Partners Recapitalize 700,000-SF Watters Creek Mixed-Use Development

ALLEN, TX-Trademark Property Co. (Fort Worth), Coventry Real Estate Advisors (New York), Southern Land Co. (Tennessee) and PCCP (Los Angeles) have joined forces to recapitalize the mixed-use, 706,000-square-foot Watters Creek at Montgomery Farm, located approximately 25 miles north of the Dallas CBD. The Joint Venture acquired the note on the property from a multi-bank syndicate led by PNC Bank, with PCCP providing the capital for the transaction from its opportunistic fund, PCCP Equity VI LP.

Located at Bethany Drive and US 75 in Allen, the project was developed and capitalized by Trademark, Coventry and Southern Land, and opened in 2008. The project includes 100,000 square feet of office, 356,000 square feet of retail and the 233-unit Lofts at Watters Creek, a multifamily property.

“Coventry is pleased to announce the recapitalization of Watters Creek and the addition of PCCP to the partnership,” said Coventry Principal Brian Moss in a press release. Plans include the immediate execution of more than 25,000 square feet of new leases and the implementation of a wide range of property improvements.

"We are pleased to bring in PCCP to help recapitalize this landmark mixed-use asset,” added Trademark chairman and CEO Terry Montesi. “The project has stable long-term ownership and we are excited to be able to complete the original vision we had for Watters Creek. Guests will soon enjoy new amenities and services, and will see improvements such as an LED billboard and site sign on U.S. 75."

Trademark also announced new leases with Z Gallerie (8,500 square feet), Texas Health Resources (6,000 square feet), and more than 10,000 square feet of additional tenants to be announced shortly, with plans to aggressively seek other quality tenants. Additional improvements under consideration include “build to suit” office space, a children’s play area, new shade structures and other property enhancements. Discussions are also underway with a hotel group, townhome developers and additional retail anchors. Ownership is also considering building additional multi-family units on the southern end of the property.

ARIZONA

Anthem

Acquisitions/Dispositions

Bank of the West sold am 18,000-square-foot industrial property at 4280 W. Opportunity Way to an undisclosed buyer for $910,000. Paul Sweetland with Cassidy Turley (formerly with Voit Real Estate Services) represented the sellers. Cushman and Wakefield represented the buyer. Voit is the property management company for the building.

Mesa

Acquisitions/Dispositions

Davis Enterprises acquired the 20,100-square-foot Baseline Center at 1824 & 1916 W. Baseline Rd. from Pacific Western Bank for $1.25 million. CBRE brokered the transaction on behalf of buyer and seller. Davis Enterprises also paid $2 million to the Riley Family Trust for the Seventh Street Executive Center at 5727 N. 7th St. in Phoenix. Colliers International brokered the latter transaction.

Leases

Eduvision, dba Arizona College, leased 24,000 square feet at 163 N. Dobson Rd. Matt Nebeker, Jeff Hartland, Trevor Klinkhamer and Scott Boardman with Cassidy Turley represented the landlord DES I LLC. Mike Sayre with Cushman & Wakefield represented the tenant.

Phoenix

Acquisitions/Dispositions

Enright Capital purchased the 87,772-square-foot Ahwatukee Foothills Corporate Park at 4621-4633 Chandler Blvd. for $6.8 million from Midfirst Bank. Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley represented Midfirst.
New World Real Estate Investments I LLC of Costa Rica acquired a 75,050-square-foot, multi-tenant office complex at 2205 and 2225 W. Whispering Wind Dr. from The Mack Co. of Phoenix. Barry Gabel and Mindy Korth of CBRE represented the seller in the $12.2 million transaction.

Development

LGE Design Build broke ground on a new 41,147-square-foot build-to-suit industrial facility for Phoenix Pumps at 5100 S. 36th St. at an estimated cost of $4 million. Cawley Architects is the architect firm of record for the project. Lee & Associates' Bob Kling brokered the transaction on behalf of Phoenix Pumps. In addition, Kling will be handle the sale of Phoenix Pumps' existing facility.

