Thursday, February 20, 2014
Olympic 1401 Elm Associates, a collaborative JV of Seth G. Weinstein of Olympic Property Partners and Bryan Dorsey of BDRC, purchased the 1.5M SF 1401 Elm. The new owners plan $170M in renovations to transform the vacant office building into a mixed-use residential, retail, and office tower covering a full city block and including 950 indoor parking spaces. The City of Dallas has agreed to provide up to $50M of Tax Increment Financing for the project. Cushman & Wakefield’s Scot Farber represented the seller, 1401 Elm Street Holdings, and assisted in the TIF process. Thompson & Knight’s Mark Weibel and William O’Connor served as legal counsel.
A private investor purchased the Meadowcreek Shopping Center at 1515 E Kearney St in Mesquite. Marcus & Millichap’s Philip Levy repped the seller. The buyer, a private investor, was secured and represented by Marcus & Millichap’s Lisa Estrada.
A private Texas LLC purchased the 80k SF Academy Sports + Outdoors net-leased property at 1101 W Arbrook Blvd in Arlington from a local developer. Marcus & Millichap first VP Jason Vitorino repped the seller and buyer. Within the first week of marketing, the property received multiple offers. The deal closed with an all-cash transaction in 45 days and netted in excess of $700k more than the original unsolicited offer.
Caymus Ventures purchased a 12k SF building at 14071-75 Proton in Dallas. NAI Robert Lynn’s Tom Lynn and John McDaniel represented the landlord. In another NAI Robert Lynn deal, 5932 Melshire purchased a 16k SF building at 11517 Reeder Rd in Dallas. Bob Spletter and Jim Struble handled the transaction.
Prologis sold a 227k SF industrial property at 1701 Timberlake Dr in Arlington to GRM Information Management Services. Lee & Associates’ Mark Graybill, Tom Walrich, and Trey Fricke represented the seller. Colliers International’s Phillip Rosenfeld and Matt Thompson represented the buyer.
***Heller-Roberts Texas sold a 313k SF distribution center on 15 acres to Braun Family Properties. CBRE’s John Brewer and Brian Gilchrist repped the seller. CBRE’s Michael Chiocca repped the buyer. In another CBRE deal, Bill Hatley sold 42 acres at the west side of Roy Orr and West Oakdale Road in Grand Prairie to Stream Realty Investments. CBRE’s Dave Anderson repped the seller. Wicker Associates repped the buyer. Stream plans a two-building spec project on site.