NRP Group snaps up Euless acreage, plans 300 apartmentsApril 11, 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.
The Euless apartment community is expected to gain 300 more units following a newly announced land purchase.
Snapping up about 10 acres of Bear Creek Riverwalk property was The NRP Group, planning new multifamily options at the northwest corner of state highways 183 and 360.
Brokering the deal was Andrew Prine of Stratford Group LLC.
“We are looking forward to bringing sleek and sophisticated apartment homes to this thriving location at the center of the Dallas-Fort Worth area,” said Mark Johnson, of the NRP Group, in a news release.
“Bear Creek Riverwalk is the perfect location for convenient living,” said Johnson, pointing to its close proximity to Dallas/Fort Worth International Airport, as well as entertaining and shopping options in Southlake and Grapevine.
The purchase marks the second land sale in Riverwalk, a property initially acquired by Stratford Land in April 2011. Groundbreaking is expected to begin by summer 2014.
Candle Chase Apartments sold
Candle Chase Apartments in Fort Worth has been sold to a local partnership.
The property, at 4805 Altamesa Blvd., was 70 percent occupied at closing. The buyer plans extensive renovations to the property, according to Marcus & Millichap Real Estate Investment Services, whose Fort Worth office marketed the property on behalf of the seller, Timber Chase Apartments LLC. Al Silva, vice president of investments with the Marcus & Millichap office, oversaw the sale.
Hangover Opportunity Fund gains Euless industrial building
SkyWalker Property Partners has purchased a 70,111-square-foot office-warehouse building in Euless from Invensys Inc.
The property, at 1101 Pamela Dr., is the latest addition to the portfolio of Hangover Opportunity Fund LLC, an investment vehicle with commercial real estate holdings in Texas and surrounding states.
Representing the buyer in the transaction was Theron Bryant, principal of Coldwell Banker Commercial Alliance DFW, while Allen Gump of Colliers International handled negotiations for the Massachusetts-based seller.
Skywalker is expected to upgrade the structure and build out speculative space. The single-story building is 37-percent leased and has 40,000 square feet of available space.
"It's a good value-add opportunity, which is what SkyWalker specializes in doing,” Bryant said in a news release.
Planned improvements for the 47-year-old building include air conditioning installation and a new 7,500-square-foot spec suite.
"The ready-to-occupy space is going to be very helpful," Bryant said. "We are going to be able to offer choices to smaller tenants at some of the most competitive prices in the Mid-Cities submarket for clean, quality industrial space."
Irving doctors collaborate in lease renewal
Five medical groups have renewed their leases at Tuscan Professional Building in the Las Colinas neighborhood of North Irving.
Representing the tenants in lease negotiations was Rebecca Hall, medical office broker with Henry S. Miller Brokerage’s DFW Corporate Services division.
The physicians negotiated together to obtain a favorite rate, according to Hall.
Renewals totaled 15,000 square feet.
Representing the landlord, Universal Healthcare Trust, in the transaction was Ryan Dale of PM Realty Group. All tenants were represented by Miller’s Rebecca Harrell, including Texas Digestive Disease Consultants, Medical & Surgical Clinic of Irving, Podiatric Medical Partners of Texas and Betty Chung Grasty MD.
Industrial building leased in Ponder
New Castle Properties has leased a 16,000-square-foot industrial building in Ponder.
Representing the firm in the transaction was Grant Brodeur of Henry S. Miller Brokerage’s Dallas-Fort Worth Investments-Land division, with Brett Owens of Transwestern representing the tenant. The property, just southwest of Denton at FM 2449 and South Florance Road, was leased by Sharewell HDD Drilling Products, which supplies equipment and services for the horizontal directional drilling industry.
Walnut Ridge Baptist Church Inc. has sold a 16,944-square-foot church, daycare and special purpose building at 1151 Mansfield Webb Road in Arlington. The building seats up to 400 visitors and features a café, as well as offices and classrooms. Representing the seller in the transaction was Gene J. Livens, a broker with Service Realty Inc. Steve Mitchell represented the buyer, the Mansfield Independent School District.
Realty Capital Management LLC has sold a 16,514-square-foot retail property in North Richland Hills. Located at 9101 Boulevard 26, The Venue at Hometown’s other tenants include Mama’s Pizza, Chapp’s Hamburger Café and Venue Spa & Nails. Representing Realty Capital Management in the transaction was Mark Boone, with Carey Cox Co. representing the buyer, a local investor.
Scott Schuster has purchased 15,634 square feet at the Witherspoon Building, 1000 W. Weatherford St. in Fort Worth, according to Xceligent Inc. Representing the seller, 1000 Weatherford LP, in the transaction was Grant Huff of Transwestern–Fort Worth.
Ron Walker has purchased has purchased 2.42 acres at 2821 Prestige Road in Fort Worth, according to Xceligent Inc. Representing the seller, John Mikel, in the $350,000 transaction was Moore Matthews of KW Commercial–Southlake.
Kaner Medical Group has renewed a lease for 3,906 square feet of office space in Euless Main Village, 412 N. Main St. in Bedford. Representing the tenant in the transaction was Beaux Riley of Coldwell Banker Commercial Alliance DFW, with landlord Duvar Family Trust using in-house representation.
Salmon, Sims, Thomas & Associates LLC has leased 1,606 square feet in Cordovan Park, 5840 W. Interstate 20 in Arlington from Texas Trust Credit Union. Representing the tenant in the transaction was Eric English of English Realty LLC, with Darrel Higginbotham of Coldwell Banker Commercial Alliance DFW representing the landlord.
Helen Bivins has signed a lease for 2,955 square feet at Arlington Oaks, 208 Billings St. in Arlington, according to Xceligent Inc. Representing the tenant in the transaction was James Jackson of Century 21 Judge Fite Co., with Judy Zoch Nitzinger of Coldwell Banker Commercial Alliance-DFW representing the landlord.
TD Auto Finance has renewed a lease for 78,000 square feet at Rolling Hills Office Centre, 2050 Roanoke Road in Westlake, according to Xceligent Inc. Representing the tenant in the transaction was William Callahan of CBRE, with Chris Taylor of Cassidy Turley Commercial Real Estate Services representing the landlord.
Colopy Chiropractors has signed a lease for 1,200 square feet at Overland Stage Shopping Center, 5717 Southwest Green Oaks Blvd. in Arlington, according to Xceligent Inc. Representing the tenant and landlord in the transaction were Troy Morgan and Eric Deuillet of Structure Commercial.
Flow Fitness has signed a lease for 4,800 square feet at 2989 Texas 360 in Arlington, according to Xceligent Inc. Representing the tenant and landlord in the transaction was Troy Morgan of Structure Commercial.
Williams Sonoma has signed a lease for 821,502 square feet at Arlington Commerce Center, building C at 4900 Sherry St. in Arlington, according to Xceligent Inc. Representing the tenant in the transaction were Tom Pearson and Chris Teesdale of Colliers International (USA).
Alliance Operating Services has signed a lease for 9,208 square feet at 1850 W. Airfield Dr. in Grapevine. Representing the tenant in the transaction was Todd Hubbard of NAI Robert Lynn, with Dustin Gillioz and Bryan Graham of Aeroterm–Austin representing the landlord.
Ray Qerimi has leased 1,984 square feet at Park Vista Plaza Shopping Center, 9500 Ray White Rd. in Fort Worth. The new owner has opened Ray’s Italian Restaurant in the space. Acting as intermediary agent for both tenant and landlord was Rob Rutherford, owner-Realtor of Rutherford Realty in Southlake.
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