SALES
Marcus & Millichap (NYSE: MMI) has sold Aero, a 200-unit apartment property in Fort Worth. Al Silva, Senior Managing Director Investments in the Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a California-based private investment company. The buyer was a private out of state family office, and was also secured by Silva. Aero is located at 8300 Calmont Ave. The buyers plan to make interior improvements to make Aero a more attractive place to live for area residents.
Marcus & Millichap (NYSE: MMI) has sold River Oaks Shopping Center, a 23,380-square foot retail property at 4847 River Oaks Blvd. The property is a 100% occupied, and anchored by Dollar Tree and La Michoacana grocery chain. Philip Levy, Senior Managing Director Investments in Marcus & Millichap’s Dallas office and Chris Gainey, First Vice President Investments in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a developer. Levy and Gainey also secured and represented the buyer, a limited liability company,.
Marcus & Millichap (NYSE: MMI) announced Oct. 7 the sale of Arbor Park, a 78-unit apartment property located in Hurst. Al Silva, Senior Managing Director Investments, and Ford Braly, First Vice President Investments, in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also secured and represented by Silva and Braly.
“We launched the marketing for this property in mid-April as the COVID-19 lockdown became full force. We weren’t certain how receptive the market would be to a listing, as there wasn’t really anything else for sale at the time. Utilizing our Marcus & Millichap platform, we were able to attract 11 offers despite the fact that we couldn’t even tour the property in person until the final week of marketing,” commented Silva, “We were able to deliver results exceeding our initial pricing expectations amidst the market uncertainty. This was accomplished through our team’s comprehensive and far-reaching marketing process. The buyer was able to complete their 1031 exchange and plans to make significant improvements to the exterior and unit interiors, thereby making Arbor Park a more attractive option for area renters. They assumed the existing Fannie Mae loan that had 10 years left until maturity and, by doing so, they were able to avoid capital markets uncertainty and didn’t have to put up the large reserves now required for new loans”.
Arbor Park is located at 503 Brown Trail in Hurst and is a 78-unit apartment community.
EBO Marketing Inc., developer of Sandy Lake Office Park, has sold the class A suburban project to a local accounting firm after walking back its original plan to part with just one of its two buildings.
The multi-tenant office buildings, totaling 9,224 square feet, are situated on one acre at 1507 and 1529 E. Sandy Lake Rd. in Coppell. They were 75% leased at sale time.
Richmond Collinsworth, first vice president of Bradford Commercial Real Estate Services, and Jared Laake, vice president, represented the seller, who developed the office park in 2010 and has used part of the space as its headquarters from the onset.
“As the developer, EBO Marketing has an intrinsic attachment to Sandy Lake Office Park. After deep deliberations, the seller concluded it made sense to the keep the project together,” Laake says.
Sandy Lake Office Park will continue as an owner-user project. The buyer of record, JV Empire LLC, is setting up shop in 1,500 sf at 1507 E. Sandy Lake Rd., which previously was occupied by the seller. In turn, EBO Marketing is moving into 2,250 square feet in the adjacent building through a short-term sale-leaseback.
JV Empire had been searching the Coppell market for a site to lease. “Finding less than 2,500 sf and building signage on a prominent road doesn’t exist in this area,” Collinsworth says. “This is an analytical buyer who recognized the merit of acquiring a building and accruing equity versus paying a landlord.”
The Bradford team’s marketing attracted six solid offers because of Sandy Lake Office Park’s high visibility, freeway proximity and construction quality. The project is readily accessible to Interstate 35 E and President George Bush Turnpike and minutes from Dallas/Fort Worth International Airport. Phillip Maxwell of Glacier Commercial Realty LP represented the buyer.
“This buyer really wanted both buildings for the synergy and economies of scale,” Collinsworth adds.
Tom’s Mechanical Inc. has purchased a 32,878 square foot industrial building located at 3428 West Pioneer Parkway in Pantego. Jim Hazard, SIOR with ESRP represented the buyer. Michael Stanzel, SIOR with NAI Robert Lynn represented the seller.
LEASES
Vision Commercial Real Estate Principal Broker Roger Smeltzer Jr. recently completed lease negotiations at 700 W. Bedford Euless Road Hurst. With 4,225 square feet, Suite A will now be leased to Steadfast Baptist Church. The church will share the marquee with co-tenants Fellowship of the Sword. Congregants will be able to join the fellowship of Steadfast Baptist Church in November 2020. Vision Commercial represented the landlord. The lease was self-represented.
Vision Commercial Real Estate’s Molly MacEwan, Clint Renfro, and Scott Lowe, Directors and Partner at Vision Commercial, completed lease negotiations at 3100 S Hulen in Fort Worth, with Robert Snider, the brokerage associate at The Woodmont Company.
Suite 158 will now be leased to Fort Worth Running Company to use the 3,180 square foot space as a retail store for athletic footwear, apparel, and accessories. Located in Trinity Commons, Fort Worth Running Co. joins the marquee center with Tom Thumb, Body Bar Pilates, Glamour Paws, Starbucks, DSW, and more. In the lease negotiations, Vision Commercial represented the landlord while the tenant was represented by The Woodmont Company.
Vision Commercial Real Estate’s Cameron Haddad, director at Vision Commercial, and Zach Boatwright recently completed lease negotiations at 3990 N. Collins in Arlington, with Konel Romada at Segovia Retail Group.
Marco’s Pizza will now be preparing pizza and much more in suite 134. The 1,397 square foot space is now a part of Waters Edge at Viridian with easy accessibility, being within five minutes from I-30. Marco’s Pizza will be nearby Cherry Blow Dry Bar, Perfect Hair, Organic CBD, Upscale Nails, Man Cave, and much more.
In the lease negotiations, Vision Commercial represented the landlord while the tenant was represented by the Segovia Retail Group.