Leases

Jeff Wentworth, Blake Hastings and Sean Spellman with Cassidy Turley represented landlord CMLT 2008-LS-1 East Cactus Road LLC in the following lease transactions at Paradise Valley Corporate Center, 4835 E. Cactus Rd.

Equity Residential Management LLC , 13,498 square feet
Arch Vacations Inc., 10,011 square feet
American Israel Public Affairs, 2,045 square feet
The Norton Cos., 1529 square feet

Leasing/Marketing/Property Management Assignments

Lincoln Property Co. has been awarded the property management assignment for the 131,645-square-foot Northgate Corporate Center, a flex office property located east of Interstate 17 and south of Bell Road. Mike Garlick and Mike McQuaid with Lee & Associates are handling the leasing.

TEXAS

Addison

Mid America Mortgage leased 4,299 square feet at 3939 Belt Line Rd. Clay Vaughn and Grant English with CBRE represented the tenant. Steven Schneider with Newmark, Grubb, Knight & Frank represented the landlord, Bentley Systems Inc.

J.J. Leonard and Susannah Bame with CBRE represented landlord SPUS V5 Colonnade LP in the following leases at 15303 North Dallas Pkwy.:

Credent Technologies Inc. leased 19,925 square feet. Robbie Baty, Bill McClung and Mike Wyatt with Cushman & Wakefield represented the tenant.
Studley Inc. leased 7,410 square feet. Kelly Winn with Studley represented the tenant.

Arlington

Jack in the Box Corp. leased 2,338 square feet at 3737 S Cooper from landlord LSREF2 Clover REO 2 LLC. Michael Meaden and Jeff Kittleson with CBRE brokered the transaction.

Austin

Acquisitions/Dispositions

Crossbeam Concierge acquired the 290-unit Parmer Place, located at 12101 Dessau Rd. in the Tech Ridge submarket.

Leases

Baxter Planning Systems Inc. leased 7,865 square feet at 7801 N. Capital of Texas Highway from Stonecliff Office LP. Doug Rauls of Kucera represented the landlord and Nate Stricklen and Erin Morales of CBRE represented the tenant.
BOKF NA leased 2,878 square feet at 100 Congress Ave. from Metropolitan Life Insurance Co. Troy Holme and Katie Ekstrom with CBRE represented the landlord. Ryan Bohls of Jones Lang LaSalle was the tenant representative.
Soka Gakkai International leased 4,000 square feet at Lamar Gateway, 911 W. Anderson Lane. Ryan Ridgeway of Stream Realty Partners represented the landlord, Lamar Gateway Holdings Baseline LLC represented the tenant.
Superior Pool Products renewed 32,000 square feet at Corridor Park 5, 3815-B Jarrett Way from IndCo Properties. Mark Emerick and John Barksdale of CBRE represented the landlord. Blake Patterson of HPI was the tenant representative.
Three-A Sac Self Storage, LP renewed 11,371 square feet at McNeil 1, 12317 Technology Blvd. Mark Emerick of CBRE represented the landlord, Aegon Realty Advisors LLC.

Balch Springs

Davita Renal Treatment Centers Southeast LP leased 6,760 square feet from landlord Fainbarg II LP at 12001 Elam Rd. Louis D. Carpenter and Nathan Huffman of USI Real Estate represented the tenant. Michael Meaden with CBRE represented the landlord.

Coppell

Sweet Magic LLC leased 2,200 square feet at 761 MacArthur. Wayne Murphy with Jan Rhea LLC Commercial Real Estate Services represented the tenant. Michael Meaden with CBRE represented the landlord, Kumagai Properties I LLC.

Dallas

Acquisitions/Dispositions

Pflaster Antiques Ltd. acquired a 5,500 square-foot building and an additional 28,595 square feet of land at 4000 Paige Rd. from JWV Associates Ltd. Stroud Arthur Ryan Byrne with CBRE represented the seller. Charlie Corson and Robert Williams Centric Capital Partners represented the buyer.
T & A Resources FLP bought a 17-unit multifamily property at 4514 Abbot from Mary Smith. Chris Deuillet with CBRE represented the buyer.

