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ACU Takes One Hanover Park to Church

29 Jul 2015, 1:48 pm

By Liviu Oltean, Associate Editor

One Hanover Park, an eight-story, 195,894-square-foot office building located at 16633 North Dallas Parkway in Addison, Texas, will soon become home to Abilene Christian University (ACU), which has leased 25,000 square feet of space there and plans to open a new campus.

One Hanover Park

One Hanover Park

One Hanover Park is owned by PM Realty Group (PMRG), which acquired the building from a partnership between Cawley Partners and Stockbridge Capital in late 2014. PMRG Executive Vice President Kurt Cherry, Leasing Manager Brittany Ricketts and Vice President of Leasing Shea Byers handled the deal on behalf of the firm, while ACU was represented by Holden Lunsford and James Engels of Holt Lunsford Commercial.

Due to its location along the Dallas North Tollway, the office building has direct access to area amenities such as Beltline’s Restaurant Row, Galleria Dallas and The Shops at Willow Bend.

“The Dallas-Fort Worth metropolitan area has added an astonishing 117,800 jobs in the trailing 12 months ending June 2015, prompting vibrant demand for quality office space,” Kurt Cherry, executive vice president of PM Realty Group, said in a prepared statement. “One Hanover provides businesses with the opportunity to be located in a Class A building in one of the premier areas of the region.”

Weatherford Apartment Community Becomes Greysteel’s Patron

28 Jul 2015, 4:27 am

By Liviu Oltean, Associate Editor

Real estate and capital markets services firm Greysteel announced that a 64-unit apartment community in Weatherford, Texas, has been put on the market, and the firm has been retained as exclusive advisor and sales agent.

Country Oaks

Country Oaks

Dubbed Country Oaks, the 30-year-old apartment community features one- and two-bedroom units with three different floorplans. The owners of the community have recently completed more than $100,000 in capital improvements, including a new irrigation system, property signage, a pergola, solar screens and PTAC HVAC units.

Country Oaks is located along Santa Fe Drive and has convenient access to Fort Worth. The community is one mile from historic Downtown Weatherford and less than a mile from Weatherford College.

“With limited multifamily supply in Weatherford, Country Oaks has benefited from high historical occupancy,” said Greysteel Analyst John Marshall Doss in a statement. “Resulting from this high demand, the current owners have continually increased rents, with modest interior upgrades allowing new ownership the opportunity to continue the established renovation program and grow revenue for the foreseeable future.”

HFF Shows Hospitable Side in Dallas

28 Jul 2015, 4:23 am

By Liviu Oltean, Associate Editor

With more than 22.6 million visitors to Dallas each year, it’s no wonder the city’s hospitality sector continues to grow and investors keep on knocking on doors such as HFF’s. The financing firm announced two recent deals.

The firm secured a $10.3 million refinancing for Holiday Inn Dallas Market Center, a 200-room, full-service hotel located at 4500 Hines Blvd. in north central Dallas. HFF’s debt placement team represented the borrower, a partnership between Tom Corcoran and Prism Hotels & Resorts. The team was led by Associate Director Michael Crosby and Managing Directors John Bourret and Daniel O’Donnell.

Le Meridien

Le Meridien

HFF also announced that it has secured acquisition financing and closed the sale of Le Méridien Dallas by the Galleria, an 11-story, 258-suite hotel located in the north Dallas Galleria submarket. HFF marketed the property on behalf of the seller, a joint venture formed by Arden Group Inc. and HEI Hotels & Resorts. The buyer was NB Holdings, which acquired the asset for an undisclosed amount.

The upscale hotel was constructed in 2002 and underwent extensive renovation in 2009. It features a fitness center, 5,079 square feet of meeting space, an indoor heated swimming pool and a 24-hour business center and concierge service.

Image courtesy of Starwood 

Growth Spurt for Parc 114

28 Jul 2015, 4:20 am

By Liviu Oltean, Associate Editor

Hines and AEW Capital Management have started work on the second phase of  Parc 114, a fully leased industrial park in Irving, Texas. The two companies unveiled plans for two new buildings totaling more than 191,000 square feet.

The new additions will be rear-load buildings that will feature 30-foot clear heights, 52-foot column spacing, a 1.8/1,000-square-foot parking ratio, as well as spacious truck courts. The buildings were designed to accommodate tenants with space needs ranging between 16,000 and 135,253 square feet.

Parc 114

Parc 114

Centrally located in the Dallas-Fort Worth Metroplex, the 52-acre, master-planned park was acquired by Hines and AEW in 2014. At the time of the acquisition, the park consisted of six industrial buildings totaling more than 404,000 square feet of space and 18.5 acres of developable land.

According to a prepared statement, the park was acquired for its direct access to DFW International Airport and major thoroughfares, as well as for its tenant base, which includes companies such as Chrysler Group LLC, Nautilus Hyosung America, Nissan and Walgreens.

Leasing, marketing and property management services for the project will be handled by Stream Realty Partners.

Canadian Capital Hopes for Greener Pastures at Viridian

24 Jul 2015, 5:28 am

By Liviu Oltean, Associate Editor

A joint venture formed by Houston-based Johnson Development Corp. and Toronto-based Tricon Capital Group Inc. has kept busy in Texas, having recently closed on Viridian, a 2,083-acre master-planned community in Arlington.

The community was acquired for $141.4 million, of which $25.4 million represented Tricon’s investment and $116 million Johnson Development’s. At build out, the community will feature approximately 3,500 homes and more than 1 million square feet of commercial space.

Aerial View of Viridian Lake Club Amenity Center and Sample of Three Existing Homes in the Community

Aerial View of Viridian Lake Club Amenity Center and Sample of Three Existing Homes in the Community

Located 20 miles west of downtown Dallas, 15 miles east of downtown Fort Worth and four miles south of DFW International Airport, the community is in close proximity to some of the region’s largest employment centers. Its amenities include a 274-acre lake; more than 17 miles of nature trails; an 18-hole golf course; a community center; a swimming complex; and a recently opened elementary school.

“Viridian is an exquisitely planned, cash-flowing community located in one of the strongest housing markets in the United States,” said Gary Berman, Tricon’s president & CEO, in a prepared statement. “As Tricon’s fourth investment with the Johnson Development Corp. and the first since our strategic investment in the development manager last year, the acquisition of Viridian represents an ideal opportunity to expand our geographic market coverage to include DFW and to leverage Johnson’s relationship with national and regional homebuilders.”

Image courtesy of Tricon

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