Jones family company behind new Mansfield shopping center

06/08/2014 11:01 AM

06/08/2014 11:02 AM

A grocery store will anchor a shopping center that will soon be under construction at the southeast corner of Debbie Lane and Matlock Road in Mansfield.

The shopping center will also have about 30,000 square feet of specialty retail shops, according to Joe Hickman, general manager of Blue Star Development Co., the real estate arm of Dallas Cowboys owner Jerry Jones and his family. Hickman and Jones’ son, Stephen Jones, the Cowboys executive vice president and chief operating officer, are investors in the project.

The project is being done by Double Eagle Development, Hickman said. Hickman and Jones own 7.6 acres at the site.

The land was sold by Weatherford Holland Management LLC in Fort Worth to SJJH Mansfield LLC, according to deed records.

Michael Thum and Jeremy Zidell of the Retail Connection represented the buyer. Tommy Reilly of Reilly Brothers Property Co. represented the seller.

Southlake developer plans shopping center in Burleson

N3 Real Estate of Southlake has bought 4.38 acres in Burleson’s South Towne Crossing shopping center at the northeast corner of Wilshire Boulevard and John Jones Drive and has started building a 29,000-square-foot shopping center.

The development will include Mattress Firm, Petco and a 12,000-square-foot space for another tenant.

Tim Hughes of Falcon Realty Advisors represented Petco and Mattress Firm. The available space is being leased by Scott Rodgers of DuWest Realty.

“This development is our third project in the last three months to start construction in the Dallas-Fort Worth area,” N3 CEO Biff McGuire said. “We are especially excited about this project’s location over the long term due to the recent opening of the Chisholm Trail tollway.”

Founded in 2004, N3 said it has completed more than 200 developments for national and regional retailers.

Fewer area homeowners underwater on mortgages

The percentage of Fort Worth-Arlington residential properties with a mortgage that is underwater in the first quarter dropped to 3.3 percent from 4.3 percent in the same period a year ago, according to CoreLogic.

Locally, that means 13,028 residential properties with a mortgage were in negative equity as of March 31. Last year, the number was 16,704, said CoreLogic, a global property information, analytics and data-enabled services provider.

In addition, 6,554 residential properties, or 1.7 percent, were in near negative equity in the first quarter, compared with 9,120, or 2.4 percent, in the fourth quarter of 2013, CoreLogic said.

Nationwide, CoreLogic found that about 6.3 million homes, or 12.7 percent of all residential properties with a mortgage, were still in negative equity as of March 31, compared with 9.8 million homes, or 20.2 percent, a year ago.

Negative equity occurs when borrowers owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both.

Transactions

7171 Colleyville Blvd., Colleyville

Playtri, a professional triathlon organization, has leased 5,300 square feet in Longwood Plaza. Ward Richmond and Bryson Battle of Colliers International represented the tenant. Chris Corbin of Venture Commercial represented the landlord, Longwood 26 Ltd.

Camp Bowie Boulevard and Las Vegas Trail, Fort Worth

Dollar Tree has leased 10,000 square feet from Mila Properties. Shelley Taylor and Brandon Trimble of the Retail Connection negotiated the lease.

1900 Enchanted Way, Grapevine

Bluesource Inc. and Galen Medical LLC have leased 2,995 square feet and 2,987 square feet of office space, respectively, from Cci-1900 Enchanted Way L.P. Sharon Friedberg and Melanie Hughes of Bradford Commercial Real Estate Services represented the landlord.

5213 Airport Freeway, Haltom City

Gerardo Maldonado has bought 1.87 acres with a 17,750-square-foot building with plans to open an auto sales lot. Maldonado operates four locations of Gerald’s Auto. Nathan Vasseur and Chris Stewart represented the seller, 5217 Asset LLC.

6428 Davis Blvd., North Richland Hills

Revest LLC has bought an 18,000-square-foot building. Michael Newsome of NAI Robert Lynn represented the seller, Precision Packaging.

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