Monday, September 20, 2021
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Real Deals: Sales and leases

🕐 6 min read

SALES

Atlanta-based Preferred Apartment Communities Inc. (NYSE: APTS) has completed the acquisition of Alleia at Presidio, a 231-Unit Class A multifamily community in Fort Worth. Alleia at Persidio is located at 2028 Presidio Vista Dr. in north Fort Worth.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Summit at Landry Way, a 224-unit multifamily asset in Fort Worth.

“The property gives the buyer, Jay Duarah of Aspen Capital Group Inc., a significant value-add opportunity through continued and additional upgrades supported by exceptional submarket fundamentals,” said Drew Kile, IPA senior managing director. “In Q2 2021, assets of a similar vintage in the East Fort Worth submarket averaged 93% occupancy and 4.6% rent growth.” Kile, IPA’s Joey Tumminello, Will Balthrope and Asher Hall, in collaboration with Marcus & Millichap’s Tommy Lovell III, Nick Fluellen and Bard Hoover, represented the seller, One Real Estate Investment, and procured the buyer, Aspen Capital Group Inc.

Built in 1978 on 12 acres, the property is just off Interstate 30, near Downtown Fort Worth, Arlington, Grand Prairie, and Hurst-Euless-Bedford.

The two-story, 27-building, garden-style community has an outdoor grilling area with pergola, a picnic area, a resort-style pool, and a secluded wooded area with waterfall pond. The average unit size is 794 square feet.

Colliers (NASDAQ, TSX: CIGI) on July 6 announced the sale of Regent Place, a 41,661 square-foot office property located in Irving. Cody Payne, Senior Vice President at Colliers International, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also secured by Payne. The asset is located at 1304 W. Walnut Hill Lane and is positioned in a Class A location with persistent growth and construction in the immediate area, and continued development of retail and restaurants. This building was built in 1981 with many recent renovations including a remodel of the entryway and water feature, replaced HVAC units, and a roof replacement in 2010 with a 20-year warranty.

Marcus & Millichap (NYSE: MMI) has announced the sale of a two-property, 162,960-rentable-square-foot, 1,321-unit self-storage portfolio in the Dallas-Fort Worth Metroplex.

“Institutional-grade self-storage facilities in growing primary markets are in high demand,” said Brandon Karr, senior vice president investments in Marcus & Millichap’s Fort Worth office. “Even though the properties in this portfolio had not yet achieved economic stabilization, our team secured multiple offers based on a pro-forma income stream that yielded a price point beyond the seller’s requirements.” Karr represented the seller and procured the buyer.

The properties are a four-building, 557-unit facility located near Interstate 35 East in Corinth and a one-building, 764-unit property 150 feet from Interstate 35 West in Fort Worth. Both assets were constructed in 2018 and are managed by Extra Space Storage.

In an all-cash transaction, a private investor from North Texas has sold a 5.2-acre prime development site in Fort Worth’s Eastchase submarket to a townhome developer.

The acreage is located at 8661-8689 John T. White Road at its hard corner with Eastchase Parkway, less than a half mile north of a major Interstate 30 interchange. The neighborhood includes densely developed multi- and single-family developments, including a new DR Horton community, as well as a Walmart supercenter, Sam’s Club and Lowe’s Home Improvement store. More than 100,000 vehicles pass the site each day.

Erik E. Blais, first vice president in the Fort Worth office of Dallas-based Bradford Commercial Real Estate Services, represented the seller, Morteza Naghavi of Frisco, in a direct deal. The buyer is Mmarooful H. Choudhury, also a private investor from North Texas.

The site – zoned neighborhood commercial – has been on the market roughly two years. During that timeframe, two other contracts fell out because of local resistance to prospective buyers’ plans for commercial developments.

The acreage boasts 305 feet of frontage along Eastchase Parkway and 240 feet along John T. White Road. From a development perspective, the site is strategically situated midway between Fort Worth and Dallas.

“Coming out of the pandemic, the buyer needed to be someone who was able to close and then go through the rezoning process,” Blais says. “This buyer checked all the boxes and was able to move forward on the closing.”

Almost 200 new homes are coming to Waxahachie next year – First Texas and TriPointe plan to build about 185 single-family homes priced from $300,000 to $400,000 in The Oaks of North Grove subdivision at North Grove Blvd and FM 813.

Younger Partners Vice President David Hinson brokered the deal between buyer, Carrollton-based Bluebonnet Capital Partners and the seller, a private family.

The North Grove master planned single-family home community in the northeast area of Waxahachie has its next phase ready to go with the purchase of more than 70 acres at The Oaks of North Grove subdivision.

The model homes will be open this fall, and the first homes are on track to be completed in the first quarter of 2022, said Clayton Snodgrass, founder of Bluebonnet Capital Partners.

LEASES

Coury Hospitality, the developer of the recently opened $114 million Grapevine Main public/private partnership just opened the doors on its relocated headquarters in Las Colinas. Coury consolidated its operations from Kansas City and Tulsa. The hospitality developer leased 4,164 square feet at Canal Centre, 400 E. Las Colinas Blvd. in Irving. The tenant was represented by Younger Partners Vice President Garrett Marler. Sunwest Real Estate Group’s Tabitha Layne represented the landlord.

Syzygy Associates renewed its lease of 6,855 square feet at Western Insurance Building, Fort Worth, 76112. Marshall Mays with Holt Lunsford Commercial represented the landlord, Bridgestone Realty. Dane Thomson with Search Commercial represented the tenant.

Lowery Property Advisors leased 2,428 square feet at Summit Office Park, Fort Worth, 76102. Geoff Shelton and Jake Neal with Holt Lunsford Commercial represented the landlord, Pennybacker CapitalNora Hogan with Transwestern represented the tenant.

FedEx Ground Package Service leased 186,577 square feet at Carter Distribution Center, Fort Worth, 76134. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the owner, PGIMCurt Star with Fischer & Company represented the tenant.

MSC Biomedical LLC leased 40,000 square feet at 6701 Will Rogers Blvd., Fort Worth, 76140. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the tenant. Grant Huff with Transwestern represented the landlord, PJ Ranches Investments.

FX Concrete leased 2,250 square feet at Riverbend Business ParkGeorge Jennings and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Business Park.

Healthganic renewed its lease of 1,000 square feet at 3201 Pioneer Parkway, Arlington, 76101. Jake Neal with Holt Lunsford Commercial represented the landlord, 303 Associates.

Glide Rite Corp. has leased 4,600 square feet of warehouse space at 106 NW 17th St., Grand Prairie, from 3565 Venture LLC. Jim Ferris, vice president of Bradford Commercial Real Estate Services, represented the tenant. Will Dillard of Wells CRE Industrial Commercial Real Estate represented the landlord.

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