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Real Deals: Mansfield Senior HousingJune 30, 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.
Mansfield to gain new senior living community
The Rochester Group of Fort Worth and 2GR Equity Partners of Grapevine have joined forces in developing a 95-unit senior living facility in Mansfield.
Known as Rochester Springs Assisted Living and Memory Care, the project is funded through an equity investment between the firms.
The joint venture promises a 73,344-square-foot assisted living and memory care facility with 51assisted living units and 44 memory care units.
The complex will be located on a 3.09-acre site on the northeast corner of East Broad Street and Matlock Road across from the 168-bed Mansfield Methodist Medical Center.
Three Living Architecture designed Rochester Springs and Dallas-based 12 Oaks Senior Living will manage the property.
Construction is set to begin within 30 days, with the facility opening in summer 2015.
Rochester Springs is 2GR Equity’s second investment in the past year in developing a senior living community in Texas.
“Everyone knows the senior living market is frothy right now; however, success can still be found in a product type like this if you have the right team assembled,” said David Gregory, equity principal and co-founder of 2GR Equity, commenting in a news release.
“We feel we have all of those aspects working for us on this transaction,” Gregory said.
DONATION STATION SOLD
Goodwill Industries has sold its Fort Worth donation station to a partnership whose identity was not disclosed.
The 2,676-square-foot property at 1111 University Dr. sits on .27 acres. More than three years remain on the lease, with one- and seven-month options for renewal at market rent.
The property is adjacent to the Cultural District and near Casa Manana, the Kimbell Art Museum, and that National Cowgirl Museum and Hall of Fame.
Marketing the property on behalf of the seller were Philip Levy, vice president-investments, and Chris Gainey, an associate, with Marcus & Millichap Real Estate Services’ Fort Worth office. The buyer also was secured and represented by Levy and Gainey.
THE DALLAS MORNING NEWS
LEASES NEW DISTRIBUTION CENTER
The Dallas Morning News has leased the last available space in the 416,000-square-foot Gateway East Business Center in Garland.
The newspaper's new distribution center is set to open Aug. 1 in 22,590 square feet of space at 4002 W. Miller Road in Garland. The center will be in the smaller of two buildings in a Class A project.
"The negotiations on this deal went very quickly. We had two other interested parties pursuing this space at the same time," said Susan Singer, executive vice president of Dallas-based Bradford Commercial Real Estate Services, in a news release.
Gateway East's high parking ratio helped attract the newspaper, according to Bradford, which cited its carrier fleet that picks up newspapers for early-morning delivery.
"Even though they work during off-peak hours, parking was a critical requirement," Singer said.
Representing the landlord, IAC North Dallas LLC, in the transaction were Singer and Michael T. Grant, senior vice president and managing partner of Bradford. Todd Awe of TAG Realty Management Inc. represented the buyer.
TWO MILLER AGENTS AWARDED
NORTH TEXAS LAND PORTFOLIO
Henry S. Miller Brokerage’s John St. Clair and Grant Brodeur have been chosen to sell 2,237 acres throughout North Texas.
St. Clair, senior vice president of the firm’s executive division, and associate Brodeur of its investments-land division received the assignment from an Arizona client.
The five land parcels comprise about 45 acres in Rhome, 115 acres in Greenville, 635 acres in Josephine, 1,328 acres in Waxahachie and 114 acres in Valley View.
“John and I are eager to bring these properties to the market and believe an offering of this magnitude is a sign of good things to come for the resurgence of the investment land market,” Brodeur said.
Northwind Construction Inc. has sold a 5,000-square-foot industrial building on 0.7 acres at 2215 Forum Dr. in Arlington to Dylan-Hannah Investments LLC. Nick Talley, vice president of Bradford Commercial Real Estate Services, represented the seller. Jennifer Tran of Avignon Realty represented the buyer.
HN Investments has sold a 1,358-square-foot commercial building at 3724 Benbrook Highway in Fort Worth to John Gholson and Mitzi Gholson. The Gholsons plan to renovate the building and work at the location. Representing the buyer in the transaction was Jordan Johnson, with Dick Myers of Coldwell Banker Commercial Searcy Vasseur Group representing the buyer.
Tarrant Professional Partners has purchased 1.02 acres at 200 Galveston Ave., according to Xceligent Inc. Representing the seller, Frost Bank, in the $134,200 transaction was Wayne Burgdorf of Burgdorf Realty Group.
Sherry Diehr has purchased 8,765 square feet at 5545 Banks St. in Fort Worth, according to Xceligent Inc. Representing the seller, Ramona J. Alexander, in the $215,132 transaction was Dawn Potthoff of Coldwell Banker Commercial NRT.