Leases

Cogent Group LLC renewed 6,065 square feet of office space in Danari Office Park Building I, 15150 Preston Rd. Sharon Friedberg and Melanie Hughes with Bradford Commercial Real Estate Services, represented the landlord, ARI Preston LLC, in the direct deal.
Diagnostic Open MRI I LLC leased 5,383 square feet at 712 N Washington Ave. from Washington Tower LP. Conrad McEachern with CBRE Dallas and Ryan Hudson with CBRE Atlanta represented the tenant.
ELM Ridge Exploration Co. renewed 12,867 square feet at 12225 Greenville Ave. Lance McIlhenny with Cresa Partners represented the tenant. Michael Dudley and Hunter Lee with CBRE represented the landlord, REO I LLC.
Fidelity National Title Group Inc. leased 8,396 square feet from Premier Place of Dallas LP at 5910 N Central Expwy. Erik Ozolins with Orion Realty Group represented the tenant. Dennis Barnes and Clay Gilbert with CBRE represented the landlord.
ISIS - JVL Ventures took down 46,129 square feet at Two Galleria, 13355 Noel Rd. from GT Dallas Properties. Lawrence Gardner with OMS Strategic Advisors was the tenant rep. Chris Lipscomb with Colliers International represented the landlord. Another tenant, Gaza Harris, leased 8,070 square feet at Three Galleria, 13455 Noel Rd. Colliers Chris Lipscomb also represented landlord GT Properties in that transaction.
JER Chilton III renewed and expanded to 2,637 square feet at 12225 Greenville Ave. Michael Dudley and Hunter Lee with CBRE represented the landlord, Riversource REO I LLC.
LRG leased 3,436 square feet at 15770 N Dallas Pkwy. Bailey Anderson with CBRE represented the tenant. Mark Harrison with Granite Properties represented the landlord, Granite One West.
Lily Lane Homes LLC leased 3,089 square feet at 4514 Travis St. Nathan Wood with CBRE represented the tenant. Landlord Intercity Investment Properties Inc. was self-represented represented by Jeff Weimer with Intercity Investment Properties.
Research Resolutions renewed 3,319 square feet at 18333 Preston Rd. Jason Brecheen and Chris Mims with Swearingen represented the tenant. Michael Dudley with CBRE represented the landlord, ACRON Preston North LP.
Sarofim Realty Advisors Co. leased 18,098 square feet at 8115 Preston Rd. : J.J. Leonard and Susannah Bame with CBRE represented the landlord, SPUS V5 Preston Commons. Firm: Bandera Ventures represented the tenant.

Executive Moves

Casey Herren joined Behringer Harvard as institutional sales director – western region. In his role, he'll develop institutional channel distribution strategies for Behringer Harvard’s existing and expanding product portfolio, including sales of alternative and direct investments in the western states. Herren most recently was director of business development at credit hedge fund Highland Capital Management LP and has also served as institutional marketing director for Vaughan Nelson Investment Management in Houston. Other organizations he worked for include Atlantic Investment Management and Lazard Asset Management, both of which are in New York from 2001 to 2007. Herren received his Bachelor's Degree in Business Administration, with a concentration in finance, from Texas A&M University.
Brock Wilson has joined Bradford Commercial Real Estate Services as senior vice president and managing partner for marketing activities in the DFW Airport submarket. In that role, Wilson will concentrate on marketing and leasing the firm's industrial/flex portfolio, new business development, tenant representation and real estate brokerage throughout the airport submarket. Wilson has also worked for First Industrial Trust's North Texas office and Grubb & Ellis Co.

El Paso

Leases

GMS Industries Inc. leased 15,600 square feet at 11800 Rojas. William Caparis of CBRE represented the landlord, Eastgroup Properties LP.

Euless

Chipotle Mexican Grill Inc. leased 2,850 at 3010 SH 121. Darrell Hernandez with United Commercial Realty represented the tenant. Jeff Kittleson and Amy Nott with CBRE represented the landlord, BIG Vineyard Village LLC.

