Commercial real estate veteran Rick Hopwood has joined NAI Robert Lynn, a full service commercial real estate firm with offices in Dallas and Fort Worth. Hopwood will be senior vice president of the office division. Hopwood’s duties in his new position will include office leasing, brokerage and development across Tarrant County. Hopwood has more than 35 years of experience in the industry. He has worked for national developers, local real estate firms, and in 2015 started his own firm, Hopwood Commercial Real Estate, where he specialized in office and industrial leasing representing landlords and tenants, brokerage, property management, development, and facility acquisitions.
Hopwood has brokered a large number of office leases over the last three years totaling more than 500,000 square feet for clients like GM Financial, Decker Jones and Quicksilver Resources. He has developed and led acquisitions of over 85,000 square feet of property during that same period.
“Rick is well known in the industry for finding creative solutions to difficult transactions and his exceptional client service is a perfect fit with NAI Robert Lynn’s culture,” said Todd Hubbard, NAI Robert Lynn’s Fort Worth president. “Rick is also very active in a number of Fort Worth philanthropic organizations and has an excellent reputation within the Fort Worth business community.”
Hopwood is a certified property manager and a licensed real estate broker in Texas and California. He formerly served as president and board member of the Building Owners and Management Association (BOMA) and the Fort Worth chapter of the Institute of Real Estate Management (IREM). He has also served as a board member for the Society of Commercial Realtors (SCR) and has held numerous volunteer positions with his church, Christ Chapel, and with the PGA Colonial Golf Tournament in Fort Worth. He earned a Bachelor of Business Administration in finance from Texas Tech University in Lubbock.
New look for 100-plus year-old law firm
Decker Jones P.C., a Fort Worth-based law firm established in 1896, has renovated its space on the 20th floor of the Burnett Plaza in downtown. The new look reflects the ever-changing practice of law in Texas and across the U.S., say firm shareholders.
“The fresh, updated look of Decker Jones is reflective of the firm’s forward-thinking approach. We have all the experience and know-how that one would expect of a firm that is more than 120 years old, and we are always looking toward the future,” said Leslie Hunt, a shareholder at Decker Jones.
“The layout is service- and collaboration-focused, with modernized conference rooms and meeting spaces,” said Hunt. “With the changes we have made to our offices, our space is truly reflective of the Decker Jones philosophy – Generations of Experience. Always moving forward.”
The Lauckgroup designed the new space and RIM Contractors led the construction team.
Fort Worth office building under contract
TIER REIT Inc., a Dallas-based real estate investment trust that specializes in owning and operating office properties in select U.S. markets, announced financial and operating results for the fourth quarter and full year on Feb. 13.
At the same time, the REIT announced it is downsizing its Houston and Fort Worth portfolios and has Centreport Office Center in Fort Worth under contract to sell. Centreport Office Center has approximately 133,000 rentable square feet. These properties are under contracts for an aggregate anticipated sales price of approximately $145 million, according to TIER REIT.
“We exited five markets during 2017,” said Scott W. Fordham, president and CEO, “and we announced today that we are under contract on 500 East Pratt in Baltimore, Loop Central in Houston, and Centreport Office Center in Fort Worth. Exiting Baltimore and downsizing our Houston and Fort Worth portfolios will further our continued efforts to sharpen our geographic footprint and improve the overall quality of our portfolio.”
Fordham said that, subject to normal closing conditions, TIER REIT will complete the transactions during the first quarter.
Fordham said the REIT is putting a strong focus on Austin, where the company recently acquired Domain Point. Domain Point consists of two office buildings that total approximately 240,000 square feet on over 9.5 acres of land. As a component of the acquisition, TIER REIT has the exclusive rights to rebrand and include the property as part of The Domain, a high-profile new development in southwest Austin.
That brings TIER REIT’s total Austin office ownership to over 2.1 million square feet, including properties under construction that are over 95 percent leased, according to Fordham.
“We’ve always known Austin is a special city,” said Fordham, “and we are pleased to see its prominence grow not only within our portfolio, but also as one of the nation’s most desirable places to live, work and play. Our existing ability to develop at least 1.2 million square feet inside The Domain, plus future redevelopment opportunities, positions us for significant additional value creation opportunities within Austin.”
Phoenix-based NexMetro Communities acquired a 13-acre parcel located on the corner of Sara Jane Parkway and Forum Drive in Grand Prairie. The site is located at the northwest quadrant of State Highway 161 and Interstate 20. Younger Partners broker Tom Grunnah represented NexMetro in the land acquisition along with colleagues Michael Ytem, Jeremy Lillard and Kevin Harrell.
A local Texas buyer in a 1031 Exchange has purchased Sublett Crossing, a 23,470 square foot shopping center shadow anchored by a recently remodeled Albertson’s. The center is located at 6320 U.S. Highway 287 in Arlington. “A local Texas 1031 exchange buyer purchased the asset due to the complementary mix of national and regional tenants with a strong historical occupancy,” said Jared Aubrey, senior vice president, CBRE. Aubrey and Michael Austry with CBRE in Dallas brokered the sale.
A local, all cash, non-exchange buyer has purchased the CVS located at 9620 White Settlement Road in Fort Worth in an off-market transaction. This was a short term double net lease with less than two years remaining. Jared Aubrey, Michael Austry and Brad Benjamin of CBRE brokered the sale.
JLL has completed the sale of 340 Grapevine Highway in Hurst on behalf of Frost Bank. Westover Hurst LLC acquired the 13,900 square foot retail property. JLL Managing Directors Pat McDowell and Todd Burnett led the sales team. The Westover Group’s Mack House represented the buyer. The property is situated at a highly visible, major intersection in Hurst. The sale includes the 2.12 acres of land surrounding the building.