Dollar Tree has leased 10,000 square feet at Las Vegas Trail Center, 8628-8740 Camp Bowie Blvd. W. in Fort Worth, according to Xceligent Inc. Jack Weir and Jim Weir of The Retail Connection-Dallas represented the tenant in the transaction. Shelley Taylor and Brandon Trimble of The Retail Connection represented the landlord.
Allegiance Title has leased 2,587 square feet at Commonwealth Center, 4200 S. Cooper St. in Arlington, according to Xceligent Inc. Representing the tenant in the transaction was Bailey Anderson of CBRE. Judy Nitzinger of Coldwell Banker Commercial Alliance FW represented the landlord, Hugh Enterprises LLC.
Vida Shoe International has leased 2,774 square feet at Euless Main Village, 412-418 N. Main St. in Euless, according to Xceligent Inc. Representing the tenant and landlord in the transaction was Judy Nitzinger of Coldwell Banker Commercial Alliance DFW.
Financial Management & Associates has leased 630 square feet in the Snowden Building, 801 E. Border St. in Arlington, according to Xceligent Inc. Representing the landlord in the transaction were Jordan Foster and Phil Young of Peyco Southwest Realty Inc.
Prime Lending has leased 2,812 square feet at Mallick Tower, 101 Summit Ave. in Fort Worth, according to Xceligent Inc. Kris Knapstein, Frank McCafferty, Sloan Teegarden and Randy Cooper of Cassidy Turley represented the tenant in the transaction. Matt Carthey and Geoff Shelton of Holt Lunsford-Fort Worth represented the landlord.
Anchor Fabrication has leased 2,522 square feet at Southlake Town Square Building I, 1246-1276 Main St. in Southlake, according to Xceligent Inc. Representing the landlord in the transaction was Trey Smith of Cassidy Turley Commercial Real Estate Services.
RSG Aviation has leased 9,000 square feet at 6009 Midway Road in Haltom City, according to Xceligent Inc. Representing the tenant in the transaction was Alan Thomas of Swearingen Realty Group-Dallas. Todd Hawpe and Sarah Everett of Transwestern-Fort Worth represented the landlord.
Fantastic Sam’s has leased 1,200 square feet at Suntree Square, 100 W. Southlake Blvd. in Southlake, according to Xceligent Inc. Representing the landlord in the transaction were Dan Shoevlin and Carter Butler of UCR Retail Advisors.
Total Wine & More has leased 33,207 square feet at The Highlands, 951-1001 W. Interstate 20 in Arlington, according to Xceligent Inc. Darrell Hernandez and Jack Breard of UCR Retail Advisors-DFW represented the tenant. Cynthia Bailey of Windstar Properties represented the landlord, Windstar Texas Investors LP.
Sherwin Williams has leased 4,000 square feet at Colleyville Towne Square, 5600 Colleyville Blvd. in Colleyville, according to Xceligent Inc. Terry Syler of The Retail Connection represented the tenant in the transaction. Josh Mann and Gavin Fite of Street Commercial represented the landlord.
Precision Siding & Construction Co. has leased 13,596 square feet of flex-industrial space in Northridge Business Center, 2002 N. Texas 360 in Grand Prairie, from Northridge GSW Partners. Michael W. Spain, senior vice president and managing partner of Bradford Commercial Real Estate Services, and Jim Ferris, vice president, represented the landlord. Tim Vogds of CBRE represented the tenant.
Metropolitan Warehouse & Delivery Corp. has leased 13,200 square feet of warehouse space in Pinnacle Business Center, 4305 Pinnacle Point Dr. in Dallas, from Anford Pinnacle LP. Brian Pafford, senior vice president and managing partner of Bradford Commercial Real Estate Services, and Jason Miller, vice president, represented the landlord. Brandon Coutu of NAI Robert Lynn represented the tenant.
Irwin Aviation Inc. has leased 12,000 square feet of warehouse space in Railhead Business Station, 600 Railhead Road in Fort Worth, from Sun Life Assurance Co. of Canada. Nick Talley, vice president of Bradford Commercial Real Estate Services, represented the landlord. Matt Carthey of Holt Lunsford-Fort Worth represented the tenant.
Clean Energy Inc. has leased 7,500 square feet of flex-industrial space at 10519 King William Dr. in Dallas from a private investor. Will Dillard, broker associate of Bradford Commercial Real Estate Services, represented the tenant. Tom Buck of Warehouse Properties represented the landlord.
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