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Tuesday, April 13, 2021

Real Deals: Vasseur receives Tandy award

The Society of Commercial Realtors presented its 2017 Charles D. Tandy Commercial Realtor Award to Gary Vasseur at the 2018 SCR installation of officers and governors held Jan. 11 at the Petroleum Club of Fort Worth.

The award was established to recognize commercial Realtors who best exemplify the highest in professional standards. The award is named in honor of Charles Tandy for his leadership and legacy of investing in and contributing to the Fort Worth community.

Vasseur is the principal and president of Vasseur Commercial Real Estate Inc. Since graduating with a bachelor’s degree from Texas Christian Univesity in 1971, he has been active in sales, leasing and management of commercial, industrial and investment properties in Fort Worth and Tarrant County. He has consistently earned Top Producer Awards and multiple Platinum Awards and received the Realtor Emeritus designation from the National Association of Realtors. He is a member of the Greater Fort Worth Association of Realtors, the Society of Commercial Realtors, Fort Worth South and All Saints Episcopal Church. He is a past volunteer with the American Cancer Society and current volunteer for Meals on Wheels of Tarrant County.

Bill Thornton, president and CEO of the Fort Worth Chamber of Commerce, presented the award to Vasseur immediately before the installment of the 2018 SCR officers and governors. Officers for 2018 include: Wayne Burgdorf of Coldwell Banker Commercial Advisors as chairman, Graham Stiles of RE/MAX Trinity as vice chairman, Michael Langford of Orr & Associates Real Estate as secretary/treasurer, and Huck Newberry of the Newberry Co. as immediate past chairman.

Governors for 2018 include: Scott Blakewell of Briggs Freeman Sotheby’s International, Leah Dunn of RE/MAX Trinity, Michael Karol of Northern Realty Group, Mark Nation of Keller Williams Realty, Troy Moncrief of Fidelity National Title, Stephen Fithian of SVN Trinity Advisors and Bill Tinsley of Ellis & Tinsley, Inc.

SCR also presented college scholarships to students Rachel Carson, Zachary Dyck, Kate Dunn, Prajwal Gautam and Jaycee Purselley.

STAGE WEST PURCHASES

ITS W. VICKERY BUILDING

After a little more than 10 years in its theater home on West Vickery Boulevard, the Stage West board of directors, backed by Executive Producer Dana Schultes and Managing Director Mark Shum, has purchased the property on behalf of the organization. For the past decade, the group has operated under a triple-net lease managed by the Ol’ Vic LP, a group composed largely of Stage West supporters who bought the building for Stage West in 2008.

“Without that group, we would probably have closed shop back in 2008,” said Schultes. “We had just moved in and were suddenly at risk to have the property bought out from under us by a Dallas realty group with a lot of money. We owe those supporters a great deal of gratitude for stepping in, pooling their funds and purchasing the property. Over the last decade, they managed it for us and essentially paved the way for this purchase to happen. They are part of a long list of people who have significantly contributed to Stage West since its inception in 1979.

The move is a significant one in the organization’s history. Benefits of acquiring the property include:

· Lower mortgage cost than lease rate;

· Tax-exempt status on the property (taxes were previously passed on to the organization as a portion of the rent);

· Equity in a valuable property in the growing Near South district of Fort Worth;

· Greater availability for rent by other small professional theaters and startups.

Over the next several months, the organization’s development committee, led by Bronson Davis and Subie Green, will lay the ground work for renovations fundraising. Those projects are divided into three phases. The completed design will significantly enhance the patron experience and greatly improve the efficiency and layout of the 16,000-square-foot warehouse space, which originally in the 1930s functioned as a city bus garage.

ARLINGTON TOWER DRAWS

NEW, RENEWING TENANTS

Bradford Commercial Real Estate Services has landed a new headquarters tenant and expanded another one to drive occupancy to 97 percent in the 87,411-square-foot Arlington Downs Tower in the city’s Entertainment District.

Lundberg Enterprises LLC, acting on behalf of Praesidium Inc., has signed a long-term lease for 7,409 square feet on the penthouse floor of the six-story office building at 2225 E. Randol Mill Road. Praesidium’s headquarters will expand by 1,600 square feet when it relocates in the first quarter from 624 Six Flags Dr.

Longtime tenant Harish Dand, a certified public accountant, has renewed and expanded its space on the third floor. The office has doubled in size to 1,182 square feet.

Erik Blais, vice president of Dallas-based Bradford Commercial Real Estate Services, and Richmond Collinsworth, first vice president, represented the landlord, J&F Investments GP, in the direct deals.

The Praesidium lease went full circle in less than 30 days. “The landlord has made it a point to remain competitive in the market,” Blais said. “We responded quickly with a plan that met both sides’ needs to get this deal across the finish line. Building signage and room for future growth were icing on the cake.”

Arlington Downs Tower is readily accessible to Interstate 30 and State Highway 360 midway between Dallas and Fort Worth. Amenities include an on-site property manager and maintenance crew, conference center, tenant lounge and a 5/1,000 parking ratio. With the new leases, the Bradford team has one vacancy –1,602 square feet on the fifth floor.

“The corridor is experiencing renewed interest because of the Texas Rangers’ new ballpark and Texas Live!, which are right around the corner from Arlington Downs,” Blais said.

SALE

Garret Pendergrass has purchased a 1,500-square-foot building at 1307 Hurley Ave. in Fort Worth from Simurgh Investments LLC. Gary Vasseur of Vasseur Commercial Real Estate Inc. was the agent for the transaction.

LEASE

Cowtown Excavating & Concrete LLC has leased 4,000 square feet at 112 South Norwood Drive in Hurst for its new headquarters. Chris L. Stewart of Vasseur Commercial Real Estate Inc. represented the landlord, Norwood Warehouse I LLC.

Send real deals to Robert Francis at rfrancis@bizpress.net.

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