Tag: Richardson

Newmark facilitates sale of 2.2 million-square-foot mixed-use corporate campus in Dallas-Fort Worth

Posted on by Mia Goulart

Newmark announced the sale of CityLine, a 2.2 million-square-foot mixed-use property comprised of four purpose-built office buildings, occupied by State Farm, 120,000 square feet of retail space and a 42,000-square-foot medical office building in Richardson, Texas.

Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr, in cooperation with Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairman Ken White and Divisional Head of International Capital Markets Alex Foshay represented the seller, Mirae Asset Global Investments. Newmark Vice Chairman David Milestone and Directors Josh Francis and Henry Cassiday provided debt capital markets advisory in executing the sale.

The property, located at 1150, 1201, 1250, 1251 and 1415 State Street and 3661 N. Plano Road, in the City of Richardson, at the intersection of US-75 and President George Bush Turnpike, was thoughtfully developed to embody a live-work-play environment. The four office buildings, constructed in 2016, are the focal point of the master-planned, 186-acre suburban development located at the connection of two major Dart Rail Lines. Consisting of eight luxury apartment complexes, 30 restaurants and bars, a 148-key Aloft hotel and 21 acres of green space and walking trails, the project is the pinnacle of contemporary walkability and desirable amenities.

Dallas-Fort Worth office-using employment continues to remain near historical high at the end of August 2023. The metroplex reported 1.28 million office workers, an increase of 67.6% compared to 2010, and an increase of 21.5% compared to 2019 employment levels, according to Newmark Research. The continued strength and growth in the market’s office employment reflect an enduring appetite for office assets. The Dallas-Fort Worth office market’s long-term outlook remains positive and competitive given the market’s strong economic fundamentals, such as a diversified labor pool and continued office-using jobs growth.

Silver Star Properties shares new leasing activity in Dallas and Houston

Posted on by Mia Goulart

Silver Star Properties REIT, Inc. (Silver Star Properties), formerly known as Hartman Short Term Income Properties XX, Inc. has announced new leasing transactions in Dallas and Houston:

  1. Healthline Medical Equipment, Inc. Renewed 12,001 square feet at 1901 North Glenville Drive in Richardson, Texas. In the transaction, Lynna Smith represented the landlord, Silver Star Properties REIT. 
  2. Perc Engineering, LLC expanded 3,078 square feet marking a 14749 office space at 1880 S. Dairy Ashford Road in Houston, Texas. In the transaction, John Silberman with NAI represented the tenant and Kacie Skeen represented the landlord, Silver Star Properties REIT.
  • 1901 North Glenville Drive, Richardson

Hartman announces two leasing transactions in Richardson and Houston

Posted on by Mia Goulart

Hartman has recently announced two new leasing transactions:

  1. Tselot LLC renewed 2,200 square feet at 100 S. Central Expressway in Richardson. Alan Vieyra represented the landlord, Hartman Income REIT. 
  2. Texas Commercial Insurance Specialist, Inc. Renewed 2,243 square feet at 1001 S. Dairy Ashford in Houston. Kacie Skeen represented the landlord, Hartman Income REIT. 
  • 1001 S Dairy Ashford, Houston, TX
  • 100 S. Central Expressway, Richardson, TX

Big Sky secures $190 million financing for 10 healthcare properties across four states

Posted on by Mia Goulart

JLL Capital Markets announced today that it has arranged approximately $190 million acquisition financing for 10 healthcare properties totaling 857,779 square feet. 

JLL worked on behalf of the borrower, Big Sky Medical Real Estate, in securing the five-year, floating-rate loan from a bank syndication led by Capital One Healthcare.

The properties, which are collectively 87% occupied, serve a wide range of healthcare uses, including outpatient medical office buildings, ambulatory surgery centers, diagnostic imaging centers and more. The portfolio includes:

  • Pyramids North, 9201 North Central Expressway, Dallas, Texas
  • Pyramids South, 9101 North Central Expressway, Dallas, Texas
  • Providence Park, 2501 Earl Rudder Freeway, College Station, Texas
  • Greenpark MOB, 7515 Main St., Houston, Texas
  • Peninsula Orthopedic Associates, 1675 Woodbrooke Dr., Salisbury, Maryland
  • Tidal Health Cardiology, 400 Eastern Shore Dr., Salisbury, Maryland
  • Pelican Professional Center, 42388 Pelican Professional Park, Hammond, Louisiana
  • Texas A&M Health Science Center, 8441 Highway 47 West, College Station, Texas
  • Peak Surgical Center, 610 North Coit Road, Richardson, Texas
  • Valley Ortho & River Surgical Institute, 609 East Orangeburg Avenue, Modesto, California

JLL’s 2022 Healthcare and Medical Office Perspective highlights that patients are moving to sunbelt states and retirement markets such as Texas, Louisiana and California at exponential rates creating more demand for medical office buildings. As a result, medical office occupancy has ticked upwards as demand intensifies in a moderate construction environment which has gradually increased rents for the 11th quarter in a row.

The JLL Capital Markets team representing the borrower was led by Managing Directors Timothy Joyce and John Chun and Director Anthony Sardo.

Dayton Street Partners acquires 65-acre high tech manufacturing and distribution campus in Richardson

Posted on by Mia Goulart

Dayton Street Partners (DSP) has acquired a 65-acre, four building, high-tech manufacturing and distribution campus in the Dallas suburb of Richardson, Texas. 

Upon close, the seller, a leading provider of IT and communications networks, signed a leaseback for 10% of the 845,000-square-foot campus while Celestica, the multinational electronics manufacturing services company, executed a lease for 672,588 square feet. The remaining 90,000 square feet is a single-story industrial facility that the seller vacated at close. DSP will immediately begin a significant renovation and repositioning the building.

In addition, the Chicago-based developer/investor plans to develop a 240,000-square-foot warehouse/distribution center on nine acres of unimproved land. Completion is expected in early 2024.

Located in the 190 Stem Corridor, the campus offers immediate access to President George Bush Turnpike Highway (Highway 190), US 75 and a highly skilled labor pool. The campus was constructed in two phases: Phase I was completed in 1990 and Phase II in 2001.

Transwestern’s Larry Serota, Mike Hardage and Nora Hogan represented the seller in the transaction.

McCarthy moves Dallas HQ to new office

Posted on by Mia Goulart

McCarthy Building Companies, Inc. has moved their Dallas office to a new location at 3400 N. Central Expressway in Richardson. The new office, located in the CityLine mixed-use development, will also serve as headquarters for McCarthy’s parent company, Genuine McCarthy Enterprises and its associated subsidiaries.

McCarthy has been building in Dallas for more than 40 years and is expanding their office to accommodate rapid growth in the market. McCarthy plans to hire approximately 150 new employees in the coming year to support recently awarded contracts across Texas. The new office will also hold McCarthy’s newly formed civil business unit focused on civil construction projects supporting the transportation (roads, rail and aviation), solar, water and commercial markets.

McCarthy’s Southern Region maintains offices in Austin, Channelview, Dallas and Houston, Texas, as well as Atlanta, Georgia, serving a variety of markets including aviation, civil, healthcare, marine, mission critical, renewable energy, water, and wastewater. McCarthy’s corporate headquarters are in St. Louis, Missouri.