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Real Deals: University Park Village

🕐 5 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. UNIVERSITY VILLAGE APARTMENTS IN TCU AREA SOLD University Village Apartments has sold, with a Fort Worth-based limited liability company purchasing the 15-unit property near Texas Christian University from an individual whose identity was not disclosed. Marketing the property of behalf of the seller were Trey McGhin and John Barker, associate and senior director, respectively, with Marcus & Millichap Real Estate Investment Services’ Fort Worth office. The buyer acquired the property in a 1031 tax-deferred exchange and was represented by Mason B. Green, a senior associate also with Marcus & Millichap’s Fort Worth office. The apartment complex, at 3123-3125 South University Drive, sits on 0.3 acres and was built in 1959. It has 8,800 square feet of rentable square footage with an average unit size of 586-square feet.

RAILHEAD INDUSTRIAL PARK FACILITIES SOLD Two buildings at Railhead Industrial Park in Fort Worth have been sold as part of a warehouse facilities sale to the James Campbell Co., a Hawaii-based real estate development firm. The news came from Weeks Robinson Properties, an Atlanta-based real estate investment and development firm that acquired the Railhead facilities and buildings at two other area locations after entering the local market in 2011. Since then, occupancy rates at the facilities at the three properties have risen from between 35 percent and 50 percent to their current level of 96 percent. The portfolio includes more than 2 million square feet and is leased to regional and national tenants. The newly purchased properties are two buildings totaling 702,274 square feet at Railhead Industrial Park; a two-building, 505,000-square-foot project at Forum 303 Crossing in Arlington; and two buildings totaling 702,274 square feet at 4800 and 4900 Langdon Road in South Dallas. Representing James Campbell Co. in the transaction was Colony Realty Partners, with Eastdil Secured representing the seller. Weeks Robinson is a real estate investment and development company focused on acquiring and developing institutional-quality industrial warehouse properties. Its target markets include Atlanta, Texas and Florida. The firm’s current holdings total 3,018,746 square feet. The James Campbell Company LLC oversees properties in Washington, D.C., and 16 states.

MUSHROOMS GONE WILD Easley Waggoner Jr. of Venture Commercial represented Ridglea Village Shopping Center in lease negotiations with the owners of The Wild Mushroom Steakhouse and Lounge. The restaurant moved from its original location in Weatherford and opened earlier this month in a new 4,339 square foot space in the center, located at 3206 Winthrop Ave. in Fort Worth. The tenant was self-represented. The Wild Mushroom was founded in 2009 and is owned by Chef Jerrett Joslin.

PARK ROW EAST APARTMENTS SOLD Park Row East, a 205-unit apartment property at 3201 E. Park Row Drive in Arlington, has been sold to a local limited liability corporation. Marketing the property on behalf of the seller, PPA Group of Austin, was Al Silva, senior director of Marcus & Millichap Real Estate Investment Services’ Fort Worth office. The buyer also was secured by Silva. The apartment complex attracted multiple offers and closed in fewer than 60 days after going under contract, according to Marcus & Millichap. The property was built in 1972 and has 28 buildings. The new owner plans to make what Marcus & Millichap called “substantial improvements” in the immediate future to make the apartment complex more competitive in its rental market. 13-UNIT COMPLEX IN DALLAS SOLD Eighty One Eighty, the13-unit apartment community at 8180 Lemmon Ave. in Dallas, has been sold to 8180 Lemmon LLC. Haylin LLC, the seller, was represented in the transaction by Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Fort Worth-based Greysteel Co.’s multifamily investment sales team. LEASES Veteran Garage Door has leased 2,500 square feet at Oak Ridge Business Center, 1209 W. North Carrier Parkway in Grand Prairie, according to Xceligent Inc. Representing the landlord was Mark Graybill of Lee & Associates-Dallas. Tyler Union has leased 66,961 square feet at 1201 Avenue S in Grand Prairie, according to Xceligent Inc. Representing the landlord was Stan McClure of CBRE-Dallas.

SPC Capital has leased 17,525 square feet at 801 Hanover Drive in Grapevine, according to Xceligent Inc. The tenant was represented by David Rutson of Globe Medical Realty Advisors. Representing the landlord was Gil Strouble of Lincoln Property Co.-Dallas.

Simba Limos has leased 3,850 square feet at Carrier Plaza, 805 W. North Carrier Parkway in Grand Prairie, according to Xceligent Inc. Representing the landlord was David Dunn of Sperry Van Ness/Dunn Commercial.

Omega Construction Group has leased 2,200 square feet at 2451-2461 E. Long Ave. in Fort Worth, according to Xceligent Inc. Representing the landlord was Ed Runyon of WFR Properties.

Logoplaste has leased 50,060 square feet at DFW Trade Center, Building H, 4051 Freeport Parkway in Grapevine, according to Xceligent Inc. The tenant was represented by Dean Collins of Cushman & Wakefield. Representing the landlord was Cannon Green of Stream Realty Partners LP-Dallas.

Custom Metal Products has leased 26,850 square feet at 901 Avenue M in Grand Prairie, according to Xceligent Inc. Representing the landlord was Will Dillard of Bradford Commercial Real Estate Services.

Case Paper has leased 25,145 square feet at 2555 114th St. in Grand Prairie, according to Xceligent Inc. The tenant was represented by Patrick Embry of NAI Robert Lynn. Representing the landlord was Corby Hodgkiss of Mercer Co.

The School for Allied Health has leased 4,835 square feet in the Duncan Building, 501 E. Border St. in Arlington, according to Xceligent Inc. The tenant was represented by Chris Mendez of Coldwell Banker Commercial Alliance. Representing the landlord was Theron Bryant of Coldwell Banker Commercial Alliance. Overland Sheepskin Co. has leased 4,400 square feet at City National Bank Building, 315 Houston St. in Fort Worth, according to Xceligent Inc. Representing the landlord was William Booker of Sundance Square Management. J & K Professional Medical Services has leased 18,350 square feet at the Western Insurance Building, 5601 Bridge St. in Fort Worth, according to Xceligent Inc. Representing the landlord was Clint Montgomery of Sperry Van Ness/ Visions Commercial. 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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