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PrimeLending promotes Thompson to president
PrimeLending, a PlainsCapital company, announced Steve Thompson’s promotion to president of the $15 billion national residential lender on Oct. 2.
Previously Thompson held numerous leadership and production positions in the mortgage and financial services industry. He holds a bachelor’s degree in economics from the University of California-Los Angeles and an MBA from the Paul Merage School of Business at the University of California-Irvine.
“Since joining PrimeLending, Steve has had a tremendous positive impact as a leader on the production team and our organization as a whole,” said Todd Salmans, chairman and CEO of PrimeLending, in a news release.
Thompson joined PrimeLending in 2011 as the western division manager and was promoted to national sales leader in 2013. He will continue to lead the company’s 1,300-plus loan originators nationwide. He will also take on responsibility for national operations, capital markets, joint ventures and marketing.
– FWBP Staff
industrial market report
for dfw finds net positives
cbre has released a new report on the industrial market in the Dallas-Fort Worth area for the third quarter of 2017.
CBRE Research reports that the quarter marked the 28th consecutive period of positive net absorption in the Dallas-Fort Worth industrial market, as the market absorbed nearly 8.2 million square feet. This is the second-highest absorption observed during this cycle, trailing only Q3 2016 when 8.9 million square feet was taken down by Dallas-Fort Worth area tenants.
More highlights from the report:
· Most absorption can be attributed to consumer goods, e-commerce and logistics companies this quarter.
· Q3 2017 was marked by large move-ins, with 43.5 percent of absorption due to the largest five tenant move-ins.
· The vacancy rate fell 56 basis points to 6.2 percent as tenants took down newer empty spaces that had caused recent rises in the rate.
· Buildings delivered in Q3 2017 were 60.3 percent pre-leased and accounted for over one-third of the quarterly absorption.
· The overall amount of industrial space under construction in D-FW continued to decline and is now about 16.4 million square feet. “This was still firmly in the top markets for building activity but could be a sign that developers are holding back a bit to let the existing vacant space occupy,” according to the report.
· Total non-farm employment, a leading demand indicator, rose 2.8 percent year over year through August; wholesale trade rose 2.9 percent; manufacturing posted an impressive 2.6 percent increase in jobs; and trade, transportation and utilities posted a 1.9 percent expansion for the same time period, according to the Texas Workforce Commission.
A study by Commercial Cafe of the Top 50 Cities for industrial construction in the past decade found that the Dallas-Fort Worth area was No. 3 among markets that added the largest amount of industrial space in the last 10 years, with over 101 million square feet spread across 267 properties. And Fort Worth ranked No. 3 on the Top 50 Cities that added the most industrial space, with 17.6 million square feet and 45 properties added in the last decade. Dallas was No. 5 with 15.8 million square feet.
www.commercialcafe.com/blog/top-50-cities-industrial-construction-past-decade/
investment group buys
ridglea church property
mdj Partners LLC has entered into a contract to purchase the property of Ridglea Presbyterian Church at 6201 Camp Bowie Blvd. The purchase price was not disclosed.
“While it is always hard to leave your home of over 70 years, this is a good day for our congregation,” said Bob West, coordinator of the contract negotiating team. “We are looking forward to continuing the mission of our church at a new location, and we are confident that we have chosen the right partner in MDJ Partners and look forward to working with them.”
MDJ Partners is a local investment group managed by Jarod Cox. “We view this as a ‘blue chip’ asset for us and one we plan to own for a very long time,” said Cox. “In the coming weeks we look forward to meeting with the neighborhoods and area stakeholders. As a resident of Ridglea Hills and regular consumer on Camp Bowie Boulevard, I am excited about the future of this property.”
Ridglea Presbyterian Church is a congregation of 400 members and has been in its current home since 1944.
MDJ Partners is a real estate investment group based in Fort Worth. This is its third acquisition in the Camp Bowie area. MDJ recently bought the old Kroger site at Camp Bowie and Clayton Road.
RIDGMAR CENTRE SOLD
TO ADDISON EQUITY FIRM
One Ridgmar Centre, a 10-story Class A office building at 6500 West Freeway, has been sold to Addison-based Frontier Equity for an undisclosed amount.
