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Real Estate Real Deals: Fort Worth group buys Longview Media facilities

Real Deals: Fort Worth group buys Longview Media facilities

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FORT WORTH GROUP BUYS

LONGVIEW MEDIA FACILITIES

Fort Worth-based Mitchell Asset Group Inc. (MAG), through its subsidiary MAG Capital Partners, has closed on a 20-year, sale-leaseback of the M. Roberts Media corporate headquarters and production facilities in Longview, for an undisclosed sum.

The properties are located in Longview’s central business district at 320 E. Methvin St. and 325 E. Tyler St. and are occupied by M. Roberts Media, the local NBC affiliate KETK-TV, KTBB radio, East Texas Literacy Council and Encore Multimedia. The properties total 124,000 square feet.

The acquisition is the latest in sale-leasebacks MAG has completed as it expands its national portfolio.

“We recognized an opportunity to own an outstanding asset and simultaneously support M. Roberts Media through a sale-leaseback structure that positions the company beautifully for both long-term stability and growth,” said Dax T.S. Mitchell, principal of Mitchell Asset Group and MAG Capital Partners.

MAG was represented by Andy Rogers of Kelly Hart & Hallman LLP. Acquisition financing was arranged by Old Capital Lending’s Paul Peebles.

Centurion Real Estate Partners’ Keith Fisher and Coldwell Banker’s Jack Lenhart represented M. Roberts Media in the transaction. The diversified media and marketing company announced acquisitions of the Kilgore News Herald and Tyler Morning Telegraph in late 2018.

CAMP BOWIE CENTER SOLD

The Village at Camp Bowie, an 180,000-square-foot retail center on 21 acres that is anchored by Sprouts Farmers Market, has been sold.

The seller was a joint venture partnership between Lincoln Property Co. and Boston-based Long Wharf Capital. Dunhill Partners Inc. bought the center.

The HFF investment advisory team representing the seller included senior managing directors Jim Batjer, Barry Brown and Ryan Shore and director Aaron Johnson.

The Village at Camp Bowie is 89 percent leased to 39 tenants, including Tuesday Morning, Verizon, Orangetheory Fitness, Keller Williams and McAlister’s Deli.

NEW LOGISTICS CENTER

HITS FULL OCCUPANCY

The recently completed International Logistics Center (ILC) near Dallas Fort Worth International Airport has achieved full occupancy, Stream Realty Partners and Cabot Properties announced recently.

ILC broke ground in September of 2017 and has since been leased to seven tenants. It is owned by an affiliate of Cabot Properties and includes an 118,634-square-foot, rear-load building; a 203,476-square-foot, front-load building; and a 324,686-square-foot, cross-dock building. Tenants lease areas ranging from 30,000 to 200,000 square feet and include a variety of industries.

“In 18 years of working in this business, I have never seen a project lease this quickly to so many tenants,” said J. Cannon Green, managing director and partner of Stream. “The outcome of this project demonstrates the success of our business plan in developing a diversified industrial product in the center of the Metroplex. We are in an extremely competitive environment for labor, and industrial locations close to the customer and employment base perform best.”

Green, along with Stream’s Blake Kendrick, managing director and partner, co-managed the development, while Sarah Ozanne, vice president, collaborated with Green and Kendrick on the leasing.

The logistics center has dual access points to State Highway 360 and State Highway 183 and is midway between the central business districts of Dallas and Fort Worth.

ILC is in Foreign Trade Zone #39 and has a triple freeport exemption, which provides substantial savings on inventory and business personal property taxes.

Damian Bailey, senior vice president of investments at Cabot Properties, said, “ILC is an exceptional industrial project in one of the most sought-after locations in Dallas-Fort Worth. We are very fortunate to have had the opportunity to develop a best-in-class property with Stream as our partner.”

HARVEST DEVELOPMENT CITED

FOR AGRICULTURE FOCUS

Harvest, a Hillwood Communities master-planned development in Northlake and Argyle, was recognized in a new report by the Urban Land Institute for making a working commercial organic farm the centerpiece of its community.

The ULI report, “Agrihoods: Cultivating Best Practices,” showcases Harvest among the nation’s exemplary “agrihoods” – neighborhoods that feature food-production space, trails, edible landscaping, proximity to schools, community engagement activities and other elements that enhance social well-being.

“Harvest neighbors and their families enjoy the pride of growing their own vegetables and herbs in raised private plots available for lease for $90 yearly,” states the report. “The community has adopted the North Texas Food Bank as its charity of choice, having donated more the 23,000 meals since its first residents moved to Harvest in 2014.”

Harvest employs an onsite farmer who grows organic farm-to-table produce at the community farm.

Hillwood Communities has received multiple best-in-class awards for its homes and amenities. In 2018, Residential Strategies named Harvest as the Dallas-Fort Worth area’s No. 1 master-planned community. Harvest also rank No. 33 in the Top 50 Master-Planned Communities rankings from John Burns Real Estate Consulting.

“We know from consumer research that getting outside tops the list of priorities for homebuyers. Harvest gives homeowners tangible opportunities to spend time outdoors without giving up on any of the traditional master-planned amenities,” said David Jarvis, senior vice president of consulting for John Burns.

“Harvest exemplifies what is possible when Hillwood’s innovation meets shifting demand,” said Tom Woliver, director of planning and design for Hillwood Communities. “Our team took a piece of land and reimagined it. We combined an ‘if you build it they will come’ attitude with a very deliberate process, and we created a destination.”

“We are excited to see Harvest continue to earn local and national recognition,” said Fred Balda, president of Hillwood Communities. “We at Hillwood Communities take pride in creating neighborhoods that answer the needs of today’s homebuyers while staying true to the heritage of the local communities in which we develop.”

SALES

West River Partners LP sold 5.6 acres just south of White Settlement Road and Athenia Drive in Fort Worth to TB Rivercrest LLC, a national multi-family developer. Gary Vasseur of Vasseur Commercial Real Estate Inc. represented the seller.

America Gardens, a recently renovated full-service bar and restaurant in Fort Worth’s West Seventh Street corridor, has been sold. Dallas-based STRIVE represented the seller, a local Dallas investor. The buyer was from Houston. Additional terms of the sale were not disclosed.

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

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