North Dallas office building sells to investor, New York City-based firm buys Grapevine apartment community - Dallas Business Journal

North Dallas office building sells to investor, New York City-based firm buys Grapevine apartment community – Dallas Business Journal

The Praedium Group, a New York City-based real estate investment firm, has recently acquired an amenity-rich apartment community in a highly-desirable neighborhood in North Texas.

The privately-held real estate firm has acquired the 291-unit apartment community, called the Terrawood Apartments, at 3225 Grapevine Mills Blvd. near Grapevine Mills Mall in Grapevine for an undisclosed sum.

The Praedium Group purchased the property based on the strong demographics surrounding the community and its proximity to one of Dallas-Fort Worth’s high-end residential neighborhoods, said Peter Calatozzo, the firms’ managing director.

Calatozzo said the submarket in North Texas has “high barriers to entry that has seen few deliveries since 2010 and has limited projected supply,” and sits within a top-ranked school district in North Texas.

The 8-year-old community has one-, two- and three-bedroom apartments ranging from 701 square feet to 1,455 square feet of living space. Each apartment has granite countertops, wood floors, stainless steel appliances, full-size Whirlpool washer and dryers, walk-in closets, balconies and high-end finishes.

The residential community also includes a salt water pool, splash fountain, private dog park, fitness center, conference center and an outdoor kitchen.

With Dallas-Fort Worth continuing to show strong population growth, Praedium Group executives say the property will benefit from the influx of residents for some time.

Meanwhile, a limited liability company has acquired an eight-story North Dallas office building, called Northpoint Centre, for an undisclosed sum.

According to the Dallas Central Appraisal District, the office building totaling 161,170 square feet of space was last valued at $8.3 million.

Symphony Northpointe LLC, a limited liability company registered to John S. Navai, purchased the 1985-built office building from its longtime owner, Northpointe LP.

John Bowles, Bruce Butler and Susan Gwin Burks of Colliers International Group’s Dallas office represented the seller in the deal.

We look at some of the other real estate deals recently closing in Dallas-Fort Worth:

Timmons Group, a Richmond, Virginia-based engineering firm, has recently expanded to North Texas with a 5,928-square-foot office in Legacy Town Center III at 5801 Tennyson Pkwy. in Plano. The firm moved six employees into the new Plano office earlier this month. Timmons Group plans to expand the new office to 17 employees by the end of the year. JLL’s Jimmy Appich and Harrison Burt represented the tenant in the sublease. JLL’s Steve Thelen and Scott Hage represented the sublandlord in the deal. The firm’s Robert Gonzalez is leading the North Texas expansion on behalf of the engineering firm. A retail developer has acquired an 8.44-acre parcel of land at the hard corner of East Bethany Drive and South Greenville Avenue in Allen for an undisclosed sum. The buyer, Bethany at Greenville 2017 LP, acquired the property after having it under contract for three years while both sides of the deal helped secure a zoning variance for retail use on the industrial-zoned tract that was sitting vacant. Throughout the course of the deal, the limited partnership and the seller had to work through 16 contract amendments. The developer, LFP Real Estate LP, plans to develop a QuikTrip convenience store, service station and mini-warehouse storage units on the tract. Jim Christon of Christon Co. in Dallas represented the buyer. Susan Singer of Dallas-based Bradford Commercial Real Estate Services represented the seller in the deal.Illinois-based ML Realty Partners LLC has acquired two industrial building totaling 100,586 square feet of space at 1402 Dunn Drive and 1406 Dunn Drive in Carrollton. The two buildings sit on a 4-acre tract a half-mile from Interstate 35E. The real estate investment firm plans to add the facilities to its real estate portfolio as long-term assets, said Matthew Smith, vice president of ML Realty Partners. HFF represented the seller in the deal. Dallas-based ATCAP Partners has finished deploying its first real estate investment fund through the acquisition of a 16-building industrial portfolio totaling 1 million square feet in Dallas and Oklahoma City. The fund, ATCAP Fund I LP, acquired the portfolio with the help of HFF, who helped the borrower secure a five-year, fixed-rate loan with Global Atlantic Financial Group. The 16-building portfolio will be combined with previous acquisitions by ATCAP in Houston for a total portfolio in excess of 2 million square feet of industrial space. HFF represented the new owner in the deal.The Ainbinder Company has signed four new retailers to its 180,000-square-foot High Point Crossing retail development at the northwest corner of Northwest Highway and Abrams Road in Dallas, which is under construction. Academy Sports+Outdoors, Burlington, Five Below and Marshalls will anchor the project. Other retailers and restaurants are in the final stages of negotiation. The new retail development will benefit from a new traffic signal on Northwest Highway, west of Abrams Road. CBRE’s Jeff Kittleson, Robert Aycock and Andrew Aycock represented the landlord in the deal. The new shopping center is slated for completion in fall 2018.City Tavern plans to relocate its Main Street restaurant to the Mid Elm Lofts, a historic redevelopment project that will bring additional retail and restaurant space to downtown Dallas. The restaurant has leased about 1,817 square feet of space at 1512 Elm St. in Dallas. This will move City Tavern from 1402 Main St., which is where the restaurant has operated since 2004. The venue, which also features live music, plans to open at the new location on June 1. Steve Shepherd of Worth Ross & Associates represented City Tavern in the deal. Jack Gosnell, Amy MacLaren and Elizabeth Herman of CBRE’s Dallas office represented the landlord, Westdale Asset Management. A North Texas-based family trust has acquired an 8,700-square-foot multi-tenant retail center at 5040 State Highwat 121 in Lewisville. The retail center sits near Grandscape in The Colony, with tenants that include T-Mobile, Chipotle, Burgerim and Texas Direct Auto. The family trust did not use a broker. John Zikos, Jonathan Cooper and Don Miller of Dallas-based Venture Commercial Real Estate represented the seller, Dave Carter of NDC Holdings. Salco Inc. has acquired a 11,608-square-foot industrial building at 11031 Grissom Lane in Dallas. David Dunn of Dunn Commercial Real Estate represented the buyer in the deal. Nathan Denton of Lee & Associates represented the seller, McGray Group, in the deal.

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