Fort Worth

Leases

Sprint Corporate leased 2,800 square feet at 9405 Sage Meadow Trail from Alliance Town Center I LP.
Michael Meaden with CBRE reprented the tenant. Freemon Baker with Trademark Property Co. represented the landlord. Linebarger Goggan Blair & Sampson LLP renewed 9,360 square feet at 100 Throckmorton St. Jerry Bolz Peloton Colliers International represented the landlord, Throckmorton FW, LLC. Daniel Rudd and Billy Vahrenkamp with Colliers International represented the tenant.

Leasing/Marketing Assignments

Transwestern has been named exclusive sales agent for the Lockheed Martin Recreation Association (LMRA) in its marketing of 79 acres of land at 3400 Bryant Irvin Rd. Kirk Kelly, Kyle Poulson and Jack Huff of Transwestern have been retained by LMRA to assist with the disposition of the property. Bryant Irvin separates LMRA from the historic 850- acre Edwards Ranch, which is currently being developed into high- end custom residential estate lots, mixed-use urban village and office campus sites.

Garland

Leases

Cannon Operating LLC signed a new 3,909-square-foot lease at Chase Bank Building, 3200 Broadway Ave. Beaux Riley with SCM Real Estate Services represented the landlord in this transaction

Houston

Leases

Core Laboratories has renewed and expanded to 65,115 square feet at Windfern Distribution Center, 6323 Windfern. Transwestern’s Jude Filippone represented the landlord, Industrial Income Trust and Michael Townsend with Townsend Interests represented the tenant.
Frierson, Sola & Associates, L.P. will be combining with Simonton, Kutac, LLC to form the accounting firm of Frierson Sola’, Simonton & Kutac, PLLC and leased 6,215 square feet at 801 Travis. Rich Pancioli of CBRE represented the tenant in this transaction and Virgil Hydes of Lincoln Property Co. represented the landlord, 801 Travis Investor, L.P.
Houston-Galveston Area Council renewed its 65,119-square-foot office lease at 3555 Timmons Lane. Steve Rocher and Kristen Rabel of CBRE represented the building’s landlord, Timmons Lane Inc. in the lease transaction. Reggie Brown, Joshua Brown and Sheryl Crutchfield of Jackson Cooksey represented the tenant.
H.D. Morris Co. renewed its 2,739-square-foot lease at 1717 St. James Please. Paul Coonrod and Philip Armes of Stream Realty Partners represented the landlord, BRI 1844 St. James, LLC. Robert Avary of Alta Commercial Real Estate Services represented the tenant.
Wurth Adams Nut & Bolt Co. leased 15,370 square feet at 4660 Pine Timbers. Tim M. Thomas, B. Kelley Parker II, John F. Littman and Coe Parker with Cushman & Wakefield represented the tenant in the negotiations. Jon Michael and Ed Bane of NAI Houston represented the landlord, BRE/TX Industrial Properties LLC.

Steve Rocher, Dave Hanusa and Kristen Rabel with CBRE represented DAR 3 Riverway LP in the following leases at Three Riverway at South Post Oak Lane and Woodway:

Crowley Norman LLP, a 4,109-square-foot office lease renewal. Kevin Saxe of Cushman & Wakefield represented Crowley Norman.
Hada Law Firm, a 3,342-square-foot lease. Alex Taghi, also of Cushman & Wakefield, represented Hada.
Merlon International, a 6,140-square-foot renewal. and Cliff West of Jones Lang LaSalle represented Merlon.
Synthesis Energy Systems, a 7,325-square-foot renewal. Scott Fikes of Avison Young represented the tenant.

Philip Armes and Craig McKenna of Stream Realty Partners negotiated two new leases at 1500 S. Dairy Ashford Street on behalf of landlord, Ashford-Houston Investment Company LLC.

Corsa Partners for 821 square feet. Ted Carey of Realty Services Group provided tenant representation in the transaction.
Your Quality Rehab leased 983 square feet at the property in a direct deal.

