MULTIFAMILY ASSET CHANGES HANDS IN RICHLAND HILLS
Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has announced the sale of Creek on Calloway, a 247-unit apartment complex in Richland Hills.
“Significant exterior and interior improvements made since 2013 have completely transformed this community,” said Will Balthrope, IPA executive managing director. Balthrope, Nick Fluellen, Marcus & Millichap senior managing director investments, Drew Kile, IPA senior managing director, Bard Hoover, Marcus & Millichap senior vice president investments, Joey Tumminello, IPA director and Giuseppe Thum, IPA associate, represented the seller, a private commercial real estate investment, management and development firm and procured the buyer, Anna Simpson and Raj Gupta of A&R Multifamily.
Originally constructed in 1979 on 14.5 acres, Creek on Calloway is less than 10 miles from Downtown Fort Worth. The North East Mall is within a mile of the property and Dallas/Fort Worth International Airport is 10 minutes away.
One of Fort Worth’s top employers, Bell Helicopter Textron Inc., is nearby.
ULTERRE ADDS TO DFW TEAM
Christie’s International Real Estate affiliate ULTERRE has named strategic advisor Gaynelle Henger and top-producing agent Bradford Coffman to its Dallas/Fort Worth luxury real estate team. Both were previously at Briggs Freeman Sotheby’s International Realty, ULTERRE said in a news release.
“We are honored to have a deeply experienced person like Gaynelle participating in the growth of our enterprise and the quality of our operating team. Her subject matter expertise and insights are welcome additions and will enable us to continue to leap ahead,” Concho Minick, CEO of ULTERRE, said in the release.
“Adding Bradford Coffman as a core member of our Dallas team at the same time is equally inspiring. Bradford’s authenticity and commitment to innovation are an excellent representation of the ULTERRE culture,” Minick said.
The Christie’s International Real Estate|ULTERRE team will be located at 2913 Fairmount St., Suite 200, in Uptown Dallas beginning in September.
PAINT FIRM TAKES FORT WORTH SPACE
In a 20-day span and no downtime on the space, Bradford Commercial Real Estate Services has landed a Texas newcomer, Diamond Vogel Paint Co., as a new tenant for Railhead Business Station in north Tarrant County.
The Iowa-based company has leased 9,521 square feet of class A industrial space at 500 Railhead Road in Fort Worth from Sun Life Assurance Co. of Canada. Nick Talley, senior vice president and managing partner in the Fort Worth office of Dallas-based Bradford, represented the landlord in the direct deal.
“We had two prospects circling the space in a neck-and-neck competition,” Talley said. “Diamond Vogel took the space as-is for more than the quoted rate.”
Diamond Vogel’s first service center in Texas came on line quickly because it was able to secure space previously occupied by another paint manufacturer. According to the company website, Houston also is on its radar screen. Diamond Vogel operates seven manufacturing facilities and 70 service centers in the Midwest and West.
Talley says the previous occupant had two months remaining on its lease after its relocation, triggering the race for Railhead’s vacant space.
“We ended up lowering the term by one month to get Diamond Vogel in immediately. There was not one day of down time,” the broker said.
Credit for the deal’s speed is due in part to Fort Worth’s tight industrial market, where vacancy is less than 7%. Other factors are Railhead Business Station’s quality construction and proximity to NE Loop 820, Interstate 35 W and two major airports. The 43,872-square foot project also benefits from a Triple Freeport tax exemption and Enterprise Zone abatement. Design-wise, the structure features an ESFR sprinkler system throughout and 24-foot clear height.
There is a similar situation brewing in Railhead Business Station for 25,000 square feet of just-vacated space. Talley says the rent will flow until the end of November. “And I’ve already got some prospects circling,” he adds.
SEALY ACQUIRES WAREHOUSE FACILITY IN ARLINGTON
Sealy & Company, a fully-integrated commercial real estate investment and operating company and leader in the industrial real estate market, announces the acquisition of a 182,630 square foot warehouse facility in Arlington. The transaction was made on behalf of Sealy Industrial Partners L.P. (SIP) for an undisclosed amount.
The property, built on roughly eight acres in the Great Southwest/Arlington submarket, benefits from its central location within the Dallas-Fort Worth area. Because it offers distributers the ability to reach key markets by both truck and rail easily, this area has become a significant logistics and distribution hub.
