Marcus & Millichap arranged the sale of 3501 MedCenter, a 145,096-square-foot multi-tenant medical office property in Amarillo, Texas. “We marketed this asset to a deep buyer pool and generated multiple offers, in spite of the truly unprecedented market conditions created by COVID-19 and the turbulent election season,” said Alex Vidal, a healthcare real estate investment specialist in Marcus & Millichap’s San Francisco office. “At the conclusion of a competitive bidding process, the buyer and seller both achieved their investment goals, underscoring the importance of hiring a skilled, healthcare-focused investment team to assist with medical office real estate transactions.” Vidal had the exclusive listing to market the property on behalf of the seller, an Amarillo-based private partnership led by Geoffrey Wright, M.D. and Joe Bob McCartt of McCartt Commercial Real Estate Services. Vidal also sourced the buyer, Equity Velocity Fund, which provided its own representation. Tim Speck, senior vice president and division manager, is Marcus & Millichap’s broker of record in Texas. The property was originally constructed as a retail mall in 1986 and was renovated to serve medical use in 1995. It is located on an 11-plus acre parcel near Interstate 40, in a strong healthcare submarket where medical offices are 95 percent occupied within a three-mile radius. Anchored by BSA Health System & NW Texas Healthcare System, 3501 MedCenter was 91 percent leased at the time of the sale.

The beauty of Cedar Hill is really unmatched in North Texas. The community of about 50,000 has found a home in the middle of nature, bordered by Cedar Hill State Park and Cedar Ridge Preserve. “You can live in the Hill Country and drive to Dallas in 30 minutes,” said Kim Buttram, economic development director of Cedar Hill Economic Development Corporation. Protecting that beauty is an important part of the planning process in Cedar Hill, which dedicates 20 percent of its land to the preservation of nature. To do so, city leaders have also been very thoughtful about where and how companies can settle, thrive and expand. The EDC has also played an important role. “One thing our EDC is really good at is anticipating the land use and preparing the land for the appropriate use,” Buttram said. “It’s been instrumental in laying the groundwork and infrastructure to support industry.” The result is the city’s industrial district, which includes the Cedar Hill Business Park. “The planning of the industrial district has always been one of the most pivotal things for the city because it positions industry within the natural environment,” said EDC marketing and research manager, Andy Buffington. “The leadership of the city has really taken that to heart to be discerning. It’s always been a very delicate balance.” Incorporated just over 30 years ago, the business park boasts tenants such as Dallas Aeronautical Services, Delta Steel and PepWear. As we go to print, only three lots totaling 21.3 acres remain available, for which the EDC is seeking out tenants focused on advanced manufacturing.
“We have several long-tenured tenants in our business park. That’s almost 30 years’ worth of relationship building,” Buffington said. Click to read more at www.rednews.com.

JLL Capital Markets has arranged acquisition financing for Los Altos Trinity Green, formerly known as Alta Trinity Green, a Class A, 324-unit multi-housing property in West Dallas. JLL worked on behalf of Barvin to originate the 10-year, 2.625 percent, fixed-rate Fannie Mae loan with five years of interest-only payments. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. With views of the famous Margaret Hunt Hill Bridge and Dallas skyline, Los Altos Trinity Green is part of the master-planned, 24.8-acre Trinity Green development. Completed in 2019, the property consists of 270,794 rentable square feet and offers studio, one-, two- and three-bedroom units. Community amenities include an outdoor lounge, rooftop deck, clubhouse and game room, resort-style pool, courtyard grilling area, fitness center and dog washing station. Located at 990 Singleton Boulevard, Los Altos Trinity Green is positioned in the burgeoning West Dallas area, just 10 minutes from downtown and its central business district, a major employment hub with more than 2,500 companies and 30 million square feet of office space that supports more than 135,000 jobs. Additionally, Los Altos Trinity Green is in proximity to nearly 600 dining and retail options, the city’s renowned medical district and Dallas Love Field Airport. The JLL Capital Markets team representing the borrower was led by senior managing director Susan Hill and managing director Cortney Cole.