Irving

Leases

AFC Worldwide Express Inc. leased 22,018 square feet at 8181 Jetstar from Third Creek LLC. Allen Gump with Colliers International represented the tenant.
Hertz Corp. leased 61,000 square feet at 1700 E Airport Fwy. from Clark Richardson Agent Susan P Schneider. Eric Fedro with CBRE represented the tenant. Bill Bledsoe with Henry S. Miller represented the landlord.
Pinkerton Government Services Inc. leased 5,575 square feet from landlord Red River Imperial Square LLC at 2401 Gateway Dr. John Altschuler Katie Chu with Altschuler & Co. represented the landlord. Daniel Rudd and Billy Vahrenkamp with Colliers International represented the tenant.
Sprint Corporate leased 3,500 square feet at 2710 N Beltline Rd. Michael Meaden with CBRE represented the tenant. : Doug Willingham of Willingham Property Co. self-represented the landlord.

Lewisville

Acquisitions/Dispositions

Mills Kealy Land Co. sold 36 acres at Mill and Kealy Streets to Valley Ridge Partners LLC for future development. Henry S. Miller Brokerage’s Dan Spika brokered the transaction.

McKinney

VYW Enterprises LLC leased 2,400 square feet at 2960 Eldorado Pkwy. from PMT Partners III Ltd. Eric Fedro with CBRE represented the landlord.

Plano

Acquisitions/Dispositions

Dark Shadows Entertainment acquired a 47,000-square-foot former Sports Authority at 701 Taylor Dr. Henry S. Miller Brokerage’s Shawn Loney and Greg Trout represented the buyer. Terry Skyler and Scott Rose of Retail Connection represented the seller.

Leases

Celeste Fowden, Burson Holman and Dennis Barnes of CBRE represented landlord KBS Real Estate Investment Trust III in the following leases at Legacy Town Center:

Legacy Town Center I

Act Wealth Management leased 2,153 square feet.
Service Now, Inc. leased 2,965 square feet. Mary Stoner and Jim Abarta with Colliers International represented the tenant.
John Hancock Life Insurance leased 1,051 square feet; Chris Sido with Swearingen Realty represented the tenant.
Lawyers Title Co. signed a new 2,162 square foot lease. Erik Ozolins with the Orion Realty Group in Santa Barbara, California represented the tenant.
Mike Gosslee, Mike Wyatt and Robbie Baty with Cushman & Wakefield Dallas represented Rockstar Consortium, a patent licensing business, in its new lease of 8,125 square feet.

Legacy Town Center II

Loannet Expo LLC signed a new 845 square foot lease. Jarrett Dunaway with Mohr Partners Inc. represented the tenant.
MC Resources LLC renewed its lease of 5,544 square feet. Michelle Donaldson with CBRE Dallas represented the tenant.
MSF Partners Inc., renewed its lease of 1,879 square feet. Richard Carlson with Carlson Co. represented the tenant.
Matt Burton with Mohr Partners Inc. represented Tenura Holdings Inc. in a new lease of 3,507 square feet.

Rosenberg

Acquisitions/Dispositions

Guru Krishna Corp. purchased the 77-room Hampton Inn at 3312 Vista Dr. The transaction was a short sale for Comerica Bank. The seller, Janmangal Ltd. and the buyer were represented by R.S. Patel of Colliers International

Spring

Acquisitions

RCG Ventures in Atlanta and Urdang Capital Management Inc. in Pennsylvania sold the 179,995-square-foot Louetta Central at 20614 North Freeway (Interestate 45) to RioCan Holdings USA and Dunhill Partners Inc. Chris Cozby and Chris Gerard with CBRE in Dallas, along with Kevin Holland at CBRE in Houston, represented the sellers, RCG Ventures in Atlanta, and Urdang Capital Management Inc. in Plymouth Meeting, Pennsylvania. Scott Lewis, vice president within CBRE’s Debt and Equity Finance group, secured the financing for the transaction.

Wautauga

Leases