Wednesday, August 4, 2021
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Real Deals: Sales and Leases

🕐 4 min read

LEASES

The world’s largest independent insurance brokerage has taken a high-profile lease in Downtown Fort Worth. Stream Realty Partners on May 19 announced that Lockton Companies, the world’s largest independent insurance brokerage, has signed a lease for 5,000 square feet at Frost Tower Fort Worth. Stream represented Anthracite Realty Partners in the transaction.

Kansas City, Missouri-based Lockton is comprised of over 8,000 associates who advise over 60,000 clients worldwide in risk management, employee benefits and retirement services. Along with its Fort Worth office, Lockton’s footprint in the state of Texas includes offices in Dallas and Houston. Michael Moore is President of Lockton’s Fort Worth office.

Lockton’s lease brings the building to nearly 80 percent occupied.

Cullen Donohue, Senior Associate; Seth Koschak, Managing Director; and Chris Doggett, Executive Vice President with Stream represented the landlord. Matt Carthey, Partner at Holt Lunsford Commercial, represented Lockton.

JLL Income Property Trust, an institutionally managed daily NAV REIT, announced May 18 that it has executed a lease of its recently acquired Fort Worth Distribution Center. The tenant, iDC Logistics leased the newly constructed, Class A, state-of-the-art warehouse/distribution center totaling 350,000 square feet located in the North Fort Worth/Alliance submarket, one of the top three warehouse markets within the greater Dallas/Fort Worth Metroplex.

The lease is for the full building, includes annual rent increases of 3 percent, and is for five years until 2026, JLL said in the announcement.

iDC Logistics is headquartered in Los Angeles, and is an end-to-end logistics company, providing comprehensive design, implementation, and operational capabilities in freight forwarding, contract logistics, transportation, and distribution management.

Vision Commercial Real Estate Director  Jose Jimenez recently completed lease negotiations at 800 N. Crowley in Crowley. Suite 828 will be taken over by a new boba tea shop by local business owners. The North Crowley Center is now 100% leased; the landlord is in plans to give the shopping center a “facelift” in 2021. Vision Commercial represented the landlord and procured the tenant.

Vision Commercial Real Estate Principal Broker Roger Smeltzer Jr. recently completed lease negotiations at 250 N. Kimball Ave. in Southlake with Jason Kasal at RPAI. RockBox Fitness leased 2,908 square feet for a new fitness center in Southlake Corners. Vision Commercial represented the tenant while the landlord was represented by RPAI.

SALES

Transwestern Real Estate Services (TRS) announces the sale of 5900 Altamesa Blvd., a 43,397-square-foot medical property located in Fort Worth. Transwestern’s Bill Behr and Jim Sager listed the property on behalf of the seller, USMD Hospital at Fort Worth LP. The purchaser was 5900 Altamesa Blvd Partners LP., a joint venture between Texas Orthopaedic Associates Fort Worth PLLC and Vaquero Ventures. The sale price was not disclosed.

The property will be home to Texas Orthopaedic Associates and Texas Health Surgery Center Chisholm Trail LLC. The property was formerly owned and operated as USMD Hospital at Fort Worth and closed in January 2020.

Dalfen Industrial has acquired a 100% occupied, 98,666 square feet property in West Fort Worth. The property is next to the Lockheed Martin Aeronautics headquarters. This is the second acquisition in Fort Worth in the last nine months.

Built in 2017, West Tarrant Distribution Center is located at 1403 S Cherry Lane in White Settlement.

“A Class A asset in an irreplaceable location directly adjacent to one of Lockheed Martin’s most significant manufacturing facilities makes this asset a natural fit for our rapidly growing DFW portfolio,” said Sean Dalfen, President & Chief Investment Officer at Dalfen Industrial.

A 256-acre single family development in Haslet at the crossroads of Haslet Parkway and Intermodal Parkway was sold by Fort Worth Railroad Salvage Inc. to Tara Mana for an undisclosed amount. Pat McDowell of JLL represented the seller. 

Vanguard Real Estate Advisors announces the sale of an approximately 9.18 acre multifamily development site located at 3120 East Park Row Drive, Arlington. Jordan Cortez, Mason John and Chris Lussier of Vanguard REA represented the Irving-based purchaser, MPH Partners LLC. The ownership group was represented by Paul Huang with Richland Real Estate.

CBRE announced the sale of Interstate Crossing, a newly constructed, 1 million square foot Class A+ distribution facility in Fort Worth.

CBRE’s Jack Fraker, Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE National Partners represented the seller, Hunt Southwest Real Estate Development LLC, in the transaction. A publicly traded REIT purchased the long-term leased fulfillment center for an undisclosed purchase price.

Interstate Crossing is located at 1851 NE Loop 820, Interstate Crossing’s Class A+ physical specifications.

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