Thursday, July 7, 2022 Jul 7, 2022
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Deal Ticker

California Investor Shain Realty Capital Adds to Its North Texas Multifamily Portfolio

Plus: Stockdale Investment Group acquires Knox Park Village, Pape Dawson Engineers makes Fort Worth office move, Palm Harbor Homes shifts its headquarters to Plano, and more.
By Taysha Billinger |
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Courtesy Shain Realty

Shain Realty Capital has acquired LBJ Station, a 249-unit multifamily development, for $51 million. Built in 2017, the property is at 8997 Vantage Point Drive in Dallas. The new Los Angeles-based owners are giving the asset a $1.8 million upgrade and rebranding it to Infinity on the Point.

Chris Deuillet, Senior Vice President of CBRE, brokered the transaction. Rialto Capital provided the Bridge Loan debt of $42 million for five years. 

Led by Jonathan Shainberg and Elliot Shainberg, Los Angeles-based ShainRealty Capital plans to continue to grow in North Texas, targeting multifamily assets with good upside potential.

“We had our eye on this asset ever since we had purchased our first property in Dallas,” said Jonathan Shainberg, managing partner “In addition to the economies of scale we will achieve, it was an easy decision for us as the purchase price for this vintage had a very attractive basis compared to competing product.”

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Bridgeview Mansfield

Multifamily

Bridgeview Capital has announced two new multifamily projects in Mansfield and New Braunfels. With more than 400 units developed on 7.8 acres in Mansfield, and 380 apartments on a 17-acre tract in New Braunfels. “Both development sites are irreplaceable locations within close distance of their respective city’s top attractions,” says Rob Anderson, president of Dallas-based Bridgeview. “These were development opportunities that required a quick close that we just couldn’t pass up, even though it meant deploying a new investment strategy for us.” To facilitate a quick close, BV Capital’s team completed one capital raise to fund site acquisition and pre-development. A second capital raise is being used for construction.

Marcus & Millichap has brokered the sale of Ridgemont, a 59-unit apartment property at 2409 Ridgmar Plaza in Fort Worth. Jonathan Ochstein, Matt Aslan, Nick Fluellen, Bard Hoover, and Wesley Racht, of Marcus & Millichap marketed the property on behalf of the seller and secured the buyer. “There was tremendous visibility on the marketing of Ridgemont with 14 tours, nearly 200 executed confidentiality agreements and more than 10 offers,” said Ochstein. “We had the opportunity to close with the first buyer in escrow ,who was also a first-time DFW multifamily buyer.”

Mixed-Use

Stockdale Investment Group has acquired Knox Park Village, an 85,000-square-foot retail and office development at the southwest corner of Central Expressway and Knox Street. Current tenants include Rogers Healy and Associates Real Estate (its largest office tenant), plus Pei Wei Asian Diner, T-Mobile, Mattress Firm and Fadi’s Mediterranean Grill.

“Stockdale is proud to be one of the largest landowners in the Knox-Henderson area,” said Kenneth Pratt, managing partner. “The value of land in core Dallas has continued to rise for many years, making this an easy purchase and an exceptional long-term investment.”

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Wells Fargo Tower in Fort Worth

Office

Pape-Dawson Engineers is moving to Wells Fargo Tower in Fort Worth. The engineering firm inked a 13,994-square-foot lease with the landlord, City Center Fort Worth, and plans to take occupancy of its new space in August. Jim Graham with Newmark represented Pape-Dawson Engineers in negotiations. Robert Gamblin was the in-house leasing representative for City Center.

The move “places the firm in the center of a pro-business environment that encourages creativity and collaboration,” said Johnny Campbell, president and CEO of City Center Fort Worth. “We saw a strong leasing period in the fall which has continued into the first quarter of 2022.”

Based in San Antonio with offices across the state, Pape-Dawson established its Fort Worth location in 2013. “Relocating our office from west Fort Worth to downtown allows us to offer our Fort Worth employees and clients higher-quality office space and amenities in a centralized location,” said Brad Davis, the firm’s managing principal. “Even more than convenience, working in the city’s core will provide opportunities for us to innovate and connect with the Fort Worth community.”

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Preston Park Towers

CBRE announced that Palm Harbor Villages has moved its headquarters to Preston Park Towers East in Plano from Addison, where the company was founded in 1977. with a 10,572-square-foot lease. CBRE’s Campbell Puckett represented Palm Harbor Homes in lease negotiations, and Ben Davis, also with CBRE, represented the sublandlord. The new location at Preston Park Towers East includes upscale building amenities such as a fitness center, covered parking and outdoor tenant lounge.

“Palm Harbor Homes experienced significant growth through the pandemic and decided this was a perfect opportunity to upgrade their office space to attract and retain top talent,” Puckett said. “This mirrors the flight-to-quality trend we’ve seen consistently over the past year where companies are gravitating towards more amenitized space for their employees to return to the office.”

Palm Harbor is a division of Cavco, which is based in Phoenix. 

Industrial

First Source Inc. has leased 68,250 square foot in Carrollton. Reid Bassinger and Trey Fricke of Lee & Associates represented the tenant in lease negotiations with the landlord, Link Industrial Properties.

Random Properties has acquired a 28,800-square-foot industrial project at 915 Finn Road in Hutchins from Texas Ginger. Richmond Collinsworth, senior vice president and managing partner of Bradford Commercial Real Estate Services, represented the seller. Gibson Terry of LanCarte Commercial Real Estate represented the buyer.

Video General has leased 8,240 square feet of flex space at 1517 W. North Carrier Parkway in Grand Prairie. Jim Ferris of Bradford Commercial Real Estate Services represented the tenant. Maddy Canty and Canon Shoults of Holt Lunsford Commercial represented the landlord, KFG Carrier. 

Medical

Caddis has announced plans for Frisco Medical Pavilion II, a 60,000-square-foot medical office building at 12950 Dallas Parkway in Frisco. The site sits immediately north of the new Texas Health Frisco hospital. Transwestern Real Estate Services has been tapped to provide agency leasing services for the project, which is expected to be ready for occupancy by the summer of 2023. 

“Building on the success of our Frisco Medical Pavilion development, which broke ground in 2018 and is now 100 percent leased, we are excited to begin development of Frisco Medical Pavilion II in the fast-growing Frisco market,” said W. Todd Jensen, executive vice president of investments for Dallas-based Caddis.  

The new Class A medical office building will feature 20,000-square-foot floorplates, a 15,000-square-foot outdoor wellness center, and the capability for an ambulatory surgical center on the first floor.

“Built with both the physician and patient in mind, Frisco Medical Pavilion II is an excellent opportunity for specialty medical practices seeking Class A space in one of the fastest-growing submarkets in the United States,” said Brooke Sutherland, associate at Transwestern.

Retail

Popshelf leased 12,048 square feet at Pleasant Run Towne Crossing, 739 N. Highway 67 in Cedar Hill. David Levinson and Thad Beckner of The Retail Connection represented the landlord, Kite Realty. Gretchen Miller of Weitzman represented Popshelf.

The Hertz Corp. has signed on for 2,300 square feet in Luna Crossing at 3933 N. Central Expressway in Plano. The deal was put together by The Retail Connection’s David Levinson and Paul Cooke III.

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