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Real Estate Real Deals: It’s a wrap for Southlake firm’s $40M theater acquisition

Real Deals: It’s a wrap for Southlake firm’s $40M theater acquisition

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The Fort Worth Business Press obtains some of its Real Deals content through a partnership with Xceligent Inc., a commercial real estate research firm.

United Development Co. of Southlake has acquired 11 movie theaters in eight states, completing a $40 million acquisition that includes three Texas properties.

United Development will repurpose several of the properties, with UA Fossil Creek Stadium 11 in Fort Worth and UA Galaxy Theater 10 in Dallas to remain open. UA Grand Prairie 10 theater in Grand Prairie will close in early 2016 and be redeveloped as a retail center with a grocery store and restaurant as anchor tenants.

Other properties in the 109-screen portfolio are in Colorado, Louisiana, Mississippi, New Jersey, New York, North Carolina and Oklahoma. Limited lease terms remain on each location and United Development is restructuring new long-term leases for four of the 11 properties.

Three of the new-lease properties will operate as United Artist Theatre Circuit Inc. theaters, with one operating as Cinemark’s new upscale theater brand.

Players in the joint venture are United, ALA Holdings of Los Angeles and Iron Point Real Estate Partners III LP of Washington, D.C. HFF Inc., a mortgage banking firm, arranged $27.8 million in financing for a two-year, floating-rate loan through CapitalSource.

United Development Co., through its investment platforms, has managed more than $500 million in real estate investments in the last 15 years.

FW OFFICE COMPLEX SOLD,

TO BE MEDICAL BUILDING

A three-building office complex in Fort Worth has been purchased by TNA Realty LLC from Pennsylvania Avenue Partners LLC. Closing on the property was Jim Turano of Henry S. Miller Brokerage’s Office Division. The 10,000-square-foot office complex sits on 32,683 square feet of land at 1115 Pennsylvania Ave. It will be redeveloped into a 20,000-square-foot medical office building.

VALVOLINE FRANCHISEE BUYS

FORECLOSED SAGINAW SITE

Frost Bank has sold a foreclosed retail property in Saginaw to TL2 Industries LLC, a franchisee of five Dallas-Fort Worth Valvoline Instant Oil Change locations.

A Zippy Lube formerly occupied the property at 701 N. Saginaw Blvd. The 4,150-square-foot structure features a 1,600-square-foot basement oil-changing pit, state inspection space and in-bay car wash.

Wayne Burgdorf of Coldwell Banker Commercial Alliance DFW brokered the deal.

ART BALLET ACADEMY

MOVING TO NEW SPACE

The Art Ballet Academy will relocate to 3,506 square feet of newly finished studio space at Woodridge Village Shopping Centre in south Arlington, according to Coldwell Banker Commercial Alliance DFW.

The move is planned for Aug.1. The academy will relocate from 4001 W. Green Oaks Blvd. to 6031 West Interstate 20, capping a nine-month search for a new site.

Academy officials signed a long-term lease for first-floor space in the 73,983-square-foot Woodridge Village, which has two-story buildings designed for retail and office uses. The academy’s new home will feature an expanded reception area and two studios. Jeff Marek of Vision Commercial Real Estate represented the landlord, RP Partners Ltd. ETA, in the transaction.

SALES

Beach Street II in Fort Worth, a 17,322-square-foot shopping center along North Beach Street, has been sold to a private investor. Dallas-based Beach-North Tarrant Ltd. sold the property, a fully leased center featuring Goodwill, Little Caesars Pizza, Check-N-Go and Golden China Restaurant, among other tenants. Cameron Deptula of CBRE Markets’ Capital Investment Properties represented the seller.

Temple Christian School of Fort Worth has been sold. High Point Holdings of Fort Worth LLC bought the 25,394-square-foot property at 1256 N. Jim Wright Freeway in White Settlement from Temple Christian School of Fort Worth Inc. Gene J. Livens of Arlington-based Service Realty Inc. represented the seller. Austin-based InSite Co. represented the buyer.

LEASES

Domino’s Pizza has leased 2,593 square feet at 5650 Rendon Bloodworth Road in Fort Worth, according to Xceligent Inc. Grant Gary of Woodmont Co.-Fort Worth represented the landlord.

Barr Code has leased 1,988 square feet at Parkside So7, 2421 W. Seventh St. in Fort Worth, according to Xceligent Inc. Grant Gary and Peter Jacobsen of Woodmont Co.-Fort Worth represented the landlord.

RX Com has leased 11,127 square feet at Northwest Office Park in Fort Worth, according to Xceligent Inc. Randal Johnson of Havener Companies represented the landlord.

