Jones hired at SVN/Trinity Advisors
SVN / Trinity Advisors has hired John Jones as its newest adviser.
Jones’ focus is on property management, but he also provides leasing and brokerage services, specializing in landlord representation of freestanding single tenant retail buildings, multi-tenant retail shopping centers and industrial properties.
Previously, Jones worked as a leasing and sales agent with the Newberry Co. for nine years. Before that, he worked 20 years in corporate food service. He is a Realtor and member of the Greater Fort Worth Association of Realtors. He has a bachelor’s degree in finance from Texas Tech University.
“We are excited to add John to our team of talented advisers,” said James Blake, managing director of SVN / Trinity Advisors. “His background and business savvy make John a tremendous asset to the company.”
Goodwill to build 24th area store in Arlington
Goodwill Industries of Fort Worth Inc. announced Aug. 25 that it has bought 2.5 acres in Arlington to build its 24th area retail store. The 12,000-square-foot store at 4700 S. Collins St. is expected to open to the public in late February. Reliable Construction is general contractor for the project.
“Every retail store that Goodwill is able to open means more revenue to support our job training and placement programs for individuals with disabilities and other barriers to employment,” said David Cox, president and CEO of Goodwill Industries of Fort Worth. “Revenue generated through the sale of donated goods fund programs like our job resource centers that help people get jobs.”
The nonprofit is also adding 3,000 square feet to its existing retail location at 2030 W. University Drive in Denton to expand its area Job Resource Center. The $1.4 million remodel includes construction of a new production room for processing donations and an updated fascia in addition to construction of the Job Resource Center. The retail store and donation location will remain open during construction, with a planned completion of the remodel by Jan. 31. Vertical Construction Management has been selected as the general contractor for the remodel.
PEI WEI ASIAN DINER
MOVES HQ TO IRVING
Pei Wei Asian Diner confirmed Aug. 23 that the company is relocating its corporate headquarters to Las Colinas in Irving from Scottsdale, Arizona.
The fast-casual chain, with more than 200 restaurants in 21 states, has 28 locations in the North Texas area, its most concentrated market.
“We are very excited to relocate to the Dallas-Fort Worth area, which is home to some of our most loyal guests and highest-performing restaurants,” said CEO John “J.” Hedrick in a news release. “We didn’t make this decision lightly. Scottsdale is an extraordinary city that has been our hometown since the brand’s inception in 2000. But our new leadership team felt that the timing was right to make this move, as we chart a new direction for the brand, its operations and our corporate culture.”
Hedrick said Pei Wei is separating both geographically and operationally from parent company P.F. Chang’s China Bistro. In addition, economic incentives from the state of Texas and the City of Irving were instrumental in the decision to choose Las Colinas.
The company will receive incentives of up to $500,000 from the Texas Enterprise Fund and as much as $75,000 from Irving. Pei Wei is expected to relocate or hire at least 100 employees with an average annual salary of $125,000. According to information from Irving, “The project has the capacity to result in an increase in real property taxable value of $1,000,000; increase in business personal property taxable value of $500,000; relocation/hiring of at least 100 new employees with an average annual salary of $125,000; and generate at least 1,000 room nights annually at Irving hotels.”
The company will relocate its headquarters to 6191 N. Highway 161 in Irving, according to the city.
PRODIGY DESIGN’S SPACE
DOUBLES AT NEW SITE
Prodigy Design & Renovation has purchased a vacant office/warehouse in Pantego, nearly doubling in size with its decision to become a property owner rather than continue to lease. Prodigy Design & Renovation is a painting company that provides decorative painting and wood staining as well as other services.
The 11,679-square-foot building sits on slightly more than 1.5 acres at 2309 Superior Drive. The fenced property is located in a light-industrial area off Pioneer Parkway, South Bowen Road and West Arkansas Lane, creating easy access in all directions to Greater Arlington’s commercial districts and residential neighborhoods.
Wayne Burgdorf, associate broker and vice president of Coldwell Banker Commercial Advisors DFW, arranged the direct deal between the buyer of record, 2309 Superior Drive LLC, and the local seller, 2309 Properties LLC.
“There was good interest in this property because of the favorable zoning and fenced yard,” Burgdorf said.
