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Real Deals: Massey's may be razed April 18, 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.
Former Massey’s restaurant could be razed
Has the former Massey’s restaurant served its last chicken fried steak? That’s up to the Dallas real estate investor who bought the 1805 Eighth Ave. property in Fort Worth’s hospital district.
“I’m meeting with some folks there to help me decide,” said Don Williams, who purchased the property in December for about $650,000, according to Xceligent Inc., but planned to meet with developers the week of April 14 to help decide its fate.
The 4,000-square-foot building has remained shuttered since closing in 2011. After Charles “Herb” Massey Sr. opened the eatery in 1947, it gained acclaim for its chicken fried steaks and down-home charm. But it closed in 1996, a decision made by Charles Herbert Massey Jr. and his wife Diane Massey.
It reopened the next year after Todd A. Scott and John Hamilton leased the site, reopening it under the same name. But it closed for good on Feb. 6, 2011, a day that left a bittersweet taste in the mouths of regulars more accustomed to the golden-crust filets that popularized the restaurant in Dan Jenkins’ novel, Baja Oklahoma.
Only five months after snapping up the property – “I bought it as a trust for my son, Sebastian,” Williams said – the Dallas investor said he didn’t know whether a new restaurant or retailer will fill the space or if the building might be razed. Current zoning allows residential and commercial uses for the property.
Williams-Sonoma leases Arlington site
Arlington Commerce Center has been chosen to house Williams-Sonoma Inc.’s new Dallas-Fort Worth regional distribution center.
The 821,502-square-foot building, managed by Exeter Property Group, is at 4900 Sherry St. in south Arlington. Representing Williams-Sonoma in the transaction were Tom Pearson and Chris Teesdale of Colliers International, with Dave Anderson of CBRE representing Exeter Property Group.
Exeter negotiations was Colliers International.
Citadel Partners subleases space
Invensys’ Granite Park III space in Plano has been subleased thanks to Citadel Partners LLC, which found a tenant to occupy its 45,000-square-foot, two floor space.
After launching its search, Citadel Partners, a Dallas-based real estate advisory firm, found NTT Data, represented by John Amend of The Amend Group, as a possible subtenant. But NTT only needed half of the 25,000-square-foot space, prompting Citadel to offer what it called a staged take-down of the space while hammering out a termination agreement with the landlord to cut the contingent lease liability for Invensys.
After deciding to relocate its operations team, Citadel helped sublease the remaining Granite Park III space.
“Although we were working within a tight window of time and divergent client needs, we were able to accomplish our goal and benefit all parties,” said Scott Morse, co-founder of Citadel Partners, in a news release.
The firm helped Invensys remove the lease’s contingent liability as it moved to a new facility better matching its future needs.
Fireside Pies, Winewood Grill properties sold
The buildings housing Fireside Pies and Winewood Grill in Grapevine have been sold, with a limited liability company snapping up the 9,551- and 5,595-square-foot buildings.
The former structure, at 1285 S. Main St., houses Fireside Pies, with the latter, at 1265 S. Main St., housing Winewood Grill.
The restaurants are part of the Grapevine Epicenter development near Texas 114. Marketing the properties on behalf of the seller, a local private investor whose name was not disclosed, as well as procuring the buyer, was Jason Vitorino of Marcus & Millichap.
Rore LLC has purchased 2,500 square feet at 4710 River Oaks Blvd. in Fort Worth, according to Xceligent Inc. Representing the seller, Padro and Maria Rodriguez Family Inc., in the $280,000 transaction was Mary Bell of Blue Star Real Estate.
Bail Bonds has purchased 2,050 square feet at 3545 Denton Highway in Haltom City, according to Xceligent Inc. The purchase price was not disclosed. Representing the seller, Herb K. Minor, in the transaction was Kiz Stephenson of Century 21 Commercial-Arlington.
William L. Cowden Real Estate LLC has purchased a 6,000-square-foot office building at 920-932 Highway 199 in Springtown. Representing the seller, Branch Banking and Trust Co., was Brian Tobey of The Makens Co., with James Blake of Sperry Van Ness representing the buyer.
Babies and More has signed a lease for 1,400 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 Jake Burns of Structure Commercial.
Robert B’s Plumbing has signed a lease for 2,511 square feet at 1201 Sturgeon Court in Arlington, according to Xceligent Inc. Representing the landlord in the transaction were Jordan Foster, James Maibach and Phil Young of Peyco Southwest Realty Inc.
Killer Hot Rods has signed a lease for 7,533 square feet at 1201 Sturgeon Court in Arlington, according to Xceligent Inc. Representing the tenant in the transaction was Ritter & Associates, with James Maibach and Phil Young of Peyco Southwest Realty representing the landlord.
Bassett Transportation has signed a lease for 4,300 square feet at Prologis Port America 15, 751 Port America Place in Grapevine, according to Xceligent Inc. Representing the tenant in the transaction was Corby Hodgkiss of Mercer Co., with Gil Stroube of Lincoln Property Co.-Dallas representing the landlord.
American’s Best Contacts & Eyeglasses has signed a lease for 4,301 square feet at Burleson Town Center, 811 Northeast Alsbury Blvd. in Burleson, according to Xceligent Inc. Representing the tenant in the transaction was Katheryn Beaver of Cassidy Turley Commercial Real Estate Services, with Ethan Slavin of JAH Realty LP-Dallas representing the landlord.
Oldcastle has signed a lease for 4,180 square feet at Southwest Office Center 3, 2561 Southwest Grapevine Parkway in Grapevine, according to Xceligent Inc. Representing the landlord in the transaction was Jim Deaton of Infinit Realty Group Inc.-Southlake.
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