Real Deals: Furniture Warehouse site sold for Arlington redevelopmentApril 4, 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.
Furniture Warehouse site sold for Arlington redevelopment
A former Furniture Warehouse has been acquired for a retail development along South Arlington’s Cooper Street.
A retailer has been confirmed to occupy part of the 35,417-square-foot building, with another business negotiating for the balance of the 3500 S. Cooper St. space, according to developer Vaquero Ventures of Fort Worth.
Selling the property was EKIM Partners of Fort Worth, with Bradford Commercial Real Estates Services of Dallas brokering the sale.
"During the feasibility phase, Vaquero asked me to market the balance of the space. I was surprised at the velocity of activity for the listing and the future redeveloped space," said Nick Talley of Bradford Commercial in a news release.
The 4.06-acre property, with fenced yard and storage buildings, drew at least a dozen tours and four offers, primarily sparking interest from the industrial sector. The property is located near Interstate 20 and Texas 360. The closing was held within 120 days of the property becoming available.
Fund refurbishes, sells Grapevine office building
Hangover Opportunity Fund LLC has sold the fully leased, 38,709-square-foot Grapevine I office building in Grapevine to a California-based 1031 Exchange investor, referring to Internal Revenue Service code allowing certain types of property to defer recognition of capital gains or losses due at the time of sale.
Sweetening the property’s appeal by leasing its last available space to Academic Health Plans were Gary Walker and Rene Efimoff of Coldwell Banker Commercial Alliance DFW. Academic Health Plans will use the site as its corporate headquarters.
"It should be a well-performing, cash-flowing property with the long-term leases that are in place," Efimoff said in a news release.
Grapevine I and the 20,151-square-foot Grapevine II office building at 3600 William D. Tate Ave. were acquired in August 2011, a pair of separately platted buildings built in the late 1990s on 5.64 acres. Grapevine II was sold in August 2012 to OSK Investments LP of Texas.
"It was a good investment for us. We were able to take the project from 29 percent occupancy to 100 percent because of its location and improvements by our landlord," Walker said.
Grapevine I now sports awnings and new landscaping thanks to Hangover Opportunity officials, with the interior also undergoing renovations as new lease spaces were built out.
Representing Academic Health Plans in the transaction was John Lucas of Century 21 Mike Bowman Commercial Inc. of Grapevine in its talks for the balance of Grapevine I's Class B-plus space.
"Hangover Opportunity Fund has ample capacity to take on properties like this," Walker said. "We are pleasantly surprised that the investment has closed out quicker than we anticipated."
The fund was launched in 2011 as an investment vehicle with commercial real estate holdings in Texas and surrounding states.
Denton office warehouse sold
A Denton office warehouse has been sold, with Purvis Industries Ltd. purchasing the property from the bankruptcy estate of Enmon Accessories LLC.
The 9,888-square-foot property is at 900 E. Hickory St.
Representing the bankruptcy trustee in the transaction was Dan Spika, executive vice president of Henry S. Miller Brokerage’s Dallas-Fort Worth office-industrial division, with Ashley Purvis of Purvis Realty representing the buyer.
MJT Holdings LLC has purchased 11,782 square feet at 4200 Murray Ave. in Haltom City, according to Xceligent Inc. Representing the buyer in the $595,000 transaction was Michael Newsome of NAI Robert Lynn, with Sarah Everett and Todd Hawpe of Transwestern–Fort Worth representing the seller, Andrew and Joyce Green.
Ortiz Property Management LLC has purchased 6,468 square feet at 713-717 W. Division St. in Arlington, according to Xceligent Inc. Representing the seller, Tai Chen Yen, in the $225,977 transaction was Henry S. Miller Brokerage LLC.
Bambino Palace LLC has purchased 5,005 square feet for an undisclosed price at 4000 Haslet-Roanoke Road in Roanoke, according to Xceligent Inc. Representing the seller, Realty Income, in the transaction were Mary Boone and Sharon Herrin of Herrin Commercial Real Estate–Dallas-Fort Worth.
The Littleton Group has signed a lease for 1,085 square feet at the Liberty Bank Building, 7001 Boulevard 26 in North Richland Hills, according to Xceligent Inc. Representing the tenant in the transaction was William Mason of Swearingen Realty Group LLC, with Jeffrey Day of Centra Partners LLC–Fort Worth representing the landlord.
The Sleep Shop has signed a lease for 8,120 square feet at Village by the Parks II, 4217 S. Cooper St. in Arlington, according to Xceligent Inc. Representing the tenant in the transaction was Troy Morgan of Structure Commercial, with Michelle Caplan and Gretchen Frankenthal of The Weitzman Group–DFW representing the landlord, V2 Associates LLC.
Arrow Staffing has signed a lease for 2,339 square feet at the Morrow Building, 235 Northeast Loop 820 in Hurst, according to Xceligent Inc. Representing the tenant and landlord in the transaction were Eric Deuillet and Brian Cyphers of Structure Commercial.
Hidden Youth Spa has signed a lease for 1,155 square feet at Parkwood Village Center, 217 E. Harwood Road in Hurst, according to Xceligent Inc. Representing the tenant and landlord, MDT Parkwood Ltd., in the transaction were Eric Deuillet and Brian Cyphers of Structure Commercial.
Curt Manufacturing LLC has signed a lease for 38,400 square feet at Prologis GSW 7, 1205 Post and Paddock St. in Grand Prairie, according to Xceligent Inc. Representing the tenant in the transaction were Tom Walrich and Reed Parker of Lee & Associates, with Cannon Green and Matt Dornak of Stream Realty Partners LP– Dallas representing the landlord, Prologis.
Selah International Market has signed a lease for 2,880 square feet at Woodland West Shopping Center, 1625 W. Park Row Drive in Arlington, according to Xceligent Inc. Representing the tenant in the transaction was Corby Hodgkiss of Mercer Co., with Vickie Pearson of Equity Investment Services representing the landlord, Park Plaza Shopping Center.
Kerr Industries of Texas has renewed a 50,000-square-foot office-warehouse lease at 1101 N. Great Southwest Parkway in Arlington. Representing the landlord, CIVF I-TX105-W06 LP, in the transaction were Michael W. Spain, senior vice president and managing partner of Bradford Commercial Real Estate Services, and Jim Ferris, vice president with the firm. Jim Hazard of E. Smith Realty represented the tenant.
Supurva Healthcare Group LLC has leased 3,000 square feet of flex industrial space at Capital Tech Center, 1611 N. Interstate 35 in Carrollton, from Hickory Creek Retail LP. Representing the landlord in the direct deal was Brian Pafford, senior vice president and managing partner of Bradford Commercial Real Estate Services.
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