Chicago-based restaurant and entertainment venue Pinstripes is the latest addition to The Shops at Clearfork, according to an announcement from Simon, in partnership with Cassco Development Co.
Set to open in in late 2017, the 30,000-square-foot venue will be near the recently announced AMC Theatre. It is the company’s first Texas location. Pinstripes has indoor and outdoor components with 12 bowling lanes, 6 indoor and outdoor bocce courts, a bistro and patios with fire pits.
Pinstripes focuses on Italian and American cuisines that use seasonal, locally sourced ingredients and features an upscale wine cellar and rotating menu of craft beers and cocktails. The location will include an event space accommodating 20 to 600 guests for corporate events, private parties and wine dinners.
“Pinstripes is a unique concept that brings a new, lively dining and entertainment experience to the Fort Worth area,” said Kathleen Shields, senior vice president of development at Simon. “This will be one of many exciting offerings at The Shops at Clearfork that will appeal to groups of all ages.”
Pinstripes currently operates seven locations (Northbrook, South Barrington, Oak Brook and Chicago, Illinois; Edina, Minnesota; Georgetown, in Washington, D.C.; and Overland Park, Kansas) and has more than 10 locations in development over the next three years.
MEDICAL OFFICE BUILDING
PLANNED FOR SOUTHLAKE
2GR Equity, a commercial real estate investment firm based in Grapevine, announced that it is in a joint venture with Dallas-based developer Brown Company Partners to acquire 4.2 acres on the southwest corner of White Chapel Boulevard and State Highway 114 in Southlake.
Construction plans are approved by the City of Southlake and work was to begin in early March. The 50,000-square-foot, three-story Class A medical office building is 40 percent preleased with two lead tenants – Irving Orthopedic & Sports Medicine and Dallas Plastic Surgery Institute.
Isaac Gregory, principal of 2GR Equity, said he believes the visibility and access to the building will be key to its success:
“The medical services industry is transitioning toward more retail-oriented locations, and this site fits perfectly within that model. We believe the building will be a great option for physicians who have privileges at multiple hospital systems in DFW and don’t want to subject themselves to the restrictions that come with on-campus MOBs [medical office buildings].”
The development, named Chapel Crossing, will offer floor plans of about 16,000 square feet, and the venture has engaged JLL Vice President Ryan Dale to handle leasing. Construction loan financing is being provided by Southwest Bank of Fort Worth. Ridgemont Commercial Construction is the general contractor. Greenlight Development & Design is the architect of record.
WESTCLIFF CENTER ACQUIRED
BY FLORIDA LAND COMPANY
Consolidated-Tomoka Land Co. has acquired the Westcliff Center, a 136,000-square-foot grocery-anchored shopping center located at 3563 Alton Road in Fort Worth.
Consolidated Tomoka (NYSE CTO), based in Daytona Beach, Florida, announced the acquisition, saying it paid $15 million at a 6.28 percent cap rate for the property.
The shopping center is an in-fill location on 10.3 acres and consists of four single-tenant properties and one multi-tenant property on three separate but contiguous land parcels, according to a news release. The anchor property is a 39,000-square-foot building leased to Albertsons under a triple-net lease with about five years remaining at a lease rate well below the current market rental rate. Cook Children’s Health Foundation leases the second-largest property, a 38,000-square-foot office building, under a triple-net lease with about two years remaining, also at a rental rate below current market rates. The multi-tenant property of 55,000 square feet is anchored by Dollar General and Ace Hardware. The property, in aggregate, is about 96 percent leased with a weighted average remaining lease term of about 4.1 years.
“This property represents the purchase of a large land parcel with future renovation possibilities that is leased to several credit tenants with the potential to increase the yield by going from low in-place rental rates to market rates,” said John P. Albright, president and CEO. “With this purchase we have reinvested a substantial portion of the recent $27 million land sale to Minto Communities. This acquisition brings our total 2017 investment activity to approximately $19 million.”
KEITH DISTRIBUTION CENTER
PLANNED FOR CENTRAL TEXAS
Fort Worth’s Ben E. Keith Co. has purchased 89 acres in Selma, northeast of San Antonio, with plans to build a new distribution center.
Construction was to begin immediately on a 510,000-square-foot, LEED-certified center that will include such features as an Automatic Slotting and Retrieval System, a modern test kitchen and training center. Construction is expected be completed by the fall of 2018,
“We have enjoyed our growth in the San Antonio, Austin, Hill Country and South Texas markets for over 25 years. A new state-of-the-art facility will continue our mission to be a better partner for our customers and to provide our employees with an exceptional work environment.” said Mike Sweet, president of Ben E. Keith Foods.
Ben E. Keith entered into economic development agreements with both Comal County and the City of Selma. They included property tax abatements, job creation requirements and facility minimums. The agreements included creation of 537 jobs by 2025, a minimum payroll of $38.5 million and a completion date of 2019.
CUSHMAN & WAKEFIELD NAMED
TO MANAGE PIER 1 STORES
Cushman & Wakefield has announced an agreement with Fort Worth-based retailer Pier 1 Imports to manage the retailer’s lease portfolio of more than 1,000 stores with 10 million square feet across the United States and Canada.
