Real Deals: One City Place gains refinanceFebruary 21, 2014
One City Place
The Fort Worth Business Press obtains some of its Real Deals content through a partnership with Xceligent Inc., a commercial real estate research firm.
One City Place has gained a $41.5 million senior loan for recapitalization and lease-up, with PCCP LLC providing Spire Realty Group LP that amount for the vacant, 313,953-square-foot Class A office building in downtown Fort Worth.
Dallas-based Spire owns the 1.2-million-square-foot, three-building development at 300 Throckmorton St. The site includes Two City Place, a sister office building, as well as a retail-parking structure building.
Spire acquired City Place in 2011. Since then, it has invested capital into renovating the property, left vacant and in shell condition by the previous ownership. Built in 1978, the 19-story office tower served as Radio Shack’s headquarters until it vacated the property in 2005.
“The property is best-in-class for the area and has already attracted significant interest from potential tenants,” said Ron Bonneau, vice president of PCCP, commenting in a news release.
Arranging the financing on behalf of Spire were Wally Reid and Corby Chaffin of Holliday Fenoglio Fowler LP offices in Houston.
HFF ARRANGES $41M IN FINANCING FOR
FORT WORTH’S RIVERPARK, OTHER PROPERTIES
Holliday Fenoglio Fowler LP has arranged $41.41 million in financing for Riverpark Distribution Center in Fort Worth and other properties as part of a five-building office and industrial portfolio totaling about 700,000 square feet.
The Fort Worth property, at 15000 Grand River Road, encompasses 300,566 square feet and is 100 percent leased.
Rounding out the financed properties are Northmont Distribution Center in Atlanta and Waterview office buildings in Jacksonville, Fla.
HFF worked on behalf of FRAPAG America Inc. to secure the 10-year, fixed-rate loan through The Royal Bank of Scotland. Proceeds were used to refinance maturing debt on the properties.
Representing the borrower was an HFF team led by Mark Sixour and Bill Ireland, associate director.
HFF and HFFS (HFF Securities LP), owned by HFF Inc., provides commercial real estate and capital market services to the U.S. commercial real-estate industry.
NORTH IRVING OFFICE BUILDING
UNDER NEW OWNERSHIP
An Irving office building has changed hands, with 1400 Corporate Drive Partners LLC snapping up the three-story building bearing that street address from First State Bank of Northwest Arkansas.
Representing the seller in the transaction was Dustin Vols of Marcus & Millichap, with the buyer represented by Jeffrey Day of Centra Partners LLC.
The transaction amount was not disclosed.
The office building is vacant and offers 62,386 square feet of office space, with 1,000 square feet the smallest leasable space for a single tenant and 62,386 square feet the largest.
More information is available by contacting Jeffrey Day at 817-338-1800.
PRESTIGE GROUP EXPANDS LEASE
Prestige Group of Texas has expanded and extended its global logistics division's lease at DFW Corporate Center 1, ending a seven-month search to enlarge a regional distribution hub by relocating within the Class A project.
Pilot Freight Services will occupy 62,000 square feet by the end of the first quarter, increasing its operating space by 19,500 square feet with a new, long-term lease. The Pennsylvania-based logistics company has been a tenant at 2611 Regent Blvd. in Irving since 2008.
"We looked at three or four options. This was the best option because of the timing and their relationship with the landlord," said Joe Santaularia, vice president of Dallas-based Bradford Commercial Real Estate Services, commenting in a news release.
The 256,500-square-foot distribution center is owned by ProLogis Targeted US Logistics Fund LP, which acquired the property during Pilot Freight's original lease period. The ownership change allowed new lease negotiations.
ProLogis was represented by broker Mitch Pruitt and Steve Koldyke of CBRE Group Inc. Santaularia's tenant representative partner on the account is Dallas broker Todd Lambeth.
Privately held Pilot Freight Services has more than 75 locations nationwide and an international network of overseas partners, including distribution hubs in Western Europe and offices in the Netherlands and Spain.
BMS Enterprises Inc. has purchased 56,666 square feet at 5718-5722 Airport Freeway in Fort Worth for $1,914,789, according to Xceligent Inc. Representing the buyer in the transaction were Leland Prowse and Alex Bryant of Transwestern, with Nick Talley of Bradford Commercial Real Estate Services representing the seller, Progressive Concepts Inc.
The former Up N Smoke BBQ in Keller has been sold to an undisclosed buyer, according to Xceligent Inc.The property, at 134 S. Main St., spans 5,144 square feet and boasts two bars and a patio. Representing the seller, Predator Management Co. Inc., in the transaction was Susan Ferreri of Woodmont Co. in Dallas. Representing the buyer was Hudson Peters Commercial Real Estate Co.
GRM Information Management Services has purchased 227,120 square feet at 1701 Timberlake Drive in Arlington for an undisclosed price, according to Xceligent Inc. Representing the buyer in the transaction were Phillip Rosenfeld and Matt Thompson of Colliers International-Dallas, with Tom Walrich, Mark Graybill and Trey Fricke of Lee & Associates representing the seller, Prologis.
Maximized Living has signed a lease for 1,800 square feet at SoHigh Village, 8333 Sohi Drive in Fort Worth, according to Xceligent Inc. Representing the tenant and landlord in the transaction was Bo Avery of TriMarsh Properties.
Community Driving School has signed a lease for 1,320 square feet at SoHigh Village, 5250 N. Tarrant Parkway in Fort Worth, according to Xceligent Inc. Representing the tenant and landlord in the transaction was Bo Avery of TriMarsh Properties.
All American Balloons Texas LLC has renewed its lease for 6,702 square feet at 2400-2440 E. Randol Mill Road in Arlington, according to Xceligent Inc. Representing the tenant in the transaction was Jason Miller of Bradford Commercial Real Estate Services, with Michael Foster of Property Advisers Realty representing the landlord, UVAG Realty LP.
Staybright Electric has signed a lease for 5,520 square feet at Arlington Business Park, 755-765 109th St. in Arlington, according to Xceligent Inc. Representing the tenant in the transaction was Brian Gilchrist of CBRE Group Inc.-Arlington, with John Brewer of CBRE-Arlington representing the landlord, Gt 88 LP.
Rotobrush International has signed a lease for 25,600 square feet at 612 E. Dallas Road in Grapevine, according to Xceligent Inc. Representing the tenant in the transaction were John Amend and B.D. Amend of Amend Group, with Tyson Erwin and Rick Medinis of NAI Robert Lynn representing the landlord, Sub-Op Fund II LP.
Task Forklifts USA has leased 4,682 square feet of industrial flex space at Westfork Business Center Building III, 1555 Ave. S. in Grand Prairie, from DCT-TX 2004 RN Portfolio, a Delaware limited partnership. Representing the landlord in the transaction were Jim Ferris, vice president of Bradford Commercial Real Estate Services, and Michael W. Spain, senior vice president and managing partner.
Send real estate news to email@example.com