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Real Deals: Magnolia Medical expands leaseFebruary 28, 2014
The Fort Worth Business Press obtains some of its Real Deals content through a partnership with Xceligent Inc., a commercial real estate research firm.
Magnolia Medical Tower renews, expands lease
Lincoln Harris CSG has negotiated a renewal and expansion of Magnolia Medical Tower’s lease on behalf of Texas Health Care PLLC.
The expansion covers 3,015 square feet at 1307 Eighth Ave. in Fort Worth and brings the total transaction to 10,343 leased square feet.
“The recent renovation of Magnolia Medical Tower makes it a premier space in the health care real estate market,” said Banks Newton, transaction manager with Lincoln Harris CSG, in a news release.
“We are pleased that the property has continued to meet the needs of Texas Health Care,” Newton said.
Velocis, a private equity real estate fund that owns the building, was represented in the transaction by Newton. Velocis recently completed $1.5 million in renovations at the property. Steve Relyea of The Relyea Co. negotiated on behalf of the tenant, Texas Health Care, a specialty physician group practice owned and governed by physicians.
Among the six-story building’s renovations are new corridor finishes, renovated lobby areas and reconstructed restrooms. The building’s entries and exits now have upgraded doors for what planners call a more cohesive look and to ensure Americans with Disabilities Act compliance. Also upgraded are the tower’s mechanical and fire alarm systems.
Most of the building was repainted and new signage was installed, along with a new canopy over the walkway bridge leading from the parking garage roof to the office building.
Formerly known as Medical Arts Building, the tower is adjacent to Baylor All Saints Medical Center. The renewal and expansion bring the building to 75 percent occupancy.
TWO FORT WORTH APARTMENT COMPLEXES SOLD
Ridgmar Hills and The Steppes have been sold. Marcus & Millichap Real Estate Investment Services marketed the apartment communities on behalf of the seller, Warner Alan Properties.
Mason Green, a senior associate in Marcus & Millichap’s Fort Worth office, marketed the property. The buyer, a Dallas-based partnership, also was secured and represented by Green.
The two complexes are next door to each another, north of Interstate 30 near Ridgmar Mall and Naval Air Station Fort Worth Joint Reserve Base. The buyer secured two Federal National Mortgage Association loans on the properties through lender Arbor Commercial. The loans carry 10-year terms.
The properties were about 94 percent occupied at the close of escrow.
The buyer plans to upgrade unit interiors and make moderate exterior improvements.
RIVER OAKS SITE PURCHASED,
RETAIL CENTER PLANNED
River Oaks Properties Joint Venture has announced plans to develop a retail strip center on newly purchased property at 5060 River Oaks Blvd. in River Oaks.
Completing the sale was Max Tsai, vice president of Henry S. Miller Brokerage, Dallas-Fort Worth Investments/Land Division. The site consists of about 22,059 square feet of vacant land
Representing River Oaks Properties Joint Venture in the transaction was Luis Pina of Accent Real Estate. The seller, Wael Al-Sahili, was represented by Tsai.
Marcus & Millichap has brokered the sale of Trinity Oaks, a 206-unit multifamily complex in Arlington. Constructed in 1981, the Class B property is located at 811 Northeast Green Oaks Blvd. and offers studio, one- and two-bedroom apartments in six different layouts. Marketing the property on behalf of the seller, a limited liability company, were Michael Ware and William Jarnagin of Marcus & Millichap. The buyer was not identified.
Constellation Real Estate LLC has sold 1.43 acres of industrial-zoned land at 4800 Eden Road in Arlington to Carbon-Carbon Advanced Technologies Inc. of Kennedale. Representing the seller in the direct deal was Brendan Smith, market director of Bradford Commercial Real Estate Services.
Patterson Land Development has sold 73,181 square feet of land at 8525 Davis Blvd. in North Richland Hills, just north of North Tarrant Parkway. The land is under development for retail uses by BomacDavis Investments. Representing the buyer were Ryan and Kevin McIntosh of Trinity Partners Texas. Representing the seller were Lester Day and Ben McBroom of Transwestern.
The BMS Enterprises Inc. has purchased 56,666 square feet of industrial space at 5718 Airport Freeway in Haltom City. Leland Prowse and Alex Bryant of Transwestern represented the buyer.
Traylor Investments LLC has purchased 31,600 square feet of industrial space at 1950 Samuels Ave. in Fort Worth. Representing the seller was Todd Hawpe with Transwestern.
GPSFW Holdings has bought 21,879 square feet of industrial space at 2450 Handley-Ederville Road in Fort Worth. Jeff Givens and Ben McBroom of Transwestern represented the seller.
Sahuaro Properties has bought 16,800 square feet of industrial space at 1820 High Prairie Road in Grand Prairie. Representing the seller were Jeff Givens and Joe Rudd of Transwestern.
MJT Holdings has purchased 12,000 square feet of industrial space at 4200 Murray Ave. in Haltom City. Michael Newsome represented the buyer, with Todd Hawpe of Transwestern representing the seller.
Ranger Real Estate has purchased 15,050 square feet for $2,150,000 at 1000 S. Main St. in Grapevine, according to Xceligent Inc. Representing the seller, Mark Perry, in the transaction were Steve Shrum and Paul Blight of Glacier Management in Dallas.
GRM Information Management Services has purchased 227,120 square feet for an undisclosed purchase price at 1701 Timberlake Dr. in Arlington, according to Xceligent Inc. Representing the buyer in the transaction were Phillip Rosenfeld and Matt Thompson of Colliers International-Dallas. Representing the seller, Prologis, were Tom Walrich, Mark Graybill and Trey Fricke of Lee & Associates.
Grant i-Homes LLC has bought 1.61 acres for $65,000 southwest of West Long Avenue and Northwest 18th Street in Fort Worth, according to Xceligent Inc. Ken Davis represented the buyer and Monica Wofford of Prudential represented the seller, Mark & Onnie Schuff.
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 was Brian Gilchrist of CBRE.
Community Driving School has signed a lease for 1,320 square feet at SoHigh Village, 5250 North Tarrant Parkway in Fort Worth, according to Xceligent Inc. Bo Avery of TriMarsh Properties represented the tenant and landlord in the transaction.
Maximized Living has signed a lease for 1,800 square feet at SoHigh Village, 8333 Sohi Drive in Fort Worth, according to Xceligent Inc. Bo Avery of TriMarsh Properties represented the tenant and landlord.
International Steel Framing has signed a lease for 21,377 square feet at 7108 Burns St. in Richland Hills, according to Xceligent Inc. Representing the landlord in the transaction was Gary Vasseur of Coldwell Banker Commercial Searcy Vasseur Group in Fort Worth.
C. Freeman Company LLC has signed a lease for 7,992 square feet at 1013-1031 Avenue M in Grand Prairie, according to Xceligent Inc. Representing the tenant was Tom Walrich of Lee & Associates-Dallas. Kacy Jones and Steve Koldyke of CBRE-Arlington represented the landlord, First Industrial Texas LP.
AidFreight has signed a lease for 21,000 square feet at 910-916 Avenue M in Grand Prairie, according to Xceligent Inc. Patrick Embry of NAI Robert Lynn represented the tenant in the transaction. Michael Stanzel represented the landlord.
Emser Tile LLC has leased 14,425 square feet of industrial space at Haltom Place Business Park in Haltom City. Representing the landlord was Leland Prowse of Transwestern.
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