Real Deals: Kroger shopping center changes handsNovember 4, 2013
Witherspoon Marketing Communications has moved offices, vacating its former Weatherford Street space for new digs at 1200 West Freeway.
“We have the entire floor here and that gives us room to add a few folks as we are planning to do,” said president and CEO Mike Wilie, whose second-floor, 3,600-square-foot space offers same amount of space but more contiguous work area for the 10-person staff than at its former 1000 Weatherford St. location.
Lucien Wright Insurance Services occupied the new Witherspoon space until pulling out last year. For 30 years, Witherspoon occupied that Weatherford Street location across the street from Chesapeake Tower. The firm has been in business since 1946.
Handling lease negotiations for the new space was Dana Quisenbury at Trinity Partners. The five-year lease began Aug. 1, 2013, and has three, one-year options. Financial terms were not disclosed.
Kroger retail center in south
Fort Worth changes hands
The Kroger-anchored shopping center at Altamesa Boulevard and McCart Avenue in Fort Worth has changed hands.
Arranging the sale of the 167,961-square-foot retail center was Marcus & Millichap Real Estate Investment Services. Terms of the sale were not released.
Representing the seller, an unnamed Dallas-based developer, was Jason Vitorino, a first vice president investments in Marcus & Millichap’s Dallas office. Representing the buyer was Ray Turchi, senior associate, and Christopher Travis, associate, both with the firm’s Orlando, Fla., office.
The transaction is the company’s first purchase in Texas.
“We created full exposure for this retail center with our unique proprietary marketing system and received multiple offers from a wide range of investors within a few weeks,” Vitorino said in a news release.
The shopping center was 98 percent occupied at the time of the sale.
The property is located at 3510 Altamesa Blvd., with the road considered a prime retail corridor connecting southern Fort Worth to downtown. Anchored by Kroger, the Altamesa retail center includes Church’s Chicken, GameStop, LA Fitness, Office Depot, Sally’s Beauty Supply and Subway.
Kroger has been a tenant of the center since 1980 and recently added a gas station to its site, which is on a long-term ground lease.
Pet Supermarket has leased 6,000 square feet of retail space in the Fielder Plaza retail center, 112 N. Fielder Road in Arlington, for its first Texas location.
Representing the shopping center as lease agent was Steve Gray with the commercial retail division of The Weitzman Group. Michelle Caplan and Weitzman handled negotiations for the retailer.
Pet Supermarket sells pet food and supplies in more than 135 stores nationwide. It plans additional Texas locations.
Other Fielder Plaza tenants include Tom Thumb grocery, Starbucks and T-Mobile. The retail center is managed by Cencor Realty Services.
TITLE BOXING LEASES
TITLE Boxing Club has leased 6,001 square feet of street-level retail space in The Tower Annex Building, a mixed-use landmark at 500 Throckmorton St. in downtown Fort Worth.
Handling negotiations for TITLE Boxing was Gordon Atkinson with the commercial retail division of The Weitzman Group. Representing the landlord was Shelley Taylor with The Retail Connection.
The downtown location will be the second in Fort Worth for the fitness concept, which also operates in Arlington and Mansfield and plans to add more Tarrant County locations.
The Tower and The Tower Annex offer high-rise residential units as well as office and retail space in downtown.
TITLE Boxing provides women and men with an interval-based workout program combining bouts of cardiovascular and boxing exercises with short periods of rest.
CROSS CREEK AT GRAPEVINE RANCH
CBRE’s Dallas multi-housing group has sold Cross Creek at Grapevine Ranch, a 356,594-square-foot multifamily property in Grapevine.
Dirk Goris and Ryan Reid, executive vice presidents with CBRE, and Jeremy Faltys with CBRE Dallas, represented the seller, an affiliate of Granite Investment Group of Irvine, Calif. Dallas-based CAF Capital Partners purchased the property for an undisclosed sum.
The 392-unit apartment complex is 95 percent leased. It offers seven one- and two-bedroom floor plans, from 750 to 1,163 square feet. Amenities include a private theater, fitness center with indoor basketball court, two-story parking garage with boat parking, and a dog park.
“The property offered a strong value-add opportunity in a high barrier to entry submarket,” Goris said in a news release.
Cross Creek is adjacent to the 1.6-million-square-foot Grapevine Mills Mall.
50 FLOOR’S FIRST TEXAS LOCATION
50 Floor Inc. has leased its first Texas location in Grand Prairie. Jim Turano, executive vice president, Henry S. Miller Brokerage, and Niels Brown, an associate of its Dallas-Fort Worth office-industrial division, represented the lessee.
Representing the landlord in the transaction was Kevin Conlon of Gillis Thomas Co.
Headquartered in Atlanta, with another location in Charlotte, N.C., the residential flooring company soon will occupy its 17,300-plus-square-foot office-warehouse facility at 1401 Post and Paddock Lane. Tentative opening is set for November.
The warehouse occupies a heavily industrial submarket between President George Bush Turnpike and Texas 360.
MEADOWS CREEK PLAZA SOLD
Irving-based Realty Capital Management LLC has announced the sale of Meadows Creek Plaza in Colleyville to Standard Insurance Agency Corp.
Standard Insurance plans to relocate its corporate headquarters from nearby Hurst to the two-story, 19,626-square-foot building at 8190 Precinct Line Road.
Standard Insurance Agency comprises five insurance affiliates that underwrite, finance and market standard and non-standard automobile insurance and homeowner policies. Brokers in the transaction were Mark Wood with Howe/Wood & Co. and LeAnn Brown and Russ Webb with Silver Oak Commercial Realty.
Family-owned Davenport Motor Co., a full-service independent Lexus service and repair facility with two locations in Dallas and Plano, opened a new location in Colleyville.
The 8,786-square-foot facility is located at 6800 Colleyville Blvd. Texas Republic Bank in Frisco was the lender on this project.
Longtime Davenport customer Dane Bailey is the owner of the new Colleyville location. During seven years he purchased three Lexus vehicles that were already being maintained by Davenport, for his family members. He approached the Davenport brothers two years ago about opening up a franchise.
Davenport Motor Co. was established in 1996 in Dallas and added a second location in Plano in 2005.
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