Amcor Rigid Plastics has leased 269,000 square feet at Fleetwood Distribution Center, 4100-4324 Fleetwood Road in Fort Worth, according to Xceligent Inc. Greg Kloiber and David Stetchly of Top Gun Advisors represented the tenant. Matt Smith of ML Realty Partners LP represented the landlord.

Burlington Coat Factory has leased space at Ridgmar Town Square, 1255-1265 Green Oaks Road in Fort Worth, according to Xceligent Inc. Earl Harris of Centennial Retail Services represented the landlord.

Schindler Elevator has leased 5,000 square feet at 1101-1107 E. First St. in Fort Worth, according to Xceligent Inc. Todd Hawpe and Jeff Givens of Transwestern-Fort Worth represented the landlord.

Harbor Hospice of Fort Worth has leased 1,820 square feet at Mont Del Plaza West, 6471-6499 Southwest Blvd. in Benbrook, according to Xceligent Inc. Bill Myers of Colonial Commercial Real Estate LLC represented the landlord.

MaxFrut has renewed its lease for 2,312 square feet of retail space in the Park Center Shopping Center, 1730 W. Randol Mill Road in Arlington. Chris Mendez of Coldwell Banker Commercial Alliance DFW represented the landlord, Randol Mill/Fielder LLC, in the direct deal.

ET Investments has leased 1,985 square feet at Colleyville Plaza Shopping Center, 4902-4908 Colleyville Blvd. in Colleyville, according to Xceligent Inc. Bob Baker of Baker Equity Holdings LLC represented the landlord.

Superior Urgent Care has leased 5,273 square feet at Keller Commons, 2122 Rufe Snow Drive in Keller, according to Xceligent Inc. Chris Corbin and Michael Dearden of Venture Commercial-DFW represented the landlord.

Kiss It Good Buy has leased 5,102 square feet at Old Main Street, 106-280 N. Main St. in Grapevine, according to Xceligent Inc. Eric Deuillet of Structure Commercial represented the tenant and the landlord.

ASD Concrete Cutting has leased 5,000 square feet at 525 Industrial Blvd., building A in Grapevine, according to Xceligent Inc. Tim Lancaster of TLC Realty represented the landlord.

Sumits Yoga has leased 4,517 square feet at Colleyville Plaza Shopping Center, 4902-4908 Colleyville Blvd in Colleyville, according to Xceligent Inc. Bob Baker of Baker Equity Holdings LLC represented the landlord.

EMH LLP has leased 3,129 square feet at the Bank of America building, 2000 E. Lamar Blvd. in Arlington, according to Xceligent Inc. Brand Fitzgerald of EMH represented the tenant. Theron Bryant and Casey Tounget of Coldwell Banker Commercial Alliance DFW represented the landlord.

Southwest Pet Inc. has leased 2,800 square feet at Overland Stage Shopping Center, 5705-5781 Southwest Green Oaks Blvd. in Arlington, according to Xceligent Inc. Troy Morgan of Structure Commercial represented the tenant and landlord.

Cimarron Freight has leased 2,343 square feet at Talley 2, 231 Northeast Loop 820 in Hurst, according to Xceligent Inc. Eric Deuillet and Jake Burns of Structure Commercial represented the tenant and landlord.

High Stone Reflexology has leased 1,855 square feet at Colleyville Plaza Shopping Center, 4902-4908 Colleyville Blvd. in Colleyville, according to Xceligent Inc. Bob Baker of Baker Equity Holdings LLC represented the landlord.

Ditta Solutions LLC, franchisee for Airalle Lice Treatment centers, has leased its second office location at 8241 Mid Cities Blvd. in North Richland Hills from JK Realty Group LLC. Jim Breitenfeld of Henry S. Miller Brokerage represented the company in leasing the 840-square-foot space. Mark Webster of Keller Williams Commercial-Southlake represented the landlord.

Wingstop has leased 1,800 square feet at Park Place, 2100-2150 W. Northwest Highway in Grapevine, according to Xceligent Inc. Matt Luedtke and Gretchen Miller of The Weitzman Group-DFW represented the landlord.

Grocery Delivery Services USA has leased 10,100 square feet at 630 112th St. in Arlington, according to Xceligent Inc. Joe Rudd of Transwestern-Fort Worth represented the landlord.

All Current Electrical Sales Inc. has leased 21,450 square feet at Prologis GSW 35, 2005-2009 N. Great Southwest Parkway in Grand Prairie, according to Xceligent Inc. MacKenzie Ford of Stream Realty Partners LP represented the tenant. Tom Walrich and Reed Parker of Lee & Associates-Dallas represented the landlord.

Mechanic United Diesel Service has leased 7,200 square feet at 2441 Houston St. in Grand Prairie, according to Xceligent Inc. Corby Hodgkiss of Mercer Co. represented the landlord

Send real estate news to lgraham@bizpress.net

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