Foreclosures tick up slowly in Fort Worth-Arlington
Foreclosure rates in Fort Worth-Arlington increased for the month of June over the same period last year, according to the latest numbers released by First American CoreLogic.
In the Fort Worth-Arlington area, the rate of foreclosures among outstanding mortgage loans was 0.9 percent for the month of June, an increase of 0.3 percentage points compared to June 2007. Comparatively, foreclosure activity in Fort Worth-Arlington is well below the national foreclosure rates, which topped 1.6 percent for June 2008.
The mortgage delinquency rate for the Fort Worth-Arlington market also increased in June, according to the research company. The number of mortgage loans that were 90 days or more delinquent in June was 3.7 percent compared to 3 percent for the same period last year.
D-FW industrial properties sold
California-based RREEF Real Estate has sold eight buildings at two industrial parks in the Dallas-Fort Worth Metroplex to ML Realty Partners for about $60 million.
The 1.34 million square feet of industrial space at Centreport Business Park in Fort Worth and Valwood Industrial Park in Carrollton is fully leased. Tenants include AMR, Home Depot and Siemens.
“It’s a perfect match for what ML Realty Partners is trying to acquire right now,” Ron Carey, regional vice president of Chicago-based ML Realty, said in a company release.
Cary Krier, Jack Crews, Evan Stone and Seth Bame of Jones Lang LaSalle represented RREEF.
Panther group provides equity for neighborhood development
Panther Transaction Group has provided equity for limited partnership for the construction of the 83,400-square-foot Plaza Del Oro neighborhood retail center in Cockrell Hill. The development – a partnership of Margaux Development and Panther – is located at the southwest corner of Cockrell Hill Road and Jefferson Boulevard in Dallas.
The center is under construction and will deliver space to the first tenants in the first quarter of 2009.
Anchored by a 35,000-square-foot El Rancho Market, the complex is about 60 percent pre-leased.
“We act as principals and work with real estate brokers on potential investment opportunities,” Panther’s Doug Kincaid said in a company release. “Our focus is on direct acquisitions and capital investment in other real estate ventures. We will look at existing properties, investment land and asset repositioning opportunities.”
Burnett Plaza continues to fill
The Fort Worth law firm of Decker, Jones, McMackin, McClane, Hall & Bates has renewed and expanded its space in downtown Fort WorthÂ’s Burnett Plaza, bumping its headquarters lease to 18,797 square feet.
The lease term at Burnett Plaza, located at 801 Cherry St., is for eight years.
Rick Hopwood of NAI Huff Partners represented the law firm in the transaction. Jack Clark with Pennsylvania-based Brandywine Realty Trust represented the owner, Behringer Harvard Opportunity REIT I of Dallas.
Staffing company leases office space in NRH
Aerotek Inc., a Maryland-based staffing company, has leased 8,291 square feet of space in Richland Corporate Center at 9001 Airport Freeway in North Richland Hills.
As AerotekÂ’s sixth office in the Metroplex, the company will occupy the fifth floor of the 139,000-square-foot, nine-story office tower.
The property is owned, leased and managed by Dallas-based Gaedeke Group.
According to Belinda Dabliz, Gaedeke GroupÂ’s vice president of leasing, Aerotek signed a 73-month lease.
Aerotek was represented in the transaction by Colliers International Executive Vice President Mary Stoner Yost and Executive Vice President/Principal L. Jamie Smith.
Legacy Nail pre-leases space
Legacy Nails & Spa has pre-leased 2,000 square feet in a shopping center currently under construction at State Highway 287 and Little School Road in Arlington. The nail and spa retailer will join T-Mobile, GameStop and Sport Clips in the shopping center, which is expected to be complete in October.
Bill Makens of The Makens Co. represented the developmentÂ’s landlord, TERRE Arlington Properties LLC. Cindy Dunn of CJ Dunn Commercial represented the tenant.
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