DALLAS-Brad Watt, a 25-year veteran of private and public real estate investment programs has joined Behringer Harvard as executive vice president – net lease investments. Watt’s primarily responsibility will focus on arranging and distributing a series of high-quality 1031 Delaware Statutory Trust (DST) and other private real estate wealth management programs offered by Behringer Harvard in combination with the company’s other alternative investment programs.
The net lease platform will be anchored by an investment strategy that focuses on high-quality, single-tenant assets leased to investment-grade tenants on long-term double net and triple net leases. In addition to its core 1031 co-investment programs, Behringer Harvard will advise on separately managed accounts (custom portfolios), employing a highly collaborative direct-investment approach for high-net-worth retail clients and institutional investors who are seeking alternative income and growth solutions.
Before joining Behringer Harvard, Watt served in an executive role with a national single-tenant developer as well as three nationally recognized real estate investment sponsors and investment advisors. In addition, he has served as general partner and principal in a series of private placement equity offerings, specializing in merchant banking and sale-leaseback financing.
“Investor interest in 1031 exchange programs has resurged in the last year as investors search for high-quality investment solutions that focus on capital preservation and repeatable cash distributions,” comments Frank Muller, EVP and head of distribution for Behringer Harvard in a press release. “We believe that adding a net lease strategy to our alternative investment programs is a logical extension of our existing investment management business. Brad’s leadership will be a valuable asset to the team that will provide net lease programs that address this growing market demand and enhance our position as an industry leader in high-quality alternative investment programs.”
- A partnership sold a 7,020-square-foot O’Reilly Auto Parts at 42420 North Vision Way to an individual trust for $1.5 million. Jamie Medress and Mark Ruble with Marcus & Millichap Real Estate Investment Services brokered the transaction.
- A Phoenix-based investor, 1060 & 1050 Eliseo, LLC, purchased two buildings at Rio Estrella Commerce Park, a multi-tenant industrial complex at 1050-1060 N. Eliseo C Felix Jr. Way. The sale included a 28,317-square-foot building at the 1060 address that sold for $945,000 and a 28,400-square-foot building at the 1050 address that sold for $1.05 million. Lou Finocchiaro with Cassidy Turley represented the buyer, as well as the seller of the 1060 property, Liberty Capital Partners II, LLC. Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley represented the seller of the 1050 building, Corona Vista Properties.
- WVP Cactus LLC of Los Altos, CA purchased Cactus Crossings, a 91,563-square-foot neighborhood retail center on the northeast corner of 67th Avenue and Cactus Road for $7.8 million. Ryan Schubert and Michael Hackett with Cassidy Turley Arizona’s Retail Capital Markets Group negotiated the sale on behalf of the seller EC Cactus Crossings LLC of Encino, CA.
- Buckeye 59th Ave LLC acquired a 125,000-square-foot industrial building at 2 north 59th Ave. from Conair Corp. Mike Kasulaitis of Voit Real Estate Services represented the buyer. Greg White of CBRE represented the seller.
- A partnership acquired a 6,712-square-foot Big O Tires at 7385 South Power Rd. from a limited liability company for $2.1 million. Jamie Medress and Mark Ruble with Marcus & Millichap Real Estate Investment Services’ Phoenix office represented the seller. The buyer was represented by Chris Hansen with Marcus & Millichap’s Palo Alto office.
- Barnett Auto Group acquired seven acres on Interstate 35, just south of Slaughter Lane, from Riddell Family LP. The buyer will use the land for construction of a Volkswagen dealership, on which construction will begin in late 2012. Eric DeJernett with CBRE represented Barnett Auto Group. Bill Walters of Walters Southwest represented Riddell Family Limited Partnership.
- Kevin Dodson with Dodson Construction acquired a 16,000-square-foot flex office/industrial building at 8230 Elmbrook Dr. Jason Moser with Stream Realty represented the seller.
- Jack 2199, Inc. purchased 34,591 square feet of industrial space at 1800 North Park Dr. Jerry Alexander and Sarah Everett with Transwestern represented the buyer.
- JC Craig Properties LLC purchased 10,500 squre feet of industrial space at 3213 Ramona Dr. Frank Jester with Transwestern represented the buyer.