The structure is 67 percent office space, including a 1,600-square-foot conference center, and the balance is warehouse with storage and shop rooms. The site has a six-foot perimeter fence and cross-fencing with gates and metal carport cover.
Prodigy owners Tariq and Sheyna Kobty will relocate their business from 2205 W. Division St. in Arlington. Pinnacle Bank in Arlington arranged acquisition financing.
“This was the right property for several reasons, but the spark was [that] Prodigy Design & Renovation’s owners had reached the tipping point between buying and renting,” Burgdorf said
SALES
Marcus & Millichap has sold Advance Auto Parts and Dollar Tree Retail Strip Center, a 22,066-square-foot retail property at 740 West Pipeline Road in Hurst, according to Tim A. Speck, first vice president/district manager of the firm’s Dallas office.
Geoff Ficke, first vice president investments, and Chris Adams, senior associate in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property for the seller, a limited liability company. The buyer, an individual/personal trust, was secured by Mike James, senior managing director of investments, and Tony Michael Anderson, senior associate in Marcus & Millichap’s Encino office.
Marcus & Millichap has announced the sale of Forest Apartments, a 24-unit apartment property at 3200 Lake Como Drive in Fort Worth, according to Tim A. Speck, first vice president/district manager of the firm’s Dallas office.
Mark Allen, senior associate in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property for the seller, a limited liability company. The buyer, a private investor, was procured by James McGhin, associate in Marcus & Millichap’s Fort Worth office.
“This was a distressed asset with deferred maintenance and property management issues,” said Allen. “The new ownership intends to revitalize the asset substantially and hire a local third-party property manager to stabilize the rents. The occupancy was at 50 percent at the time of sale.”
Built in 1963, Forest Apartments is a Class C multifamily asset.
Colliers International Group Inc. has announced the sale of four diagnostic imaging centers operated through a partnership between Texas Health Resources and Envision Imaging, which totaled 40,803 square feet. These properties are located at 2911 Oak Park Circle, Fort Worth; 815 Pennsylvania Ave., Fort Worth; 4601 Matlock Road, Arlington; and 525 East Southlake Blvd., Southlake.
Jim Nowell and Jim Eagle of Colliers’ Fort Worth office represented the seller, Roentgen Real Estate. Tiffany Angelle and Jake McGlaun of Colliers’ Dallas office represented the buyer, MB Real Estate Services Inc.
LEASES
Texhoma Land Consultants has subleased 20,504 square feet of office space at 2301 Eagle Parkway in Fort Worth. Colt Power of NAI Robert Lynn and Jason Whittington of NAI Partners represented the sublessor.
Global Culture Headquarters LLC, better known as Collected Comics & Games, has leased 7,000 square feet of space at 3016-20 Alta Mere Drive in Fort Worth. Dick Myers of Vasseur Commercial Real Estate Inc. represented the landlord, J.V. Leggett Inc. Hunter McElhaney of Woodcrest Brokerage Services represented the tenant.
Canon Shoults with Holt Lunsford Commercial renewed and expanded a lease with Raw Materials Corp. of 31,232 square feet in Rialto Capital Management’s West Airport Freeway project.
Mike Tran, senior director at Vision Commercial, and Harwood Beer & Wine, recently completed lease negotiations at 605 Harwood Road in Bedford. Harwood Beer & Wine will occupy 1,200 square feet at the west endcap of North Harwood Village and expects to open by the end of 2017. Harwood was self-represented and Vision Commercial represented the landlord.
Since taking over leasing of North Harwood Village in August of 2016, Vision Commercial has completed six lease negotiations for a total of about 25,063 square feet. The Harwood lease brings the retail center to 95 percent leased.
Roger Smeltzer Jr., broker/principal at Vision Commercial, and Minuteman Press International Inc. recently completed lease negotiations at Sawyer Heights shopping center, 3758 South Carrier Parkway in Grand Prairie. Minuteman Press will occupy Suite 132 in the corner strip center and plans to open in October. The deal brings the shopping strip to 100 percent leased; it is for sale as an investment asset. Minuteman Press was self-represented and Vision Commercial represented the landlord, Quesnell Property Management.
Send real deals to Robert Francis at rfrancis@bizpress.net.