The property’s key features that attracted Sealy & Company’s team include its central location, easy access to I-30, SH-360, SH-161, SH-183, and immediate proximity to the world’s fourth-busiest airport, Dallas Fort Worth International Airport. In addition to its location, the economic value brought by the area’s rising industrial employment base and demand for industrial space made this a fundamentally stable investment. The property features rear-load capability, 24-foot clear height, dock-high and ramp door access, and a high office finish.
“Sealy recognizes the value and opportunity in the capital structure of this investment. Since our investment services headquarters is in Dallas, we are fortunate to know the area and to be able to take advantage of the exceptional relationships we have and the name we’ve made for ourselves,” said Sealy & Company’s Chief Investment Officer Scott Sealy Jr.
GAMMA EXPANDS IN MANSFIELD
Construction is now underway on a 21,600-square-foot expansion at Mansfield-based Gamma Aerospace, one of the nation’s top providers of forming, machining, and assembly technologies for the aerospace and defense industries.
Fort Worth-based general contractor, Speed Fab-Crete, and its design-build architectural partner, Callahan & Freeman, were tapped to perform construction and design services for the project. Slated for completion in July 2020, the project includes a new two-story, corporate office building with conference and training facilities.
Utilizing the design-build method of project delivery, Speed Fab-Crete is combining precast concrete and steel to construct the high-performance facility, and its exterior finish will be precast with an elastomeric textured coating.
The project will also include new parking/paving, sidewalks, utilities and supporting site improvements. Once complete, the expansion will seamlessly connect to Gamma Aerospace’ existing office and production headquarters, at 601 Airport Drive in Mansfield.
“Gamma Aerospace’s new state-of-the-art facility will enable the company to expand and improve its aerospace metal finishing process capabilities, accommodate and consolidate its experienced staff under one roof, and ultimately better serve its rapidly growing client base,” said David Bloxom, chairman and co-owner of Speed Fab-Crete.
In addition to Fort Worth-based Speed Fab-Crete and Callahan & Freeman Architects, the project team includes Mansfield-based Bannister Engineering as the MEP engineer, and Las Cruces, New Mexico-based Stubbs Engineering as the structural engineer.
LEASES
CASA of Tarrant County renewed its lease of 6,343 square feet at Mallick Tower, Fort Worth, 76102. Geoff Shelton and Marshall Mays with Holt Lunsford Commercial represented the landlord, Mallick Tower. Grant Irwin of NAI Robert Lynn represented the tenant.
Women’s Care of Mid-Cities renewed its lease of 3,688 square feet at Trail Creek Center, Euless, 76040. Marshall Mays and Alan Rose with Holt Lunsford Commercial represented the landlord, Kahawai, LLC.
Accuhealth Inc. has leased 2,993 square feet at Western Insurance, Fort Worth, 76112. Marshall Mays with Holt Lunsford Commercial represented the landlord, Bridgestone Realty. Cassie Watts with Cress Dallas represented the tenant.
Texas Health Resources renewed its lease of 2,350 square feet at Trail Creek Center, Euless, 76040. Marshall Mays and Alan Rose with Holt Lunsford Commercial represented the landlord, Kahawai, LLC.
Wilshire Consultants renewed its of 2,330 square feet at Mallick Tower, Fort Worth, 76102. Geoff Shelton and Marshall Mays with Holt Lunsford Commercial represented the landlord, Mallick Tower.
Medical Career Training has leased 1,224 square feet at Bedford Place I, Bedford, 76021. Marshall Mays and Geoff Shelton with Holt Lunsford Commercial represented the landlord, 1901 Properties.
Ana Ibarra has leased 725 square feet at Bedford Place I, Bedford, 76021. Marshall Mays and Geoff Shelton with Holt Lunsford Commercial represented the landlord, 1901 Properties.
Olympic Restoration Systems is the sublessee of 10,000 square feet of space at 2369 Pecan Court, Haltom City 76117. Alexander Cholet and Benjamin Brown of Tenant Base Inc. represented Olympic, while Vasseur Commercial Real Estate Inc.’s Gary Vasseur represented the sublessor, McDonald Ent