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Real Deals – Sept. 1, 2014

🕐 7 min read

The Fort Worth Business Press obtains some of its Real Deals content through a partnership with Xceligent Inc., a commercial real estate research firm. Valencia Palms apartments in Fort Worth sold Valencia Palms apartment complex in Fort Worth has been sold to a private investor. Marketing the 263-unit property on behalf of the seller, a California partnership, was Al Silva, senior director in Marcus & Millichap Real Estate Investment Services’ Fort Worth office. The buyer also was secured by Silva. The sale closed less than 30 days after an agreement was reached between buyer and seller. Valencia Palms is at 7301 Ederville Road along Interstate 30 just east of downtown. Its new owner plans to upgrade the property in the coming months, according to Marcus & Millichap.

ASCENSION POINT CONDOS SOLD Ascension Point Condominiums, a 178-unit property in Arlington, has been sold to an unnamed buyer for an undisclosed amount. Representing the buyer were Mark Allen, associate, and John Barker, vice president-investments, at Marcus & Millichap Real Estate Investment Services’ Fort Worth office; and Josh Ross, senior associate, Sevak Keshishian and Andy Kawatr, associates at the firm’s Encino, Calif., office. The deal was conducted as a 1031 Exchange, the internal revenue code allowing an investor to sell a property, defer all capital gains taxes and reinvest the proceeds in a new property. Phase I of the property was built in 1985 as a condominium complex comprising 92 units. Phase II was developed in 1995 by Post Properties as a luxury apartment complex with 86 units. Phase II was later converted to condominiums, with the combined property offering 178 units.

DR PEPPER-SNAPPLE BUILDING IN ALEDO SOLD TO INVESTOR The Dr Pepper-Snapple building in Aledo, a 6,000-square-foot facility at 700 Bear Cat Road has been sold to a private investor. Marketing the property for the seller, a private investor, were Chris Gainey and Philip Levy, an associate and vice president of investments, respectively, with Marcus & Millichap Real Estate Investment Services’ Fort Worth office. The buyer, whose identity was not disclosed, also was secured by Levy and Gainey. The lease is a new, five-year double-net deal with a corporate guarantee from American Bottling Co., a subsidiary of Dr Pepper Snapple Bottling Group. The lease has two three-year options for renewal with 10 percent rent escalations at each renewal period. The building was constructed in 2005 and sits on 1.01 acre. Most businesses in and around the business park are focused in the oil and gas industry, including FTS International Inc. The Fort Worth firm maintains its district operations adjacent to the park and has one of the largest pumping fleets in the industry.

MANSFIELD RETAIL CENTER SOLD The building that houses Mansfield Dental Care, Greek Cafe and Subway at 1050 Country Club Drive in Mansfield has been sold to JK Country Club LLC, a Fort Worth entity. TB3SW Partners, a Wilson & Stonaker LLC entity, sold the retail center, according to Visions Commercial AMO. Representing the seller in the transaction were Steve Fithian with Sperry Van Ness-Visions Commercial andDavid Cook with Sperry Van Ness-David Cook Co. The 5,165-square-foot building sits on 1.26 acres at the southeast corner of U.S. 287 and Walnut Creek and Country Club drives in Mansfield. It was built in 2007.

