Real Deals: Fort Worth firm to design Colorado resortDecember 31, 2013
GSBS Architects of Fort Worth has been chosen to design Alta Colorado Lodge and Resort near Leadville, Colo.
Construction is expected to begin in summer 2014, with grand opening slated for early 2016.
The upscale resort will feature 170 guest rooms, several restaurants, a spa facility and
fitness room. An indoor water park will provide year-round family entertainment and 15,000 square feet of banquet and conference rooms for corporate meetings and other events.
Among outdoor amenities will be a “Learn to Ski” school, 9-hole par-3 golf course, golf
driving range, hike-bike trails, fishing-ice skating pond and amphitheater.
Serving as project developer is EverGreen Land Co., which owns the property.
The project is just the latest for GSBS, which also boasts Great Wolf Lodge in Grapevine among its projects.
2GR Equity, Legacy Capital partner for Chisholm Trail deal
Chisholm Trail Parkway could teem with even more activity thanks to a newly announced joint venture pairing 2GR Equity of Grapevine and Dallas-based Legacy
The real-estate investment firms have announced plans to sell about 73 acres on four tracts, including northwest, northeast and southeast corners of Chisholm Trail Parkway and Sycamore School Road, as well as northwest and southwest corners of Summer Creek Drive and Sycamore School Road in southwest Fort Worth.
The property is currently zoned for commercial and retail uses, as well as mixed-use zoning allowing high-density multifamily housing.
Legacy Capital acquired the land in 2006 and 2007 with an out-of-state equity partner, with which 2GR Equity negotiated to acquire its interest in the property. With the new 27-mile Chisholm Trail Parkway expected to reach completion in spring 2014, interest in the property has accelerated, according to a 2GR Equity news release. Negotiating several offers is Transwestern Retail Services Group, the brokerage firm marketing the property.
Timing played a critical role in 2GR Equity’s participation, according to one of its executives.
“The unfortunate circumstance of the previous equity partners provided 2GR with
an opportunity to step in and reap the benefits of all that has been accomplished
since the property was originally acquired in 2006,” said Isaac Gregory, 2GR Equity principal and co-founder in a news release.
The transaction marks the 11th such deal closed by 2GR Equity since its formation in March 2011.
Green Oaks Village in Arlington sold to out-of-state buyer
Green Oaks Village, a 16,490-square-foot retail center in Arlington, has been sold to an out-of-state buyer.
Terms of the sale were not disclosed.
Arranging the sale was Marcus & Millichap Real Estate Investment Services, according to Tim A. Speck, regional manager of the firm’s Dallas office.
Ron Hebert and Blake Burnett, investment specialists also with the firm’s Dallas office, marketed the property on behalf of the seller, a limited liability company. The buyer, an out-of-state individual personal trust, also was procured by Hebert and Burnett. Green Oaks Village, constructed in 2003 on 1.76 acres, is located at 3851 Southwest Green Oaks Blvd. It was 94 percent occupied at the time of sale.
Self-storage facilities sold
A-Thrifti Self Storage and A-1 Self Storage, two self-storage facilities in Fort Worth, have sold, according to Bill G. Jordan, regional manager of Marcus & Millichap Real Estate Investment Services’ Fort Worth office.
Marketing the property for the seller, a private investor, was Brandon Karr, an investment specialist also with the Fort Worth office. The buyer, also a private investor, was secured and represented by Karr.
A-Thrifti and A-1 Self Storage are located at 2115 Eighth Ave. and 2620 W. Pafford St., respectively. A-Thrifti offers 19,082 square feet in 222 units, with A-1 boasting 29,830 square feet facility in 260 units. A-Thrifti and A-1 span 0.78 acres and 1.71 acres, respectively.
Grapevine firm to help reposition 622-unit apartment portfolio
United Apartment Group of Grapevine will oversee construction of several Dallas apartment communities awaiting extensive renovations.
Planning to invest $2 million into renovating the three properties is a Southern California-based multifamily investment group. Its name was not disclosed.
The three-property, 622-apartment unit portfolio was recently acquired off market as the investment group’s entry into North Texas.
Sam Pettigrew, a partner with Dallas-based Cantrell Co. & Partners, brokered the sale of the garden-style apartments near Bachman Lake Park in northwest Dallas. The properties are Clusters Apartments, offering 206 units at 3130 Webb Chapel Extension; Clubview Gardens Apartments, 192 units, 3333 Webb Chapel Extension; and Northwest Crossing Apartments, 224 units, 9680 Timberline Dr.
"The buyer immediately saw the value-add opportunity in this portfolio, which also provides economies of scale due to their proximity to each other – less than one block apart," Pettigrew said in a news release. "With a new management company in place, the renovation and repositioning is ready to begin."
"The upside to the renovation and efficient management will be the ability to increase the below-market rents at each property," Pettigrew said.
The portfolio boasts 95 percent occupancy.
Anthony Tarter of Arbor Commercial in Dallas arranged the financing for the 1031 Exchange buyer, Green Street Partners. Transactions with federal 1031 Exchange designation allow taxpayers to exchange an investment property for another by deferring the tax consequence of a sale. Pettigrew represented the seller, HB Clubview NW LLC and HS Cluster LLC.
Blue Clouds Health Care leases in Arlington
Blue Clouds Health Care Inc. and Treat Now Family Care have leased 1,809 square feet of office space in Arlington Oaks, 2916 Kraft St. in Arlington from One Oak Over the Line LLC. Representing the landlord was Judy Zoch-Nitzinger, leasing agent of SCM Real Estate Services. John O. Jones of the Newberry Co. represented the tenant.
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