Premier LLC. Brock Wilson and Joe Santaularia of Bradford Commercial Real Estate Services represented the landlord. Corbin Crews of CBRE Inc. represented the tenant.
Midwest Truck & Auto Parts Inc. renewed 14,199 square feet of warehouse space in RiverPark Business Center, 15600 Trinity Blvd., Fort Worth. Michael W. Spain and Clint Manning of Bradford Commercial Real Estate Services represented the landlord, SCG River Business Center. David Eseke of Cushman & Wakefield of Texas Inc. represented the tenant.
Roger Smeltzer Jr. of Vision Commercial and Minuteman Press International Inc. completed lease negotiations at 3758 South Carrier Parkway in Grand Prairie. Minuteman Press will occupy Suite 132 in the Sawyer Heights shopping strip and plans to open in October. The completed negotiation brings the center to 100 percent leased; it is for sale as an investment asset with Vision Commercial. Minuteman Press International was self-represented, and Vision Commercial represented the lessor, Quesnell Property Management.
Send real deals to Robert Francis at rfrancis@bizpress.net.