Optimal Elite Management LLC, a sign manufacturer, has acquired a 63,483-square foot office/warehouse in the Great Southwest Industrial Park, shoring up a plan to relocate its headquarters and production facilities to North Texas from Los Angeles in June.
Optimal Elite’s new hub is a two-story manufacturing facility on 9.5 acres at 2601 Pinewood Drive in Grand Prairie. The seller, Breg Inc., will continue to occupy the site through a six-month sale-leaseback.
“The sale-leaseback agreement built in the time that both sides needed for executing their relocation plans,” said Noah Dodge, broker associate of Dallas-based Bradford Commercial Real Estate Services. He and Jason Finch, market director, represented the buyer.
Steve Koldyke, Brian Gilchrist and Chris Powers of CBRE represented the seller.
JPI Secures Second, Multi-Property Transaction with Lone Star Funds
JPI announced Nov. 17 the sale of three area multifamily communities to an affiliate of Lone Star Funds, marking the second major transaction between the multifamily developer and the private equity firm following their record-breaking transaction earlier this year. The purchase totals 1,174 multifamily homes and includes the following properties: Jefferson Promenade, Irving; Jefferson 1900, Farmers Branch; and Jefferson Silverlake, Grapevine.
D.R. Horton buys land in North Fort Worth
D.R. Horton has purchased a 170-acre residential development site in North Fort Worth with plans to build approximately 450 homes on the site.
Landry Burdine and Austin Reilly who specialize in land and lot sales to homebuilders and master-planned community developers throughout the Metroplex for Land Advisors Organization’s Dallas-Fort Worth office, represented the seller in the transaction. No purchase price was released.
The site is located a few miles north of Interstate 820, on the south side of Bailey Boswell Road and offers access to Boat Club Road to the west and Business Highway 287 to the east, providing commuting access for future residents.
Three buildings acquired
In a sale-leaseback-structured transaction, Fort Worth-based MAG Capital Partners, LLC, acquired a three-building, 256,258-square-foot industrial manufacturing portfolio that spans approximately 20 acres across locations in Texas, Michigan and Virginia.
The facilities are occupied by Huntington Solutions, a full-spectrum product solutions manufacturer specializing in high-volume standardized packaging, innovative cold chain systems, engineered OEM components and customized construction materials.
The seller, Mill Point Capital, is a New York City-based private equity firm that purchased a predecessor of Huntington Solutions in 2016. Huntington Solutions will continue to occupy its facilities located at 1278 Highway 71 West, Bastrop, Texas, 1323 Moore Street, Greenville, Michigan, and 604 and 606 17th St., Radford, Virginia under long-term net leases.
“Despite headwinds in the general market brought on primarily by COVID and the turbulent election cycle, general manufacturing market fundamentals remain solid,” said MAG Capital Partners Principal Dax T.S. Mitchell. “The purchase is MAG Capital Partners’ latest as we continue to grow our net-leased industrial portfolio of investments across the country.”
“We are delighted to close on another acquisition in a sector of the market that is showing exceptional resiliency during unusual times,” said Andrew Gi, MAG Capital Partners principal.
MAG Capital Partners, led by principals Mitchell and Gi, was represented by Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP. Mill Point Capital was represented by J.C. Asensio, Andrew Sandquist, Briggs Goldberg and Tyrell McGee with Newmark’s Chicago office.
Grand Prairie property
Wood Partners has recently closed on a new property on South Forum Drive in Grand Prairie in the Highway 161 corridor.
Once complete, the new community – tentatively called Alta 161 – will include 322 units comprised of one-, two- and three-bedroom apartment homes. Construction was set to begin in November with an estimated opening date of late 2021.
“The 161-Corridor has seen explosive growth in recent years, and we are looking forward to joining the neighborhood with Alta 161,” said Ryan Miller, Managing Director. “The proximity to Downtown Dallas and convenient access to opportunities across the region will make the new community a desirable living location for a wide range of potential residents.”
Millington joins Stream
Kristin Millington has joined Stream Realty Partners’ office leasing division as a vice president in the firm’s Dallas office. Millington will focus on the leasing and marketing a three-million-square-foot portfolio inclusive of some of the most prominent office assets in Dallas. With 10 years of real estate advisory experience and a proven track record of creating strategic solutions for her clients, Millington complements her new team with a unique perspective from the ownership side of the business.
Arlington firm has Las Colinas hotel in sights
Arlington-based Type Six Design & Development has announced the firm has received zoning approval from the City of Irving for a new six-story Hotel Indigo by IHG in the heart of Las Colinas. The design features a six-story (90-foot tall tower), 150-room hotel with canal views, and a 90-seat, full-service restaurant. The project is scheduled to start construction in the second quarter 2021.