“Cushman & Wakefield will work with Pier 1 Imports to assess and develop a strategy for various locations within the company’s vast store portfolio, helping to gain efficiencies and bring costs down.” said Todd Kohlbecker, senior managing director at Cushman & Wakefield, a commercial real estate firm.
“Our goal with Pier 1 Imports is to develop a broader plan for how we approach the portfolio, and then drill down into individual leases from a more strategic standpoint to help them effectively manage their resources,” Kohlbecker said. “Cushman & Wakefield was awarded this critical assignment because of our myriad strengths in this area.”
Bret Bunnet, executive managing director of Cushman & Wakefield, said the growth of e-commerce has forced every retailer to examine strategically its brick-and-mortar stores.
“Our work for Pier 1 Imports offers everything from renewals to new leases to right-sizing the retail chain where it’s needed most,” he said.
Pier 1 Imports, which began in 1962 with a single store in San Mateo, California, reported on March 6 that preliminary fiscal 2017 sales decreased about 3.4 percent while the company’s e-commerce sales grew 20 percent.
SALES
An 8,575-square-foot building at 1501 Airport Freeway in Bedford that was once a Harrigan’s Restaurant has been sold by Carroll Family Investments Ltd. to Ron Sturgeon Real Estate LP. Gary Vasseur of Vasseur Commercial Real Estate Inc. represented the buyer. Eric Vickers and Gretchen Miller of The Weitzman Group represented the seller.
RDS Opportunity Fund LLC has purchased 32 acres at 1921 Golden Heights Road in Tarrant County from Annette and Mike Lindstrom with plans to develop multi-tenant industrial buildings. Gary Vasseur and Nathan Vasseur of Vasseur Commercial Real Estate Inc. represented the buyer. Edward Bogle of Davidson-Bogle represented the seller.
A mixed-use building totaling 6,600 square feet at 906 W. Cannon St in Fort Worth has been sold to an investor. Hatfield Properties LP represented the owner.
A 24,000-square-foot tract located at 208-214 Galveston Ave. and 209 St. Louis Ave. in Fort Worth has been sold to a physician group. Hatfield Properties LP represented the owner.
LEASES
Apex Cargo International has leased 21,875 square feet at DFW Global Logistics Centre, Building C, 1250 Mustang Drive in Grapevine. Turner Petersen of Mercer Co. represented the tenant. Steve Koldyke and Kacy Jones of CBRE-Arlington represented the landlord.
PMG Worldwide LLC has leased 13,000 square feet at 2821 W. Seventh St. in Fort Worth. Jerry Bolz of Worth Commercial Real Estate represented the landlord.
American Excelsior Co. has leased 10,121 square feet at 1174 N. Great Southwest Partway in Grand Prairie. Corby Hodgkiss of Mercer Co. represented the tenant. Michelle Hudson and Tom Hudson of Hudson Peters Commercial represented the landlord.
Plycon Transportation Group has leased 6,048 square feet at 1174 N. Great Southwest Parkway in Grand Prairie. Jeremy Mercer of Mercer Co. represented the tenant. Steve Koldyke and Kacy Jones of CBRE-Arlington represented the landlord.
Preferred RX LLC has leased 5,004 square feet at Oakhollow Business Park, 2415 Avenue J in Arlington. David Dunn and Dan Morris of SVN Commercial Realty-Dunn Commercial represented the landlord.
Arlington Strength & Conditioning has leased 5,000 square feet at 2625 Aviation Parkway in Grand Prairie. David Dunn and Dan Morris of SVN Commercial Realty-Dunn Commercial represented the landlord.
The Little Gym has leased 3,428 square feet at Basswood Village, 900 N. Blue Mound Road in Saginaw. Darnell DeBrule of Newmark Grubb Knight Frank represented the tenant. Sam Littlejohn and Brian Sladek of Retail Solutions-Dallas represented the landlord.
Fit For Life Gym has leased 2,960 square feet at City View Towne Crossing, 4801-4875 Bryant Irvin Road in Fort Worth. Mark Johnston of Glazer represented the landlord.
ASL Contractors has leased 2,205 square feet at Trinity Plaza, Building 2, 4013 Clay Ave. in Haltom City. Ed Runyon of WFR Properties represented the landlord.
Geldard Technologies has expanded and doubled the company’s existing space at 2516 Minnis Drive, Suite 210 and 220, in Haltom City to 3,600 square feet. Chris L. Stewart of Vasseur Commercial Real Estate Inc. represented the landlord, M&N Joint Venture.
Weatherford TC Ltd. has leased 3,676 square feet at 2128 Tin Top Road, Suite 100, in Weatherford to Sake Japanese Steakhouse. Dick Myers of Vasseur Commercial Real Estate Inc. represented the landlord. The restaurant should open in late March.
Hampy Brookshire Land Services is leasing 1,898 square feet at 600 Texas St. Hatfield Properties LP represented the landlord.
Bellhaus Fitness in leasing 1,133 square feet at 459 S. Jennings Ave.,
Hatfield Properties LP represented the landlord.
Send real deals to Robert Francis at rfrancis@bizpress. Net.