Transwestern represented Navstar Commercial in the sale of the 177,199-square-foot building. Transwestern Managing Director Steve Simon and Senior Vice President Steve Rowland represented the seller in the transaction.
“One Ridgmar Centre proved to be a highly sought-after property receiving multiple offers on the sale,” said Simon. “This robust activity is representative of the increased level of investor interest in the Fort Worth office market.”
One Ridgmar Centre was 89 percent occupied at the time of sale, with rents at 10 to 15 percent below market rate.
mansfield frontage site
sold for development
A development site with freeway frontage in Mansfield has been sold to a Dallas-area developer. It’s the third land sale in four months at a major intersection in the high-growth corridor of U.S. Highway 287.
Steadfast Heritage LLC has purchased slightly more than 5.4 acres fronting the highway at 1700 Commerce Dr. from Herman Smith & Co. Wayne Burgdorf, associate broker and vice president of Arlington-based Coldwell Banker Commercial Advisors DFW, represented the local seller in the direct deal.
The buyer is dividing the acreage into three tracts, two of which are being marketed by Edge Realty Partners LLC as development sites. The third parcel, totaling 2.2 acres, is slated to be sold to an unidentified commercial user.
“Good development sites along Highway 287 are disappearing as Mansfield rapidly evolves into a thriving suburb,” Burgdorf said.
The land, zoned light industrial, is at the corner of Heritage Parkway and Commerce Drive, with direct access to both. Burgdorf also is marketing nearly 3.1 acres with freeway frontage on the opposite side of the four-lane Heritage Parkway.
Four months ago, Burgdorf sold 5.3 acres to All Storage for a 216,723-square-foot development and 35.5 acres to a local developer who’s planning to build a business park. Close by are Dr Pepper Star Center, several master-planned residential communities and the Shops at Broad.
“In each case, the future build-out is geared toward providing basic services to a fast-growing suburb,” Burgdorf said. “And that’s what the 3.1-acre tract that’s on the market is likely to attract as well.”
crescent, long wharf buy
site in dallas’ west end
Fort Worth’s Crescent Real Estate LLC, in partnership with Long Wharf Capital LLC, has purchased Corgan’s headquarters and largest design services office located at the West End District on the edge of downtown Dallas. The existing three-story building and planned seven-story, 100,000-square-foot adjacent building will be known as The Luminary, billed by Crescent as a creative, amenity-rich office space designed to blend with the area’s “walkable” lifestyle of retail, entertainment and housing opportunities. The new building will be the tallest in the West End and will feature a rooftop terrace.
“As the West End’s tallest building, with high ceilings and efficient floor plate designs, The Luminary will offer dramatic views of the historic West End District, Downtown and Uptown, and help foster a creative work environment, which is crucial to innovation,” said John Goff, chairman of Crescent.
Corgan, which has designed the new building, will lease back the existing 58,591-square-foot, three-story building at 401 N. Houston St. and lease 21,862 square feet of the new 102,315-square-foot office building to be developed adjacent to Corgan’s office.
Crescent and Long Wharf will offer the remaining 80,453 square feet as creative office space.
The new building will include three stories of office space above a four-story parking garage. Each floor will have 26,817 square feet, and the new space will offer a 3.0/1000 parking ratio.
Crescent used its investment fund, GP Invitation Fund I, established in 2016, to fund the purchase of Corgan’s headquarters, the new building and the parking structure.
This acquisition complements Crescent and Long Wharf’s 2015 and 2016 investments in the West End. Crescent and Long Wharf own 223,000 square feet of creative office space in the West End, having acquired “brick and timber” properties at 208 N. Market, 501 Elm, 211 Record and 800 Jackson streets, all of which include office and ground-floor retail space and were constructed in the early 1900s.
fort worth food group
heading to burleson
Following approval of an economic development agreement with the city of Burleson at its Oct. 2 City Council meeting, McLane Classic Foods announced it will be relocating from Fort Worth to Burleson.
McLane Classic Foods, a part of the McLane Group, specializes in manufacturing custom-developed and prepared soups, sauces and side dishes for national restaurant chains including Potbelly Sandwich Shops, Denny’s, Panera Bread and Logan’s Roadhouse. It has been located in Fort Worth since 1992 at 629 Mony St.
