Real Deals: Peloton incorporatesApril 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.
Hanover Property plans $300M Fort Worth residential development
Hanover Property Co. of Dallas has snapped up 358 acres at FM 156 Blue Mound Road and U.S. 287 in North Fort Worth for a $300 million master-planned development.
Berkshire, as the community will be known, will offer 750 single-family homes, with 282 homes on 50- and 60-foot-wide lots planned for the first phase. Groundbreaking is set for later this month.
Builders include Highland Homes, American Legend Homes, Ashton Homes and K. Hovnanian Homes, with houses priced between the low $200,000s and mid-$300,000s.
“Berkshire will offer an excellent opportunity for first- and second-move-up households that are seeking a family-oriented neighborhood at an affordable price in North Fort Worth,” said Ted Wilson, principal with the Dallas-based new home research firm Residential Strategies Inc.
Anchoring the development will be a resort-style amenity center featuring an open-air clubhouse, swimming pool and splash pad. Plans also include a trail system, five-acre pond and open green space, as well as a playground.
The first phase of lots will be available in spring 2015, with model homes to open soon after that, according to Hanover Property officials. The master plan includes 30 acres of commercial and 17 acres of multifamily property.
Financing the project will be Texas Capital Bank, with Hanover working with Jacobs Engineering to develop the site plan, as well as with Mesa Design Group.
SALATA HEADED FOR GRANDMARC PROJECT
Salata Inc. has leased one of two remaining retail spaces at GrandMarc at Westberry Place, a mixed-use project adjacent to Texas Christian University.
The site is the second in Fort Worth for a local franchisee, who's leased 2,309 square feet of the Class A space at the 2864 W. Berry St. development. An early August opening is planned.
"Interest has been really high in the project, which we've been re-tenanting," said Chris Mendez of Coldwell Banker Commercial Alliance DFW in a news release.
"The landlord is a public company, so we are being very careful about tenant selection. We want the right mix for the project and TCU's campus," Mendez said.
Salata will occupy space between the Science Lab Bar & Grille and the remaining 2,340 square feet of available space. Among existing tenants are Perrotti's Pizza and Cafe Brazil.
Representing Houston-based Salata’s franchisee in the transaction was Carter Butler of United Commercial Realty in Dallas.
The GrandMarc features 24,581 square feet of retail space, as well as 562 beds of student housing with upscale amenities on the doorstep of the TCU campus.
NRH DEVELOPER PLANS GROUNDBREAKING
Scott Sandlin of Sandlin Homes has purchased 58 acres along Iron Horse Boulevard and Liberty Way for a new North Richland Hills residential development.
Dubbed Cambridge, the master-planned development is set for June groundbreaking, with houses expected to be priced from the $200,000s.
“We are excited about this piece of property because it is in our hometown,” Sandlin said in a news release.
“We are able to develop an exceptional new community with quality homes that will add over $50 million of increased property values for the city.”
About 192 single-family homes are planned in three phases: The Villages, Cambridge Place and Cambridge Estates. Lots will range from 50- to 60-foot widths, with the smallest homes covering 1,800 square feet.
Cambridge is adjacent to Liberty Park and promises sidewalk and trail connectivity to the Cotton Belt Hike and Bike Trail System. Sandlin’s company dedicated land to the city for the right of way to connect Liberty Park to Cotton Belt trail, which offers 11 miles of trails and will expand to 20 miles, linking Hurst, Colleyville and Grapevine to the northeast and Fort Worth and Haltom City to the southwest.
RECYCLER LEASES GREAT SOUTHWEST SPACE
Waste Track Services LLC has leased half of a 104,396-square-foot industrial building in the Great Southwest Industrial District in Arlington, with dibs on additional space.
In May, the Granbury-based recycler will move into the two-story structure at 2920 Avenue F in Arlington. Waste Track is the first tenant in nearly 10 years to make a long-term commitment to the largest of four buildings on the 16-acre campus, which parallels and is visible from Interstate 30.
"It was challenging to lease because of the two-story design, which isn't for everybody," said Jim Ferris, vice president of Dallas-based Bradford Commercial Real Estate Services, commenting in a news release.
The local owner, FPA Division Associates LP, has agreed to strip the 52,032-square-foot first floor to shell condition. The new tenant has rights to at least half of the second floor, with the rest being considered for dead storage space by the landlord.
"The ownership provided the right incentive to lease the building. We are very pleased with the outcome of the negotiations," Ferris said. "It worked out for everyone."
Representing the tenant in the transaction was Will Dillard, a broker associate with Bradford. Waste Track Services also has recycling locations in Eagan, Minn., and Memphis, Tenn.
LEBANON OHIO CENTER IN FRISCO SOLD
Lebanon Ohio Center, an unanchored strip retail complex at 4681 Ohio Drive in Frisco, has been sold to Los Angeles-based Shayan Holdings LLC.
Arranging the sale was CBRE Group Inc. Shayan Holdings bought the 29,200-square-foot center from LandPlan Development Corp. for an undisclosed price.
The property is at the southwest corner of Lebanon Road and Ohio Drive.
“Lebanon Ohio Center is an interesting asset. Because it is just off of Preston Road by about a block, tenants can capture the high-end Frisco shopper without paying Preston Road rental rates,” said Jennifer Pierson of CBRE-Dallas, commenting in a news release.
The strip center is 90 percent occupied. Tenants include CrossFit Remedy and Arts and Technology Institute.