GALLERIA PLAZA EXPANDS, ADDS NEW LEASE Galleria Plaza in Dallas has undergone two expansions and confirmed a recent lease. The 187,644-square-foot Class A office tower underwent a recent facelift to quell concerns regarding ongoing construction on Interstate 635 in North Dallas. The project’s largest tenant, BenefitMall, has expanded to 50,689 square feet, taking down 7,150 square feet in back-to-back expansions at 4851 LBJ Freeway. The tower gains a new tenant in September when Blalack & Williams moves into 8,688 square feet on the seventh floor, the last sizable block of available space in the upper part of the 12-story building. The firm signed a seven-year lease, according to Bradford Commercial. It will relocate from 5550 LBJ Freeway. SALES Merida Avenue Homes at TCU, a 12-bed student housing property just south of Texas Christian University, has been sold to a Dallas-based limited liability company. Mason B. Green, senior associate, and Vincent Knipp, vice president-investments, with Marcus & Millichap Real Estate Investment Services’ Fort Worth office marketed the property on behalf of the seller, a Fort Worth-based partnership. The buyer also was secured by Green. The property attracted six offers and were ultimately sold at 98 percent of the asking price, according to Marcus & Millichap. J. Mauldin Enterprises has purchased 24,000 square feet for an undisclosed price at 4216 Hahn Blvd. in Fort Worth, according to Xceligent Inc. The seller, NBS, was represented by Todd Hubbard and Michael Newsome of NAI Robert Lynn. The buyer was represented by Jerry Barton. JJLW Management has purchased 15,000 square feet for an undisclosed price at 801 S. Fourth St. in Mansfield, according to Xceligent Inc. Representing the seller, Sombrero Homes LLC, was Ritter & Associates. Linron Properties Ltd. has purchased 14,400 square feet for an undisclosed price at 601-603 S. Fourth Ave. in Mansfield, according to Xceligent Inc. The seller, Gruber Industries LLC, was represented by Frank Jester of Transwestern–Fort Worth. LEASES TGL has leased 67,000 square feet at 360 Commerce Center I in Grand Prairie, according to Xceligent Inc. Representing the landlord was Steve Koldyke of CBRE-Arlington. SJS Communications has leased 5,500 square feet at 731-745 109th St. in Arlington, according to Xceligent Inc. Representing the landlord was John Brewer of CBRE-Arlington. Proaudio.com has leased 4,080 square feet at 1320 Post and Paddock Road in Grand Prairie, according to Xceligent Inc. Representing the landlord was Gil Stroube of Lincoln Property Company–Dallas. Texas Pediatric Surgery Center has leased 16,153 square feet at 4375 Booth Calloway Road in North Richland Hills, according to Xceligent Inc. Representing the landlord was Jason Manske of Lincoln Harris CSG-Dallas. Advanced Integration Tech has leased 32,000 square feet at Prologis GSW 42 in Grand Prairie, according to Xceligent Inc. Representing the tenant was Michael Stanzel of NAI Robert Lynn, with the landlord represented by Cody Riles of Prologis. Supplylogix has leased 4,188 square feet at 3 Village Circle in Westlake, according to Xceligent Inc. Representing the tenant was Neal Puckett of CBRE, with the landlord represented by Chris Taylor of Cassidy Turley Commercial Real Estate. AcrylicSource LLC has leased 10,055 square feet at 3405-3451 Dalworth St. in Arlington, according to Xceligent Inc. Representing the tenant was Doug Hanna of TIG Real Estate, with the landlord represented by Phillip Rosenfeld of Colliers International. Encore Computers has leased 1,607 square feet at Parkwood Village, 113-217 E. Harwood Road in Hurst, according to Xceligent Inc. Representing the landlord and tenant were Jake Burns and Eric Deuillet of Structure Commercial. Arch Brows has leased 1,408 square feet at 4701-4843 Colleyville Blvd. in Colleyville, according to Xceligent Inc. Representing the tenant was Taylor Mann of Retail Solutions-Dallas; the landlord was represented by Marty Weider. Juice Junkies has leased 1,259 square feet at Arthouse Keller, 251 Town Center Lane in Keller, according to Xceligent Inc. Representing the landlord were Chris Flesner and Sam Littlejohn of Retail Solutions–Dallas. Hutchings Martial Arts has leased 2,800 square feet at Harwood Plaza, 8407-8451 Boulevard 26 in North Richland Hills, according to Xceligent Inc. Representing the landlord and tenant were Jake Burns and Eric Deuillet of Structure Commercial. Corporate Designs & Installations has leased 19,780 square feet at 7426 Tower St. in Richland Hills, according to Xceligent Inc. The tenant was represented by Mark Macy of Macy Newman Co. Representing the landlord were Todd Hubbard and Michael Newsome of NAI Robert Lynn. Home Instead Senior Care has leased 3,115 square feet of office space at 2201 Dottie Lynn Parkway, Suite 115 in Fort Worth. Colt Power of NAI Robert Lynn represented the tenant. Rice Pot Express has leased 1,500 square feet of retail space at 10150 Legacy Drive in Frisco. Dan Avnery and Mike Smith of NAI Robert Lynn represented the landlord and Alfred Goh of Pacific Realty represented the tenant Surface Preparation Texas has leased 13,334 square feet of industrial space at 1200-1208 Ave. H in Arlington.Mark Graybill with Lee & Associates’ Dallas-Fort Worth office represented Surface Preparation Texas. CB Richard Ellis represented the landlord, First Industrial Realty Trust. Stone Channel Inc. has renewed its lease of 43,070 square feet of showroom and warehouse space in Coppell Business Center II, 1441 S. Belt Line Road in Coppell. Representing the tenant were Brock Wilson, senior vice president and managing partner of Bradford Commercial Real Estate Services, and Joe Santaularia, vice president. Michael Peinado of Lincoln Property Co. represented the landlord, Columbia Texas Beltline Industrial LLC. Send real estate news to lgraham@bizpress.net  

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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