Westmount Realty Capital, LLC and a fund managed by New York-based DRA Advisors sold Dallas Food Center, a 1.13-million-square-foot, state-of-the-art cold storage facility. Jonathan Bryan and Randy Baird of CBRE represented the seller in the sale transaction. Terms of the deal were not disclosed. Spanning approximately 61 acres, the asset includes four distribution buildings, two refrigerated warehouses and substantial trailer storage. Located at 2600 McCree Road in Garland, Texas, the property was originally built as a Safeway (Tom Thumb) distribution center then saw major expansions and renovations in 1970, 1972, 1996, 2006 and 2008. “Westmount has had its pulse on industrial since the 1990s long before the explosive growth we’ve recently seen in the cold storage and industrial markets,” said Cliff Booth, CEO of Westmount. “We recognized this asset early on as a valuable investment that would be attractive to tenants due to its size, versatility and location. When we acquired this property, it was an under-performing portfolio that was 68 percent occupied. We were able to actively manage and lease-up the asset, growing occupancy to over 92 percent while improving the tenant profile and signing credit-worthy tenants to long-term leases spanning 10-15+ years.” Cold and freezer warehouses can pose a unique set of challenges but with extensive experience in value-add industrial, Westmount was able to identify the proper upgrades and modernize the facility including improvements made upon acquisition to convert dry warehouse space into cold storage. Those significant improvements met pent-up market demand, increased rents and occupancy. Westmount also raised the roof of the property in September 2017 by 15 feet, maximizing cold storage space as well as the addition of 90,000 square feet of freezer/cooler space. These renovations allowed high-profile tenant, Kraft Heinz Company, to quickly transport cold goods to more retail clients and consumers, resulting in the signing of a new 121-month lease that commenced in September 2017. Other improvements included parking lot paving and concrete repair, repainting the buildings, upgrading the sprinkler system and installing a heated floor to allow for greater cold storage capabilities. The improvements yielded a weighted average lease term remaining of 8.75 years for current tenants at the time of closing. With convenient access to three major interstates, I-635, I-30 and U.S. 75, the location has become a prime regional food distribution hub that is within a five-hour drive to San Antonio, Houston, Austin, Oklahoma City and Tulsa. The site is also served by various rail lines, including Dallas, Garland and Northeastern Railroad (DGNO) with the Kansas City Southern Railroad (KCS) running adjacent to the complex.

NAI Robert Lynn landed a lease renewal for Dickey’s Capital Group, a Dallas-based holding company for international barbecue chain Dickey’s Barbecue Restaurants, Inc. Dickey’s renewed a long-term lease on its corporate headquarters in the vibrant Knox-Henderson district, which is positioned across the highway from Dickey’s original 1941 location. “NAI Robert Lynn was thrilled we could keep Dickey’s in the area where they started,” said NAI Robert Lynn vice president, Justin Utay, who represented Dickey’s in the deal. “In 1941, Travis Dickey, a World War II veteran, opened the first Dickey’s Barbecue in Dallas, and fast-forward nearly 80 years, and they’re continuing to serve the Dallas metroplex and millions of other customers around the world. Nothing beats their authentic, slow-smoked barbecue, and we’re glad they’re operating in a great, familiar location right in the heart of Dallas.” Dickey’s, the largest barbecue franchise in the world, has been at its corporate headquarters since April 2000, occupying a full floor and over 11,025 square feet of office space. Despite challenges during the COVID-19 pandemic, Dickey’s has reported positive same-store sales for May, July, August, September and October. The fast-casual concept, which offers a variety of slow-smoked meats and wholesome sides, has two international locations in the United Arab Emirates and is on track to open other overseas locations later this year in Brazil, Pakistan and Egypt. “We’re proud to be Texas born and bred and thanks to NAI Robert Lynn, our employees, who work tirelessly to serve our owner operators and guests, can look forward to making more memories in an office that has been home for many years,” said Roland Dickey Jr., CEO of Dickey’s Capital Group.