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Real Estate Real Deals: Two area hotels sold in separate transactions

Real Deals: Two area hotels sold in separate transactions

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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.

Terra Capital Partners has arranged $8.8 million in financing for the purchase of the Fort Worth Sheraton Hotel & Spa. The three-year mezzanine loan is part of a $58 million capital stack that allowed borrower Presidio Cos. to buy the property out of bankruptcy. Terra, which is based in New York, has originated more than 250 debt and equity investments since 2002. The 431-room Fort Worth Sheraton Hotel & Spa is a full-service hotel near the city’s convention center. In Irving, Pramukhraj Irving LLC has acquired a hotel at the Dallas/Fort Worth International Airport. The 140-room Ramada DFW Airport North is on Ester Road off Texas 114 next to the Dallas/Fort Worth International airport. HREC Investment Advisors sold the property on behalf of Global Hospitality LP for an undisclosed price.

Tilt! Arlington-based Bob Moore Construction has become the first general contractor in the United States to be named a TCA Certified Company by the Tilt-up Concrete Association (TCA). The TCA Company Certification Program provides formal validation of a contractor’s experience, quality and performance. Bob Moore Construction was the first general contractor in the country to be considered for this certification program. Ed Sauter, executive director of TCA, and Clay Fischer, TCA member and CEO of Woodland Construction Co. in Jupiter, Fla., evaluated Bob Moore Construction’s program on July 29-30. The evaluation included a technical review of the company’s policies, procedures and safety program, and a physical inspection of an active construction project.

“This is a tremendous honor,” said Ed McGuire, executive vice president for Bob Moore Construction. “As a sustaining member of the TCA, we supported the development of this certification program. The TCA company certification is an objective, standards-based mechanism to formally accredit contractors that adhere to the highest values of integrity, safety and quality.” The TCA company certification is only the latest industry-leading accreditation for Bob Moore Construction. The company was one of the first general contractors in Texas to have its superintendents evaluated and certified as Tilt-Up supervisors by the American Concrete Institute in a joint program with the TCA. The ACI grants Tilt-Up supervisor certification only to those applicants who pass a written exam and have five years of verifiable construction experience, including three years in Tilt-Up construction. Bob Moore Construction also was one of the first general contractors in Texas to be accepted in the Occupational Safety and Health Administration’s Local Partnership program in recognition of its superior safety program. Tilt-up construction is one of the fastest-growing industries in the country, combining the advantages of reasonable cost with low maintenance, durability, speed of construction and minimal capital investment, according to the TCA. For more information: www.tilt-up.org.

Other deals … Lee & Associates has completed a 70,100-square-foot industrial lease at 500 Enterprise Drive, Suite 100, Flower Mound. Reed Parker and Tom Walrich represented the tenant, T&L Holding Co. The landlord, Hillwood, was internally represented by Bates Arnot. … Centra Partners’ Zac Thomas represented Forest Oaks Global Management LLC in its acquisition of the 164-unit Forest Oaks Apartments at 2408 Brown Blvd. in Arlington. The seller was Forest Oaks Apartments LP of New York. Centra Partners, based in Fort Worth, was also selected to manage the property on behalf of the buyer. …

Trademark Property Co., the Fort Worth-based real estate development, investments and services firm, announced that DSW Designer Shoe Warehouse, a leading branded footwear and accessories retailer, will open at The Shops at La Palmera, a 200,000-square-foot outdoor shopping center in Corpus Christi. Construction has begun on the 18,000-square-foot DSW, the first Corpus Christi location for DSW Inc., which is scheduled to open in early 2014. …

Fruitealicious has signed a 1,000-square-foot lease at GrandMarc at TCU University, 3043 Greene Ave. With branches in Carrollton and Frisco, Fruitealicious specializes in customizing iced teas, lemonades, sodas, smoothies, slushes and protein shakes with add-ons such as boba jellies and fresh fruit. Christopher Mendez with SCM Real Estate Services represented the landlord in this transaction. …

Panattoni Development Co. sold two Class A industrial buildings totaling 754,340 square feet to Cabot Properties Inc. for an undisclosed amount. The 506,340-square-foot industrial facility located at 4500 Northport Drive in Roanoke was constructed in 2009 in the Northeast Tarrant/Alliance Industrial submarket and is part of the Northlake Business Center. The 248,000-square-foot industrial facility at 5111 Frye Road in Irving was built in 2008 in the Upper Great Southwest Industrial submarket and is part of the Towne Lake Business Park. Randall Baird, Robby Rieke and Judson Clements of HFF represented the seller in this transaction. …

Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Christian Brothers Automotive, a 4,921-square-foot net-leased property in Bedford, according to Tim A. Speck, regional manager of the firm’s Dallas office. Jason Vitorino, vice president investments in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a local limited liability company. The buyer, a limited liability company, was represented by Justin Miller and David Knobler, investment specialists in Marcus & Millichap’s Houston office. The cash transaction was part of a 1031 exchange. At the time of the sale, the investor acquired the asset with 11 years remaining on the existing lease. Christian Brothers Automotive is located at 3800 Texas 121, just south of Cheek-Sparger Road. …

PGT Holdings Inc., a Philadelphia-based distributor of dog food and pet treats, has signed a lease in the Dallas-Fort Worth metro area for its newest distribution center. The company will occupy 54,125 square feet of the 129,400-square-foot warehouse at 907 Avenue R in Grand Prairie. Joe Santaularia and Brian Pafford of Bradford Commercial Real Estate Services represented PGT in the negotiations. Canon Shoults of Holt Lunsford Commercial represented landlord DFW I Investors LLC. …

Leap of Faith Dance has renewed its 5,676-square-foot lease at Northlake Centre, 3201 W. Pioneer Parkway in Pantego. Leap of Faith Dance is a spiritually-based performing arts studio that teaches students of all beliefs. Judy Nitzinger with SCM Real Estate Services represented the landlord in this transaction.

Send real estate news to rfrancis@bizpress.net  


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