The design developed by Type Sixalso includes 3,300 square foot of meeting space, full service restaurant and bar, infinity edge swimming pool, fitness center, and 155 surface parking spaces. In addition to its architectural services, Type Six will provide MEP and Structural Engineering support for the hotel.
“We’re excited to move forward with the innovative design we’ve developed for Hotel Indigo,” said James Lusty, Type Six Co-founder. “Focusing on a balance of form and function, we’re proud to bring this much-needed hotel to Las Colinas as it continues to rapidly expand as an ever-growing destination in DFW.”
Part of InterContinental Hotels Group, Hotel Indigo is a group of custom designed boutique hotels featuring 119 locations and 14,679 rooms worldwide. The Irving location will join two other Hotel Indigo properties in DFW.
Type Six recently completed the design of several leading hotels in the area including Marriott, Hilton, and Hyatt hotels. The firm also is working on the headquarters for locally owned State Bank of Texas in Las Colinas.
SALES
Fort Worth-based MAG Capital Partners LLC, has sold a net-leased, industrial manufacturing and headquarters facility located at 601 Airport Drive in Mansfield to NexPoint, a Dallas-based multibillion-dollar alternative investment firm, for an undisclosed sum. The tenant, Gamma Aerospace LLC, will continue to occupy the approximately 126,000-square foot industrial complex for the long term.
The 7.56-acre, six-building site includes a new 22,000-square-foot headquarters office building developed by MAG Capital Partners in 2020 that features 37-foot, high-tilt walls designed by local firm Speed Fab-Crete.
Led by principals Dax T.S. Mitchell and Andrew Gi, MAG Capital Partners specializes in the commercial real estate development and ownership of industrial facilities across the U.S. occupied by manufacturers from a wide range of essential industries such as food manufacturing, personal care products, aerospace and technology.
Stream Capital Partners represented MAG Capital Partners in the sale along with Kelly Hart & Hallman. Jonathan Wolfe, Daniel Macks and Jordan Shtulman of Stream Capital Partners arranged the buyer.
A MAG Capital Partners entity has sold a single-tenant medical office property in Fort Worth to a private California investor for an undisclosed sum. MAG Capital Partners purchased 810 Lipscomb St. in 2016 and recently upgraded the single-story property with a new entry and accessibility features. It is net leased to Baker Orthotics & Prosthetics. Cody Payne of Colliers International represented the buyer and the seller was represented by Andy Rogers of Kelly Hart & Hallman LP.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced in November the sale of The Grandon Beach, a 304-unit apartment complex in Haltom City.
“The Haltom City-Meacham submarket continues to be one of the most stable in Dallas-Fort Worth,” said Drew Kile, IPA senior managing director. Kile and IPA’s Will Balthrope, Joey Tumminello and Grant Raymond represented the seller, CLX Ventures, and procured the buyer, Bellrock Real Estate Partners.
“This asset was one of the first new-construction buildings delivered since the interstate expansion was completed,” added Tumminello. “We brought in a first-time local buyer who understands the long-term value of owning in this submarket.”
Located five miles north of Fort Worth, The Grand on Beach was built in 2019 on 15 acres. The property has controlled entry access gates, a native-plant landscape design, a hammock garden and a resort-style swimming pool, among other shared amenities. Apartments average 818 square feet in size and have private patios and balconies. Select units have pet yards.
LEASES
Vision Commercial Real Estate Vice President Tracy Gray completed lease negotiations at 5142 Rufe Snow at the Shoppes at Crown Point in North Richland Hills. The 900-square-foot suite 112 will now be home to Herbalife. In the lease negotiations, Vision Commercial represented Texas Investors LLC while the tenant was self-represented.
Vision Commercial Real Estate Partner Scott Lowe completed lease negotiations at 4969 S. Hulen St. in Fort Worth where Suite 4969 will now be leased to Just Stringz, who will use the 1,387 square foot space as a micro-blading salon. Vision Commercial represented the landlord while the buyer was self-represented.
Vision Commercial Real Estate Senior Director Trenton Price recently completed lease negotiations at 111 Bedford Road in Bedford. The newly renovated 2,703 square foot space will now be occupied by DFW Mattress & Furniture. Vision Commercial represented the landlord while the buyer was self- represented.
The Law Offices of Michael Crawford have leased 1,407 square feet of office space located in the Community National Bank Plaza at 1905 North Highway 77 in Waxahachie. Tom Heraty with NAI Robert Lynn represented the landlord.