Dallas-based Younger Partners bought a power center for lease in Terrell last week.
Courtesy of Younger Partners
Crossroads in the center of Terrell at 1260 FM 148 in Terrell
Younger Partners Investments, through its affiliate Terrell Younger LLC, acquired the nearly 261K SF Crossroads in Terrell from RealtyLink LLC in a deal that closed Oct. 21. Financial terms of the deal were not disclosed.
The center sits on 29 acres on Interstate 20 and Spur 557, next to Buc-ee’s.
“Crossroads in Terrell works with today’s financing based on rent growth, stable occupancy and control expenses,” Managing Director of Younger Partners Micah Ashford in a statement. “Everything else is upside down.”
To be built between 2019 and 2024, the center’s tenants include Sports and Outdoors Academy, Hobby Lobby, Marshalls and Petco.
Younger Partners’ Kathy Permenter and Moody Younger represented the buyer. Institutional Property Advisors Philip Levy and Chris Gainey of Marcus & Millichap represented the seller. IPA’s Adam Mengacci and Travis Headapohl arranged the acquisition financing, which included a senior loan from a regional bank and preferred equity from a national REIT.
SALES
Contract manufacturer Firstex Industries Inc. purchased a 22K SF office/warehouse building at 2329 Solona St. in Haltom City through the entity Solona Street LLC. The seller is First Week Prop MGMT Group. Firstex plans to move from Grand Prairie. Bradford Commercial Real Estate Services’ Luke Clardy represented the seller, and Mercer Co.’s Nick Fulton represented the buyer.
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Brixton Capital purchased the nearly 121K SF Oak Grove Plaza shopping center at 5190-5250 Highway 78 in Sachse from Nuveen for an undisclosed price. CBRE’s Jim Batjer and Harrison Tye represented both, and CBRE’s Michael Cosby and Tom Burns arranged the financing for Brixton.
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Courtesy of TruAmerica Multifamily
The Pavilions Community at 9000 Vantage Point Drive in Dallas
TruAmerica Multifamily purchased Pavilions, a 636-unit park-style community in Dallas Lake Highlands. TruAmerica did not disclose the seller in the transaction, but Dallas County property records show The Pavilions was previously owned by Bel Vantage Point LLC. The new owner plans to upgrade the units, common areas and exterior of the late 1990s property. Greg Toro and Caroline Novak JLL served as brokers, and Annie Rice JLL arranged the acquisition financing.
LEASES
SAP leased more than 50K SF in the recently renovated Spectrum Center at 5080 Spectrum Drive in Addison. Colliers’ Billy Vahrenkamp and Dylan Smith represented the software company. HPI Real Estate Services & Investments’ Ben Cuzen and Caroline Hix represented the owner, Acram Group.
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Dallas litigation firm Lynn Pinker Hurst & Schwegmann is leaving downtown for Deep Ellum after signing a nearly 52K SF lease at The Epic, 2550 Pacific Ave. Ellerman and Will Langenbahn represent the company.
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Courtesy of Harwood International
The Harwood No. 14 building at 2801 N. Harwood St. in Dallas
Accounting firm BDO leased more than 25K SF at Harwood No. 14, located at 2801 N. Harwood St. in Dallas, bringing the building to 92% leased, according to owner Harwood International.
CONSTRUCTION AND DEVELOPMENT
Hunt Realty Investments and Prologis formed a joint venture to develop Terrell 20 Business Park, a 780-acre logistics campus in Terrell. Eligible sites can support up to 11.5M SF of build-to-suit development.
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M&A DevCo purchased 50 acres in Prosper for The Reserve at McCasland Farm, a master-planned community of 96 single-family homes. Drees Custom Homes and Shaddock Homes are the builders.
FINANCING
JLL Capital Markets arranged a $13.1M acquisition loan for the purchase of Perceptive Real Estate Equities Inc. of the Allen Corporate Center, a nearly 83K SF office campus at 740-800 N. Watters Road in Allen. A five-year, fixed-rate, nonrecourse loan comes from a life insurance company.
The campus was built between 2005 and 2017 and was nearly 98% leased when it closed. JLL’s Todd Sugimoto, Chad Morgan, Luke Rogers, Jalynn Borders and Jenny Barger represented the borrower.
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Affinius Capital raised a $94M loan to Hillwood to complete three buildings totaling 1.2M SF at Crossroads Logistics Park in Midlothian. The warehouse is under construction in 2023, and proceeds will support continued leasing. JLL Capital Markets Trey Morsbach, John Rose, Jarrod McCabe, Ryan Pollack, Chad Lisbeth and Scott Harbert managed the loan.
PEOPLE
Matthews hired Michael Tran as senior vice president in Dallas. Tran, who spent more than six years at Colliers, focused on the sale of industrial investments, particularly small-bay and shallow flex properties.
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Kidder Mathews hired Chris Howard as vice president in its valuation advisory services group in Dallas. Howard, previously a senior account executive at the Cost Segregation Authority, has more than 20 years of experience in cost segregation and tax strategy.
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Dallas-based law firm Munsch Hardt Kopf & Harr has added Josh Pleitz as a shareholder in its corporate and securities and M&A practice in Dallas. Pleitz has more than 16 years of experience advising public and private companies, private equity funds and institutional investors.