Grapevine office building sells
Marcus & Millichap (NYSE: MMI) has announced the sale of The Offices at Grapevine 360, a 21,236-square foot office property located in Grapevine.
Ron Hebert, an investment specialist in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, an individual/personal trust, was also secured and represented by Hebert.
“With the Marcus & Millichap platform I was able to reach a large buyer pool which generated multiple offers, and ultimately transacted with a California buyer. This was the buyer’s initial purchase in DFW,” Hebert said.
The Offices at Grapevine 360 is located at 4550 State Highway 360 in Grapevine. The multi-tenant one-story office building containing approximately 21,236 rentable square feet, features newer 2008 construction.
Marcus & Millichap has also announced the sale of United Rentals, a 13,635-square foot industrial property located in Forest Hill.
Adam Abushagur, first vice president investments and Cliff Zimmerman, investment specialist in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Adam Abushagur and Cliff Zimmerman.
“Due to the high price per foot, we crafted a narrative to investors highlighting the strength of tenant, combined with the value-add opportunity of utilizing extra acreage for outside storage” said Zimmerman.
“When the buyers pushed back on the transaction due to roof challenges and lease constraints, we focused our efforts on convincing the right investors of the opportunity and procuring multiple offers in order to obtain the most competitive terms for our seller,” said Abushagur.
United Rentals is located at 6212 Anglin Drive in Forest Hill. It is situated on 2.16 acres and was built in 1978.
Marcus & Millichap has announced the sale and financing of The Apartments at Fountains Corner, a 418-unit multifamily asset in Fort Worth.
“On the market for the first time in more than 20 years, the property provides new ownership with a first-generation value-add opportunity,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “The opportunity is bolstered by the lack of competing multifamily communities within a two-mile radius, which is rare for a property located near so many economic drivers.”
Silva represented the seller, Dallas-based WAK Management and procured the buyer, a Texas-based private investment group. Brian Adams, senior director with Marcus & Millichap Capital Corp. in Dallas, arranged the financing. The nonrecourse loan was structured with a 12-year fixed-rate of 3.85% and a 30-year amortization beginning after a period of three years of interest-only.
The 62-building community is located at the intersection of Interstate 20 and Granbury Road in Fort Worth near retailers, employers and schools. Texas Christian University, Hulen Mall, the Clearfork and Edwards Ranch developments and the new Chisholm Trail Parkway are all nearby.
“We conducted 27 property tours and attracted 10 offers from investment groups across the country during a four-week marketing period and closed about 90 days after the buyer and seller reached an agreement,” Silva said.
New ownership plans a multi-million-dollar renovation to the property, including building exteriors and enhancements to common area amenities and unit interiors. The property was built in four phases on 18.5 acres between 1967 and 1971 and has received significant capital improvements since 2015. The average unit size is 1,024 square feet.
Marcus & Millichap has announced the sale of Town North Cedars & Studios, a 38-unit apartment property located in Arlington, according to Tim A. Speck, division manager in the firm’s Dallas office.
Matt Aslan, Nick Fluellen, Bard Hoover and Wesley Racht, investment specialists in Marcus & Millichap’s Dallas office, brokered this off-market transaction on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Aslan, Fluellen, Hoover and Racht. Both the seller and the buyer were local to DFW.
Business Center purchased
The Meritex Company has purchased Jetstar 114 Business Center, a three building Class A industrial portfolio located adjacent to the Dallas Fort Worth International Airport, marking the entry into the market for the Minneapolis-St. Paul-based firm. The portfolio is approximately 84,080 square feet and 100 percent occupied by seven local, regional and international tenants. Meritex has a goal of growing in excess of two million square feet in Dallas and this marks the first acquisition.
“We recently selected Dallas as a strategic expansion market for us,” said Ray Kivett, Chief Investment Officer at Meritex. “Historically and going forward, Dallas has and will continue to show strong job and population growth over the long term, which fits our 103-year-old company’s investment objectives.”
Meritex currently owns and manages approximately 11 million square feet of infill industrial product across nine markets within the U.S. with Dallas and Miami as newly identified growth markets for the company.
The properties purchased by Meritex are located at 8000, 8050, and 8100 Jetstar Drive. They were originally developed in 1999 by Jackson Shaw as part of a larger development within Jetstar Business Park. The buildings feature dock-high and drive-in loading, 18-foot clear heights, multiple store fronts, air-conditioned warehouse, and an expansive glass-line.
Wagner says, “We really like this portfolio because it’s well-located; providing excellent access and proximity to major highways, labor, airport, and amenities.”
The Jetstar portfolio is an infill location within an established business park located adjacent to the Dallas – Fort Worth International Airport with excellent access to TX-114, I-635, and TX-121. The property will be managed locally by Holt Lunsford Commercial. Colliers International represented buyer and seller in the transaction.
NXT Capital closes $38 million loan on Haltom City apartments
Chicago-based NXT Capital announced Dec. 17 that it closed a $37.8 million loan to finance the acquisition of a 312-unit, Class B+ apartment community in Haltom City.
The property is located eight miles north of Downtown Fort Worth and 19 miles west of the Dallas Fort Worth International Airport. Community amenities include a clubhouse with business center, billiards room, fitness center, Sport Court, playground, outdoor kitchen, a swimming pool, lap pool, BBQ grills and a dog park.
