DALLAS BUSINESS JOURNAL | MAR 30, 2018
A hub in North Texas’ Telecom Corridor has traded hands for $5 million.
Hartman vREIT XXI Inc., a Texas-focused real estate investment trust, has snapped up the Richardson Tech Center, a four-building, 96,600-square-foot property located two miles east of North Central Expressway along North Plano Road in Richardson.
The REIT’s contract purchase price for the center is $5,040,000, equal to $52 per square foot. Hartman, which owns the REIT and focuses on office, warehouse and retail leasing in Texas, will make the buy using proceeds from the sale of vREIT XXI shares and a $3.75 million loan.
“The acquisition of Richardson Tech Center represents another step in expanding our Richardson footprint,” David Wheeler, Hartman’s chief investment officer, said in a prepared statement. “This area provides a deep pool of well-educated, white-collar labor that is attractive to many businesses.”
Zane Marcell and Dustin Volz with JLL’s Dallas office represented the seller in the transaction. David Wheeler and Russell Turman represented Hartman.
Here’s a look at other recently-brokered real estate deals across North Texas:
Office
Landlord Bengston Properties LLP leased 1,200 square feet of office space to an undisclosed tenant at 1340 White Chapel Blvd. in Southlake. With the lease, the four-suite office property is fully occupied. Eric Goodwin of Champions DFW represented Bengston in the transaction.
Goodwin also represented Crest Securities LLC in leasing 1,460 square feet at 231 E. Southlake Blvd. in Southlake to an unknown tenant. The property is professional office space.
Retail and restaurants
The Little Wedding Chapel at 7601-7609 Precinct Line Road in North Richland Hills sold to an undisclosed buyer. The property spans 10,000 square feet and sits on roughly six acres. Rudy Janecka of Champions DFW represented the seller in the deal.
Family-owned and operated restaurant Skillet N’Grill Inc. purchased a 10,000-square-foot building at 1801 W. Division St. in Arlington. Sitting on 1.5 acres, the property has been used to host weddings and special events. Lon Lloyd of Champions DFW represented the undisclosed seller on the deal.
Hotels and leisure
Commercial real estate firm Marcus & Millichap (NYSE: MMI) announced the sale of two hotels in Grapevine to a “locally-based enterprise.” The hotels are a 94-room Hampton Inn & Suites and a 96-room Comfort Suites located at 1750 N. Highway 121 and 1805 Enchanted Way, respectively. Chris Gomes and Allan Miller with Marcus & Millichap’s Dallas office represented the seller, Supreme Bright Grapevine II and IV LLC, and found the buyer.
Industrial
Vira Insight LLC, which manufactures store fixtures and equipment, has leased 329,060 square feet at the Majestic Airport Center DFW business park, reported the Dallas Morning News. Located at 2701 S. Valley Parkway in Lewisville, the space will be used for fabrication, warehousing, manufacturing and distribution. Al Sorrels with Majestic Realty, which developed the business park, along with David Creiner, Louis Pascuzzi and Frank Puskarich with Jackson & Cooksey, negotiated the lease.
