Real Deals: Mercantile Bank picks Arlington tower for new branchJanuary 24, 2014
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Mercantile Bank picks Arlington tower for new branch
Mercantile Bank, a branch of Woodhaven National Bank, plans to open a new branch at Skymark Tower in North Arlington, having signed an 11-year lease with signage rights for the building fronting Interstate 30.
Pending regulatory approvals, Mercantile will open the branch – its second in Arlington – in 5,860 square feet of ground-floor space early in the second quarter.
"We looked at other prominent buildings and locations and quickly decided this was the best option, best visibility and best space," said Renee Efimoff of Coldwell Banker Commercial Alliance DFW in a news release.
Fort Worth-based Woodhaven has six bank branches in the Metroplex, including a Mercantile Bank at 2229A W. Park Row, also in Arlington. Its latest expansion search was focused on North Arlington.
"Mercantile's management knows Arlington well and chose Skymark Tower because of its high visibility and convenience for its customers in North Arlington," Efimoff said.
Plans call for a facelift of the existing space, as well as automatic teller machines and exterior signs facing I-30 and Cooper Street. Representing the landlord, CSFB Skymark Tower, in the transaction was Kurt Cherry of PM Realty Group.
Skywalker snaps up Chase Bank Center
SkyWalker Property Partners has purchased the 108,170-square-foot Chase Bank Center in West Arlington.
The four-story office building spans 108,170 square feet on nearly seven acres at 1301 S. Bowen Road. It was acquired for the portfolio of Hangover Opportunity Fund LP from Dallas-based Rosemont Realty. Chase Bank Center is 90 percent leased.
"This investment is slightly different from our others because it's stabilized. The upside really lies in lease rollover," said Clint Holland, director of acquisitions and asset management for Skywalker, an Arlington-based investment group, commenting in a news release.
"Historically, we've taken the risk upfront with occupancies at the time of purchase of 50 percent or below. That's not the case with Chase Bank Center," Holland said.
In 2015, about 29 percent of tenant leases will expire. "Our goal is renew or re-lease the spaces," Holland said.
Overseeing leasing ad management for the center will be SkyWalker Property's affiliate, Coldwell Banker Commercial DFW, formerly SCM Real Estate Services. Beaux Riley, senior leasing agent of Coldwell, and Gigi Grubbs, property manager, are assigned to the property.
Among the site’s longtime tenants is the Texas Department of Health & Human Services, which occupies the most space at 34,104 square feet, or 31.5 percent of the class B office building. SkyWalker plans to spend about $600,000 in renovations, including installing a new heating and air conditioning system.
Chase Bank Center is Hangover Opportunity Fund's first acquisition of the year. In 2013, it acquired 11 commercial properties with a total capitalization of $18.3 million. The $100 million fund invests in office, industrial, retail and residential properties.
SALES AND LEASES
Clarity Financial Group has expanded its lease to 3,355 square feet from 2,472 square feet in Summit Office Park at 1200 Summit Ave. in Fort Worth. Clarity specializes in financial management, from investment and retirement planning to risk management and estate conservation. Tyler Trahant, managing director of CASE Commercial Real Estate Partners, represented the tenant and Jerry Bolz and Michael Foreman of Peloton Realty represented the owner.
Osolife Home Health Services has leased 1,326 square feet at 1864 North Norwood in Fort Worth. The tenant provides Medicare-certified services in the home including nursing, aide care, and medical social services as well as occupational, physical and speech therapies. Tyler Trahant, managing director of CASE Commercial Real Estate Partners, represented Osolife Home Health Care in the transaction.
CASE Commercial Real Estate Partners has brokered the sale of Vineyard Centre I & II, a 68,755-square-foot office complex in Grapevine. Built in 1997, the two-building property is located at 1450 Hughes Road, offering access to state highways 121 and 360. The site is in proximity to Dallas/Fort Worth International Airport, as well as amenities such as Bear Creek Golf Club, Gaylord Texan Resort & Convention Center and Grapevine Mills Mall. Representing the buyer, Dallas-based Menyon Capital Partners, in the transaction were Susan Gwin Burks, Bruce Butler and John Bowles of CASE. CASE will assume marketing duties for the property, which was 80 percent leased at the time of the sale.
Marcus & Millichap has brokered the sale of St. Michael’s Shopping Center, a 31,837-square-foot retail property in Bedford. The center was 97 percent occupied at the time of the sale to tenants, including Papa G’s Bar and Grill, Texas Back Care, Old West Café, Gray Wolf Promotions, Salon Cheveux and State Farm Insurance. Located at 2900 State Highway 121, near East Harwood Road, the site is across from the north entrance to DFW Airport. Philip Levy and Chris Gainey of Marcus & Millichap marketed the property on behalf of the seller, a private investor, and also secured and represented the buyer, a partnership.
Helen Bivins, a private social club operator, has leased 2,955 square feet of office space in Arlington Oaks Office Park, 208 Billings St., Arlington, from One Oak Over The Line. Judy Zoch-Nitzinger of Coldwell Banker Commercial Alliance DFW represented the landlord. James Jackson of Century 21 Judge Fite Co. represented the tenant.
Velocity Infotech Inc. has leased 1,462 square feet of office space in the Dallas Communications Complex, 300 E. Royal Lane, Irving, from CCI-B DCC LP. Sharon Friedberg and Melanie Hughes, senior vice presidents of Bradford Commercial Real Estate Services, represented the tenant. Rick Currey and Pat Hanahan of Fobare Commercial LP represented the landlord.
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