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Tuesday, April 20, 2021

Real Deals: Great place to work

TRANSWESTERN NAMED

GREAT PLACE TO WORK

Transwestern has been named as one of the 2018 Best Workplaces in Texas by Great Places to Work and Fortune magazine. This marks the second year in a row the commercial real estate firm has been recognized and the company’s fifth Fortune award collected over the past 12 months.

“It is truly an honor to be named one of the Best Workplaces in Texas again,” said Larry P. Heard, CEO of Transwestern’s companies. “Our team members in Texas and across the country exemplify the purpose we strive to achieve every day – empowering good people to do extraordinary things together. Our culture is what makes Transwestern a great place to be and a great place to do business.”

Read Transwestern’s Great Place to Work overview at http://reviews.greatplacetowork.com/transwestern.

SALES

Transwestern Investment Group and S2 Capital LLC on March 26 announced the acquisition of Oak Creek Apartments on behalf of one of its managed funds. Located at 1611 Oak Creek Lane in Bedford, the 464-unit property is one of the largest Class B communities in the Midcities. Transwestern’s Taylor Snoddy, Philip Wiegand and James Roberts represented the seller. This value-add acquisition represents the first multifamily purchase of the fund.

The 61-building property is 92 percent occupied and provides an opportunity to upgrade about 80 percent of the units with modern interior finishes. TIG and S2 Capital plan to renovate the leasing center, fitness center and clubhouse as well.

Marcus & Millichap on March 26 announced the sale of a two-property, 190-room hotel portfolio in Grapevine. The properties are a 94-room Hampton Inn & Suites and a 96-room Comfort Suites, located at 1750 North Highway 121 and 1805 Enchanted Way, respectively.

“Historically, Grapevine is one of the Metroplex’s premium hospitality submarkets and achieves one of the highest RevPARs in the entire state,” said Chris Gomes, senior managing director for investments in Marcus & Millichap’s Dallas office. “Situated adjacent to each other, both of these assets recently underwent multi-million-dollar renovations and were acquired by the buyer as turn-key operations.”

Gomes and Allan Miller, first vice president for investments, represented the seller, Supreme Bright Grapevine II and IV LLC, a Dallas-based company, and procured the buyer, another locally based enterprise.

LEASES

Venture Commercial Real Estate has completed several retail leases across North Texas, totaling more than 41,000 square feet.

In Fort Worth, Yard Art Patio & Fireplace signed a lease to open a 9,122 square-foot store at 5270 South Hulen St. in the Hulen Fashion Center. Venture’s Easley Waggoner Jr. and Amanda Throckmorton represented the landlord, Venture Hule LP, a partnership of Venture Investment Partners LLC, in lease negotiations. Bob Moore with Tiburon Commercial Real Estate represented the tenant.

In Grand Prairie, Anju Donuts d/b/a Dunkin Donuts signed a 2,200-square-foot lease at the Victory Shops at Lakeridge II, which isy under construction at the northeast corner of Camp Wisdom Road and Lake Ridge Parkway. Venture’s Chris Corbin represented Dunkin Donuts in lease negotiations. The landlord was represented by Rose Meza with Segovia Retail Group.

Other Venture leases were in Richardson, Dallas and Fairview.

“Retail is alive and well in North Texas, despite some 2017 reports,” said Venture founding principal and managing partner Mike Geisler. “Developers and landlords continue to adjust to market forces with creative uses of space, ranging from restaurants and entertainment to grocery and consignment.”

CHAMPIONS DFW DEALS

Staff at Champions DFW Commercial Realty LLC represented buyers or sellers in several transactions across Tarrant County.

Eric Goodwin, director of office/industrial services, represented the landlord, Bengston Properties LLP, in the lease of 1,200 square feet at 1340 White Chapel Boulevard in Southlake. This is an office building that includes four suites and is now fully occupied.

Goodwin also represented the landlord, Crest Securities Ltd., in the lease of 1,460 square feet of professional office space at 231 East Southlake Boulevard in Southlake.

Rudy Janecka, director of retail services, represented the seller of The Little Wedding Chapel at 7601-7609 Precinct Line Road in North Richland Hills. The building comprises more than 10,000 square feet and sits on nearly six acres.

Lon Lloyd, director of investment sales, represented the seller of a building at 1801 West Division St. in Arlington. The building was sold to Skillet N’Grill Inc., a family-owned and -operated restaurant. The building was used to host weddings and special events in about 10,000 square feet on 1.5 acres.

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

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Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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