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Bell Partners Acquires Lancaster, White Buffalo Community in Fort Worth

24 Oct 2014, 3:56 am

By Liviu Oltean, Associate Editor

Lancaster, Fort Worth

Bell Partners Inc., the nation’s seventh-largest apartment renovator and 12th largest apartment operator, recently announced that it closed on behalf of its investors on Lancaster and White Buffalo, a 316-unit community in Fort Worth. According to the company’s official statement, the community will be managed by Bell and it will be renamed Bell Lancaster.

Located in the West Seventh District of Fort Worth, the community offers various opportunities due to its proximity to shopping and recreational areas and various business hubs. Completed just last year, Lancaster finished lease-up in the second quarter of 2014 and at the time of the closing had a 93 percent occupancy rate.

“We seek to make investments in properties with attractive rent growth prospects; this often involves areas that are undergoing rapid transformation, leading to better population growth and demand for rental housing compared to an overall MSA. Our attraction to the West Seventh District of Fort Worth is in part due to the appealing lifestyle amenities, proximity to employment and expectation that recent growth and transformation of the area will accelerate in the coming years,” said Nickolay Bochilo, senior vice president of investments.

The community consists of one four-story building that surrounds structured parking and two three-story buildings with surface parking. It features a mixture of studio, one- and two-bedroom units that come in various floor plans. Multiple one-bedroom units also contain four levels – parking on the first floor, kitchen and living areas on the second floor, a bedroom on the third floor and a rooftop deck on the top floor.

Unit amenities include 9 by 13 foot ceiling heights, expansive windows, kitchens with granite countertops, modern appliances, concrete or vinyl plank flooring in living areas and full-size washers and dryers. Residents of Bell Lancaster can also make use of a clubhouse with a Wi-Fi café, two resort-style pools, a fitness facility and a yoga studio.

Image Courtesy of JHP via Official Website

Brookwood Financial Partners Closes on Two Dallas Office Assets

16 Oct 2014, 6:21 am

By Liviu Oltean, Associate Editor

5100 North O’Connor Blvd.

Brookwood Financial Partners, a real estate investment and asset management company, announced that it has closed on two office assets in the Urban Center of the Las Colinas submarket in Dallas: 125 E. John Carpenter Freeway and 5100 N. O’Connor Blvd.

The properties are located next to State Highway 114, which provides access to Dallas-Fort Worth Airport and downtown Dallas. At the time of the acquisition, the assets, which total 451,195 square feet, had an occupancy rate of 61.1 percent. The top six floors of 125 E. John Carpenter Freeway are leasable and represent one of the few large blocks of contiguous space in Las Colinas.

“We will be able to offer large prospective tenants an opportunity that cannot be found elsewhere in the market. The top six floors of the building provide terrific views from one of the most attractive Class A office buildings in the area,” stated Thomas Brown, Brookwood’s director of acquisitions. “The buildings are located very close to Gables Water Street and The Music Factory, two planned retail developments that are primed to break ground.”

The company is also planning a $3.7 million investment in targeted capital improvements, which will add to the recent amenities made by the seller – a major lobby renovation, a new conference room, a fitness center and a café.

According to Brookwood’s official statement, the rental rates in the submarket have increased by 7.6 percent over the previous six quarters, but they are still 5.4 percent below their pre-recession peak. Taking into account these changes and the addition of developments such as Gables Water Street and The Music Factory, investors remain optimistic about the submarket.

Image Courtesy of Peloton

HFF Helps Close on Eldorado Market Place; CBRE Capital Markets Brokers Sale of Hondo Park Apartments

9 Oct 2014, 6:31 am

By Liviu Oltean, Associate Editor

HFF represented WD Eldorado & Tollway LP in the sale of Eldorado Market Place, a 162,331-square-foot retail center in Frisco. The asset was acquired by an entity belonging to Fidelis Realty Partners. The transaction included about 24 acres of undeveloped land.

Located at the northwest corner of Eldorado Parkway and the Dallas North Tollway in Frisco, the asset has easy access to downtown Dallas. The retail center was developed in 2008 and at acquisition had a 99 percent occupancy rate. Tenants include Market Street, PetSmart, Raising Cane’s, RE/MAX, The UPS Store, Jersey Mike’s, AT&T and Dynamic Fitness.