“This asset is a long-term hold for the purchaser and is well-suited as such,” Pierson said. “Both the buyer and the seller were pleased with the sale.”
Representing the seller in the transaction were Jennifer Pierson and Beth Pierson with CBRE-Dallas. Providing financial analysis for the transaction were Matt Cutter and Adam Hedgpeth of CBRE Dallas’ Financial Consulting Group.
Bou-Hamdan has purchased 40,320 square feet at Newman Business Park, 9861-9911 N. Saginaw Blvd. in Fort Worth, according to Xceligent Inc. Representing the buyer was Don Phifer of Phifer & Associates-North Richland Hills, with Becky Thompson of Lee & Associates representing the seller, D&R Leasing LLC.
Knopf Family Ltd. Partnership has purchased 32,852 square feet at DFW Industrial Park Phase IV, 1712 Minters Chapel Road in Grapevine, according to Xceligent Inc. Representing the buyer in the transaction was Jeremy Mercer of Mercer Co.
K&T Interior Designs has signed a lease for 1,313 square feet at Arthouse Keller, 251 Town Center Lane in Keller, according to Xceligent. Inc. Representing the tenant in the transaction was Ryan Davenport of Scott Brown Commercial. Chris Flesner and Sam Littlejon of Retail Solutions-Dallas represented the landlord, Amstar-Southern Art House.
Knobs & Sticks has signed a lease for 3,459 square feet at Arthouse Keller, 251 Town Center Lane in Keller, according to Xceligent Inc. The landlord, Amstar-Southern Art House, was represented in the transaction by Chris Flesner and Sam Littlejon of Retail Solutions-Dallas.
Vaquero Ventures has signed a lease for 35,417 square feet at 3500 S. Cooper St. in Arlington, according to Xceligent Inc. Representing the landlord in the transaction was Bradford Commercial Real Estate Services-Fort Worth.
Avcor Health Care Products has signed a lease for 26,400 square feet at GSW Distribution Center, Building 8, at 2750 1113th St. in Grand Prairie. David Wetherington and Trey West of Colliers International represented the tenant in the transaction, with Cannon Green, Cody Riles and Matt Dornak of Stream Realty Partners LP representing the landlord, First Industrial Texas LP.
Plycon Van Lines has signed a lease for 6,048 square feet at 1021 Avenue M in Grand Prairie, according to Xceligent Inc. Representing the tenant in the transaction was Jeremy Mercer of Mercer Co. Kacy Jones and Steve Koldyke of CBRE-Arlington represented the landlord, First Industrial Texas LP.
Color Matrix has renewed a lease for 46,000 square feet at 7204 Burns St. in Richland Hills, according to Xceligent Inc. Todd Hubbard and Michael Newsome of NAI Robert Lynn represented the landlord in the transaction.
Frost Bros. Resources has signed a lease for 2,800 square feet at Cendera Office Plaza, 8509 Western Hills Blvd. in Fort Worth, according to Xceligent Inc. Representing the landlord in the transaction was Dick Myers of Coldwell Banker Commercial Searcy Vasseur Group-Fort Worth.
Pho District has signed a lease for 2,000 square feet at Parkside So7, 2421 W. Seventh St. in Fort Worth, according to Xceligent Inc. Representing the landlord in the transaction were Grant Gary and Peter Jacobsen of Woodmont Co.-Fort Worth.
Pedals Cycling Studio has signed a lease for 2,016 square feet at Arthouse Keller, 251 Town Center Lane in Keller, according to Xceligent Inc. The landlord, Amstar-Southern Art House, was represented in the transaction by Chris Flesner and Sam Littlejon of Retail Solutions-Dallas.
Chiang, Patel & Yerby Inc. has renewed its lease for 5,733 square feet of office space in the Oncor Building, 115 W. Seventh St., Fort Worth. Theron Bryant and Casey Tounget of Coldwell Banker Commercial Alliance DFW represented the landlord, Benbrooke Electric Partners, in the direct deal.
America's Infomart Inc. has leased 10,424 square feet of office space at 200 E. Bethany Dr. in Allen from LFP Real Estate LP. Susan Singer, executive vice president of Bradford Commercial Real Estate Services, represented the landlord in the transaction. Jeff White of Mark V Commercial Inc. represented the tenant.
Starbucks Corp. has renewed a lease for 1,507 square feet of retail space at 7979 N. MacArthur Blvd. in Irving. Leigh C. Richter, senior vice president of Bradford Commercial Real Estate Services, represented the landlord, D4 Benson, in the direct deal.
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Fort Worth-based Peloton Land Solutions LP, a consulting firm providing land development and energy service expertise, announced that as of April 1 it has incorporated to become Peloton Land Solutions Inc. Since its founding in January 2010 by partners Aric Head, Richard Payne and Pat Smith, Peloton has grown an average of 28 percent annually. The company has expanded from one office in the Fort Worth area to three locations, including Frisco and Austin. “Since 2010 we have grown exponentially beginning with a handful of employees to now nearly 80 team members in three office locations,” said Head, Peloton’s president and CEO. “The decision to incorporate will provide our company with a structure that will allow us to sustain our growth and meet our long-term goals, ultimately allowing us to better meet our clients’ needs.”
Peloton will form a five-member board of directors – co-founders Head, Payne and Smith and two yet-to-be-named directors. In addition to their service on the board, Head has been named president and CEO, Payne will be chairman of the board and chief operating officer, and Smith will serve as secretary and chief financial officer. – Robert Francis