The Burleson City Council approved a Tax Abatement Reinvestment Zone and an economic development performance agreement, paving the way for development of the 150,000-square-foot facility in Burleson’s HighPoint Business Park East, located along Interstate 35-W.
“I know they are going to make a great partner in our efforts to expand higher education opportunities and in many other endeavors that make Burleson a great place to live, learn, work and play,” said Mayor Ken Shetter.
“From our very first meeting, Alex Phillips and the Burleson EDC team along with Mayor Shetter and the city staff have shown quick action on every assignment and request they committed to,” said Drayton McLane III from the McLane Group.
McLane Classic Foods will relocate 40 jobs to the Burleson community and will make $30 million in capital investment in the project. The project is expected to begin construction in the first quarter of 2018 and open a year later.
Burleson has started to bite out a niche in the food manufacturing industry. Chicken E Food Service located its 90,000-square-foot headquarters and distribution plant at Burleson’s HighPoint Business Park. Later this year, Hayes & Stolz Mfg. Co., a longtime Fort Worth company that specializes in making industrial equipment used in the food manufacturing industry, will open its doors in a 144,000-square-foot facility. McLane Classic Foods will be the first company to break ground in HighPoint Business Park East.
awards
Bob Moore Construction will receive the 2017 Alphonse J. Engelman Zero Lost Time Safety Award from the Tilt-Up Concrete Association (TCA).
The association’s safety award program recognizes general contractors that are committed to maintaining safe working environments on their job sites. The Zero Lost Time Safety Award is given to TCA member companies whose safety programs have resulted in no job site incidents that resulted in lost man-hours of work in a year. The 2017 award is for the 2016 calendar year.
LEASES
Cinemark has leased 27,680 square feet at North Hills Village, 7520-7656 N.E. Loop 820 in North Richland Hills. Jordan Cluff of Woodcrest Capital LLC represented the landlord.
Spaces has leased 23,243 square feet at Granite Place at Southlake Town Square, 550 Reserve St in Southlake. Steve Rigby and Mike Cleary of CBRE represented the tenant. Aarica Mims, Burson Holman and Avery Bush of Granite Properties-Dallas represented the landlord.
Sweeping Services of Texas has leased 16,753 square feet at Felix Business Park, 120 E. Felix St. in Fort Worth. Matt Montague of JLL-Fort Worth represented the tenant. Jeff Givens of Transwestern-Dallas represented the landlord.
BTH Bank has leased 11,000 square feet at 5001 El Campo Ave. in Fort Worth. Rodger Chieffalo of Chieffalo Realty represented the landlord.
Data Shredding Services of Texas Inc has leased 10,800 square feet at Prologis Hanover, 801 Hanover Drive in Grapevine. Turner Petersen of Mercer Co. represented the tenant. Gil Stroube and Oscar Couto of Lincoln Property Co.-Dallas represented the landlord.
Petroleum Solutions has leased 10,000 square feet at 1201-1209 E. Avenue J in Grand Prairie. Michael Spain and Clint Manning of Bradford Commercial Real Estate Services-GSW Office represented the landlord.
Southwest Flooring has leased 9,952 square feet at 2202-2204 Carson St. in Haltom City. Bob Scully and Brice Wells of CBRE-Fort Worth represented the landlord.
Dolphin Heat Exchanger LLC has leased 9,000 square feet at 2301-2321 Blue Smoke Court North in Fort Worth. Corbin Blount of Lee & Associates-Dallas represented the tenant. Huck Newberry of The Newberry Company Inc. represented the landlord.
MOE has leased 8,175 square feet at Parc North, Building 2, 2601 Northern Cross Blvd. in Fort Worth. Mac Morse of Citadel Partners represented the tenant. Seth Koschak, Blake Kendrick and Forrest Cook of Stream Realty Partners LP-Fort Worth represented the landlord.
Alamo Precision Rifle has leased 6,000 square feet at 1501 W. Hurst Blvd. in Hurst. Jimmy Lemons of JML Investments represented the landlord.
Send real deals to Robert Francis rfrancis@bizpress.net