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Wednesday, October 28, 2020
Real Estate Real Deals: Homewood Suites sold

Real Deals: Homewood Suites sold

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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.

SALES

Marcus & Millichap (NYSE: MMI) has announced the sale of Homewood Suites Arlington, a 101-room hospitality property located 4550 Waxwing Drive. Allan Miller and Chris Gomes the Dallas office had the exclusive listing to market the property on behalf of the seller, DPG Partners out of Dallas metro. The buyer, Northwest Airport Management LP, was also secured and represented by Miller and Gomes.

Transwestern Investment Group and S2 Capital LLC on Jan. 28 announced the sale of The Morgan, a 464-unit multifamily community. Denver-based PaulsCorp LLC acquired the property at 1611 Oak Creek Lane in Bedford. TIG and S2 renovated the clubhouse, leasing office, and fitness center. Additionally, ownership fully upgraded roughly 50% of the units with stainless steel appliances, quartz countertops,

Image: autozone

Marcus & Millichap (NYSE: MMI) has announced sale of a 5,317-square foot net-leased AutoZone at 509 E. Belt Line Road in Cedar Hill. Kyle Varni and Vincent Knipp, investment specialists 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 secured and represented by James W. Pickett III and Vincent Knipp, investment specialists in Marcus & Millichap’s Tulsa and Dallas offices.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has sold four multifamily assets totaling 1,233 units in the Dallas/Fort Worth Metroplex. The transactions are end-of-the-year 2019 closings by Will Balthrope, IPA executive director and IPA’s Drew Kile, Joey Tumminello and Grant Raymond. The properties are:

• The Asher, a 450-unit multifamily community built in Grapevine on a little over 19 acres in 2019.

• Hillstone River Walk, a 225-unit apartment complex in Flower Mound, 10 minutes from the DFW International Airport and near FM 2499 and Cross Timbers Road.

• Avilla Premier, a 122-home purpose-built single-family rental community in Plano, constructed in 2017 on just under 11 acres, one block from Highway 75 and near President George Bush Turnpike and Sam Rayburn Tollway.

• 2803 Riverside, a 436-unit multifamily community built in 1999 on nearly 55 acres in Grand Prairie. The new American Airlines Fort Worth headquarters is three miles from the property.

LEASES

Herzog Technology Inc. signed a 44,000 square foot sublease contract at 2045 Westgate in Carrollton. Jennifer Dyess of Colonial Commercial Real Estate represented the tenant. Scott Jessen, Paul Clarkson and Andy Goldston of Citadel Partners represented the sublandlord, SDB Services LLC.

Newgen Biotech USA Inc. expanded to 9,396 square feet at 12901 Nicholson in Farmers Branch. Andrew Gilbert of Holt Lunsford Commercial represented the landlord, Alpha Industrial.

RW Solutions has subleased 21,404 square feet at River Bend East Office Park, Fort Worth, 76118. Matt Carthey and Jake Neal with Holt Lunsford Commercial represented the tenant. Jamie Galati and David Berzina with JLL represented Gorrondona & Associates Inc.

Pope, Hardwick, Christie renewed a lease of 11,259 square feet at 500 West 7th St., Fort Worth, 76102. David Cason with Holt Lunsford Commercial represented the tenant. Jack Clark with Red Oak represented the landlord, First on 7th.

My Shell Company has leased 8,000 square feet at Riverbend Business Park, Fort Worth, 76118. Keaton Duhon and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Properties. Thomas Grafton with Holt Lunsford Commercial represented the tenant.

J Squared Enterprise has renewed its lease of 360 square feet at Bedford Place, Bedford, 76021. Marshall Mays and Alan Rose with Holt Lunsford Commercial represented the landlord, 1901 Properties LLC.

Marcus & Millichap (NYSE: MMI) has sold Delta Rigging & Tools, a 36,008-square foot industrial property at 1149 W. Hurst Blvd. in Hurst. 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 Abushagur and Zimmerman. The property is situated on 3.01 acres and was renovated in 2006.

Aurora Labs Ltd. signed a 4,112 square foot lease contract at 714 South Greenville Ave. in Allen. Brendan Zrowka of Whitebox Real Estate represented the tenant in its first U.S. Location.

Geoforce signed a renewal lease contract at Granite Park Five in Plano. With this renewal was an expansion that brought the total footprint to 13,462 square feet. Grant Pruitt of Whitebox Real Estate and Robbie Baty of Cushman & Wakefield represented the tenant in this transaction.

MD America Energy signed a 15,473 square foot, seven-year renewal at Bank of America Tower, 301 Commerce Street in downtown Fort Worth. Grant Pruitt and Evan Hammer of Whitebox Real Estate represented the tenant.

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