WD Eldorado & Tollway LP is an affiliate of Duggan Realty Advisors LLC and Waitt Investments.

Hondo Park

In other real estate news, CBRE Capital Markets’ multifamily team announced the sale of Hondo Park Apartments. CBRE represented the seller, California-based Jennings Revocable Trust UTD. The buyer was Texas-based Fourth Score. The 68-unit multifamily asset is located west of the Dallas North Tollway, north of downtown Dallas.

“As Uptown is redeveloped and built out, apartment owners and developers are seeing opportunities to connect Uptown to the Hospital District on Harry Hines. For the long term, we will continue to see owners improving and updating older apartments, as well as developing new ones in that area,” said Chris Deuillet, First Vice President with CBRE.

Image Courtesy of CBRE 

Spear Street Capital Acquires 800,000-SF Portfolio in Richardson

2 Oct 2014, 4:06 am

By Liviu Oltean, Associate Editor

Aerial view of the Galatyn Park

HFF recently announced that it helped close the sale of four Class A office properties in Galatyn Park in Richardson for an undisclosed amount. Totaling 800,000 square feet, the office buildings represent one of the largest blocks of Class A office space in the Dallas-Fort Worth area. They were acquired by Spear Street Capital.

HFF represented the sellers, Champion Partners and Long Wharf Real Estate Partners. Located within the 80-acre, mixed-use Galatyn Park, the four office properties neighbor:

  • The 12-story Renaissance Hotel – comprising 336 rooms and 42 suites, 30,000 square feet of meeting space and a 12,000-square-foot ballroom.
  • The Eisemann Performing Arts Center – 1,550-seat performance hall, 350-seat theater and 3,150-square-foot multi-use facility.
  • The Venue – a multi-housing development that includes 285 units with more than 6,800 square feet of retail.
  • The BlueCross Blue Shield headquarters – about 1 million square feet across 34 acres.
  • Woodland Preserve – an eight-acre nature preserve donated by the Galatyn Park Corp. in 2001 and featuring multi-use trails, picnic areas and a boardwalk for bird-watching.

The office park, which was developed throughout more than 10 years, is served by a DART light-rail station. The DART links the park with downtown Dallas, the surrounding suburbs and Dallas-Fort Worth International Airport. Currently, the office complex has approximately 600,000 square feet of leasable space, due to the recent State Farm and Bank of America relocations.

Invest Group Overseas Unveils Plan for $700M Mixed-Use Project in Frisco

25 Sep 2014, 3:45 am

By Liviu Oltean, Associate Editor

The Eight Gate Project in Yafour

Invest Group Overseas (IGO), a Dubai-based development company, recently made public its plan to develop The Gate, a $700 million luxury, mixed-use project in Frisco. It represents the company’s first project in the state of Texas.

To be developed on approximately 41 acres at the northwest corner of the Dallas North Tollway and future John Hickman Parkway, the project will feature high-rise condo-style residences, a hotel, retail and Class A office space. At build out, The Gate will add as much as roughly 2.3 million square feet of new space:

  • Class A Office Space  – 410,000 square feet
  • Boutique Office and Restaurant  – 420,000 square feet
  • Luxury Residential  – 1,236,500 square feet
  • Retail, Restaurant with Upper Office Space – 71,000 square feet
  • Retail and Restaurant  – 23,000 square feet
  • Restaurant – 6,000 square feet
  • Hotel – 150,000 square feet

“True to its name, The Gate is conceived to be a gateway to the bustling corridor along the Dallas North Tollway in Frisco,” said Anaz Kozbari, CEO of IGO. “The development will offer a refreshing take on the live-work-play environment in one of America’s fastest-growing cities. When completed, it is poised to be a hub of opportunity for the business and residents who will make The Gate their address of choice.”

“Having a highly respected international developer like Invest Group Overseas select Frisco as the place to enter the Texas market is a testament to Frisco’s thriving business climate and excellent quality of life,” said Frisco Mayor Maher Maso. “While the site plan for The Gate is still conceptual, this dynamic development is on target for Frisco.”

Formed in 2004 in Dubai as a joint venture between Syrian businessman Moafaq A. Gaddah and Mohammed Anas Kozbari, Invest Group Overseas has become renowned for large-scale, high-investment developments such as the Al Thuraia Towers or The Eight Gate near the city of Damascus.

Rendering courtesy of MAG Group.

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