- SkyWalker Property Partners sold the balance of a 3.4-acre site at 1432 Precinct Line Rd. The Dallas-based buyer is planning to break ground at month’s end on Hurst Point, a 1.2-acre project that’s 100% preleased to a dental group and two national restaurants. The project is expected to be completed in May, 2013.
- Rimkus Consulting Group Inc. leased 6,124 square feet at the Camelback Arboleda office complex at 1661 E. Camelback Rd. Cushman & Wakefield’s Chris Latvaaho and Paul Andrews serve as exclusive leasing agents for landlord Camelback 1661 LLC an affiliate of Westport Capital Partners LLC.
- Xerox State Healthcare LLC leased 5,351 square feet at Amber Oaks G, 9400 Amberglen Blvd. Troy Holme of CBRE represented the landlord, HHC Amber Oaks V LLC. Kevin Morrison with Jones Lang LaSalle represented the tenant.
- Stream Realty Partners LP’s Cannon Green and Bates Arnot represented landlord Prologis, in a 90,880 square-foot-lease with Android Industries at 3400-3408 E Randol Mill Rd.
- Modern Nails renewed its 1,121-square-foot lease at Ascension Crossing, 1831-1861 Brown Blvd. Darrel Higginbotham with SCM Real Estate Services represented the landlord in this transaction.
- Mechanic Time Savers Inc. renewed 27,624 square feet of industrial space at Valwest Business Park, 1540 Selena Dr. John Fulton with Transwestern represented the landlord.
- Rediform renewed 100,808 square feet at 555 Airline Dr. Blake Kendrick with Stream Realty Partners LP represented the landlord, IndCor. Jean Russo with Cushman & Wakefield represented the tenant.
- ESI Healthcare Business Solutions expanded and renewed 11,873 square feet of office space at 4144 N Central Expy. Alan Harrington and Steve McCoy with Transwestern represented the tenant.
- Weight Watchers of North America Inc. leased 1,600 square feet at Hillside Village on the northeast corner of Mockingbird Lane and Abrams Road. Mark Newman and Jack Burgher with SRS Real Estate Partners represented Weight Watchers of North America, Inc. in the transaction. The landlord is TRP Hillside LLC.
- Del Frisco’s Grille, owned by the Del Frisco’s Restaurant Group, is the first restaurant to sign a lease at the Sundance Square Plaza at 420 Commerce St. The restaurant will open in its 9,000-square-foot space
- Delta Group Electronics Inc. signed a 50,000-square-foot lease at 360 Riverside Business Center; 2920 N. Highway 360. Bob Guimbarda with Colliers International’s St. Louis office and Tom Pearson and Chris Teesdale with Colliers’ Dallas office negotiated the $1.5 million lease transaction.
- Helix Energy Solutions Group signed an 118,630 square-foot office lease at 8 West Centre, a 227,000 square-foot new office development of CORE Real Estate LLC located at 3505 West Sam Houston Pkwy. Helix ESG will be the lead tenant for the facility, which is two months into construction. CBRE’s Cody Armbrister, Kristen Rabel and Rima Shpolyansky represented CORE Real Estate in the lease transaction. Vice Chairman Jim Bailey of Cushman & Wakefield represented Helix ESG.
- Jeremy Kelley and Blake Kendrick represented DCT Industrial in a 3,520 square foot lease with Renal Ventures at 8304 Esters in Irving, Texas. Robert Snider of Sperry Van Ness represented Renal Ventures.
- Marc Sallette has joined CBRE’s Hotels group within the practice as senior vice president. Sallette joins Gavin Davis and Jonathan Rice to serve the needs of hotel investors nationwide.
- Prior to joining CBRE, Sallette was a founding partner of BridgeRock Capital Management, where he co-led origination, structuring, hotel-brand and capital-raising activities for the firm’s hospitality investments in Brazil. Prior to BridgeRock, Sallette was responsible for hotel acquisitions, development and management opportunities in the United States, Canada and the Caribbean for Hyatt Corp. Sallette also gained valuable experience underwriting high-yield commercial real estate loans and principal investments outside the U.S. during his time at Capital Trust and Equity International.
- CBRE promoted Bonnie Kelley Dienna to the position of Executive Vice President. Dienna specializes in office leasing.