Alex Inman from the Dallas office of Walker Dunlop placed the loan with NXT Capital.
Hotel set to break ground
The boutique hotel near Dickies Arena planned by some local entrepreneurs will break ground early this year, according to a post from Jonathan Morris, who, along with Allen Mederos, lead at Memo Hospitality Group. Morris is an entrepreneur who lives in the neighborhood and currently runs the Fort Worth Barber Shop and The Lathery. Memo Hospitality this year purchased an old warehouse, formerly used for the sale of dry ice located in Fort Worth’s Cultural District across the street from the new Dickies Arena for the boutique hotel project. The name, Hotel Dryce, plays on the building’s former use. In March, Memo Hospitality requested to change the zoning to allow for a three-story, 19-room boutique hotel with an accessory bar and coffee shop. The change was required due to the proximity to the two-family district to the west. The council approved the changes. The group has been working with Bennett Benner Partners for the design of the hotel and is working with Fort Construction to handle the construction. The group’s using CapTex Bank for financing of the project.
Kendavis Finance LTD has leased 2,937 square feet at 777 Main St. Fort Worth, 76102. Geoff Shelton with Holt Lunsford Commercial represented the tenant. Whit Kelly with Transwestern represented the landlord, Brookdale Group.
Kforce has leased 2,348 square feet at Mallick Tower, Fort Worth, 76102. Geoff Shelton and Marshall Mays with Holt Lunsford Commercial represented the landlord, Mallick Tower. Aaron Cullen with Dominus represented the tenant.
Mantis Construction renewed its lease of 5,400 square feet at Riverbend Business Park in Fort Worth, 76010. Keaton Duhon and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Properties.
Mercury One leased 30,933 square feet in Dallas Communications Complex at 300 E. Royal Lane in Irving. Steve Wentz and Mike Wyatt of Cushman & Wakefield represented the tenant. Trae Anderson and Parker Morgan of Younger Partners represented the landlord, CCI-Irving IV, LP.
Motion Industries renewed its lease of 9,000 square feet at Riverbend Business Park in Fort Worth, 76010. Keaton Duhon and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Properties. Hayden Scott with Graham & Company represented the tenant.
One Time Associates renewed its lease of 3,000 square feet at Riverbend Business Park in Fort Worth, 76010. Keaton Duhon and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Properties. Cameron Page with DFW Commercial represented the tenant.
PracticeHwy.com Inc. signed a 9,142-square feet sublease at 1212 Corporate Drive. in Irving. Steven Schneider of Site Selection Group represented the subtenant. Charlie Beck of Cushman & Wakefield represented the sublandlord, Costa Energy LLC.
Rocket Tow Services renewed its lease of 2,250 square feet at Riverbend Business Park in Fort Worth, 76010. Keaton Duhon and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Properties.
Steve Hudson renewed his lease of 1,000 square feet at 3201 E. Pioneer Parkway, Arlington, 76010. Keaton Duhon with Holt Lunsford Commercial represented the landlord, 303 Associates.
The Toy Stop has leased of 2,250 square feet at Riverbend Business Park in Fort Worth, 76010. Keaton Duhon and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Properties.
Third Chair Holdings Group renewed its lease of 5,400 square feet at Riverbend Business Park in Fort Worth, 76010. Keaton Duhon and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Properties. Blake Rogers with JLL represented the tenant.
United Healthcare renewed a 37,360-square foot lease in Regent II Office Center at 5150 Regent Blvd. in Irving. Jon McNeil with JLL represented the tenant. John Fancher and Clint Madison of Cushman & Wakefield represented the owner, YMC Investors.
Verizon renewed a 31,180-square foot lease in Plaza @ Solana at 1301 Solana Blvd. in Westlake. Chris Hermann of CBRE represented the tenant. Trey Smith, John Fancher and Christy Thelen of Cushman & Wakefield represented the landlord, Harbert Management Corp.
White Star Logistics LLC has leased 10,500 square feet at 1720 S. Riverside Drive in Fort Worth, 76104. George Jennings with Holt Lunsford Commercial represented the owner, WSP Riverside LLC.
Benbrook Irrigation & Pipe Supply sold a 6,500-square feet property at 106 Goliad St. in Benbrook. Adam Curran of Cushman & Wakefield represented the seller. Gary Vasseur of Vasseur Commercial represented the buyer, Patterson Landscape.
Dodson Development has purchased 28,000 square feet in buildings located at 6501 Hart St. and 1020 S. Handley Drive, Fort Worth, 76112 from Youghal Corporation. George Jennings with Holt Lunsford Commercial represented the buyer. Michael Newsome with NAI Robert Lynn represented the seller.
LGI Homes acquired a 389-acre plot of land at 11500 Old Weatherford Road in Fort Worth. Chris Harden and Ryan Duffie of Cushman & Wakefield represented the seller, a partnership between Crow Holdings and James R. Harris Partners.
Bellomy & Co. announced the sale of Lone Star Self Storage in Mansfield, Texas. The Class A facility has 186 units in 27,452 net rentable square feet. The property comprises five buildings on 2.06 acres with expansion room. The occupancy was 95% at closing. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a Cleburne, Texas, based family partnership. They also procured the buyer, Southern Storage LLC of Mansfield.