Category: News

Sason acquires first DFW office properties, plans $2.5 million renovation

Posted on by Mia Goulart

A New York and Miami-based real estate investor has acquired an Irving office complex and announced a $2.5 million renovation project to begin this year. 

Sason, a privately controlled real estate investment firm with a proven record of transforming office assets, acquired 104 and 106 Decker Court in Irving in Q4 of 2022 to mark its first Dallas-area purchase. The buildings and surrounding property have been rebranded as Cascade (I & II) and are set to receive a complete facelift beginning in Q1. The complex offers a total of 97,855 square feet.

Stream Realty Partners Vice President Chase Lopez and Associate Patrick Cruz will provide leasing services for the assets. Stream is a national real estate services, development, and investment firm headquartered in Dallas.

To encourage productivity and collaboration, an outdoor pavilion for lounging, work and events connecting the two buildings will be created as part of the broader capital program. The lobby and other common areas will be completely reimagined, and a state-of-the-art athletic club will be introduced for tenants. Exterior improvements and refreshed landscaping are also planned.

Cascade is located off Highway 114 and North O’Connor Boulevard, with both buildings overlooking the scenic Las Colinas Country Club Golf Course. Exterior balconies on the first two floors give tenants an additional place to take calls and meet. Tenants currently enjoy underground covered parking. The area also offers an abundance of convenient locations within a one-mile radius including banks, gyms, fitness studios, and dining experiences. 

“The vision that the Sason Organization has created will transform the market perception of not only the complex but the entire neighborhood,” Lopez said. “The cosmetic enhancements and on-site experience will be second to none. Stream is thrilled to partner with Sason on this redevelopment.”

Las Colinas saw 156,816 square feet of positive absorption in Q3 of 2022. Tenants needing smaller floor plates are “flocking to the area, and landlords are seeing great success by catering to these tenants’ needs by managing vacancy prep, outfitting spec suites, and prioritizing lobby renovations,” Lopez said.

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.

Finial Group secures sale/lease at 6 Fellows Road in Houston

Posted on by Mia Goulart

Doc Perrier and William Alcorn with Finial Group have secured a sale and subsequent lease at 6 Fellows Road in Houston, Texas.

The 12,0000-square-foot industrial building in Southwest Houston features 1,554 square feet of office space with 2.7 acres of yard space fronting Beltway 8 and Almeda Road. Doc Perrier and William Alcorn represented the seller and landlord, while Mason Alsbrooks and Josh Carl of Lee & Associates represented the tenant.

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.

Sason acquires first DFW office properties, plans $2.5 million renovation

Posted on by Mia Goulart

A New York and Miami-based real estate investor has acquired an Irving office complex and announced a $2.5 million renovation project to begin this year. 

Sason, a privately controlled real estate investment firm with a proven record of transforming office assets, acquired 104 and 106 Decker Court in Irving in Q4 of 2022 to mark its first Dallas-area purchase. The buildings and surrounding property have been rebranded as Cascade (I & II) and are set to receive a complete facelift beginning in Q1. The complex offers a total of 97,855 square feet.

Stream Realty Partners Vice President Chase Lopez and Associate Patrick Cruz will provide leasing services for the assets. Stream is a national real estate services, development, and investment firm headquartered in Dallas.

To encourage productivity and collaboration, an outdoor pavilion for lounging, work and events connecting the two buildings will be created as part of the broader capital program. The lobby and other common areas will be completely reimagined, and an athletic club will be introduced for tenants. Exterior improvements and refreshed landscaping are also planned.

Cascade is located off Highway 114 and North O’Connor Boulevard, with both buildings overlooking the scenic Las Colinas Country Club Golf Course. Exterior balconies on the first two floors give tenants an additional place to take calls and meet. Tenants currently enjoy underground covered parking. The area also offers an abundance of convenient locations within a one-mile radius including banks, gyms, fitness studios, and dining experiences. 

Las Colinas saw 156,816 square feet of positive absorption in Q3 of 2022.

Midway announces new office component of East River mixed-use development

Posted on by Mia Goulart

Houston-based Midway, the privately owned, fully integrated real estate investment, development, and management firm, announced a new for-sale office space component within its 150-acre East River mixed-use development. Anchoring East River’s northern boundary on Clinton Drive, the initial construction of “The Studios at East River” will consist of three 10,000-square-foot independent office structures with additional buildings planned in future expansion phases. Global award-winning landscape architecture firm OJB has pre-purchased the first of the three buildings and will be relocating its Houston practice from Pennzoil Place to East River.  Construction on the Studios is underway and is slated for completion in June 2023.

Geared towards businesses looking to own their own space, the two-story office buildings are fully customizable with minimal interior build-out, with each building including four ADA compliant restrooms, a kitchen, an elevator, and four to five dedicated surface parking spaces, with contract parking available in an adjacent multi-level garage.  

Houston-based OJB Landscape Architecture, the collective professional landscape design and urban planning practice, is leading the site and landscape design of the East River project. An OJB team of landscape architects, architects, horticulturists, scientists, planners, and continuing care experts contributed to the East River project, focusing on the connection to the water, the pedestrian realm, central green spaces, active transportation and upgraded infrastructure. Sustainability is deployed throughout the site design by controlling stormwater, using native plantings, and creating new wildflower meadows. Over 300 trees from redeveloped projects around Houston were saved and replanted as an on-site tree nursery to supply plant material through the multiple phases. Dedicated bike lanes, walkable districts with wide pedestrian streetscape and open space connectivity will link the surrounding neighborhoods to the site and to the bayou trail network.  

In total, East River’s Phase I will offer 300,000 square feet of office space designed to fit a wide variety of business needs alongside The Laura, a five-story, modern-industrial multifamily community of 360 apartment homes; and an additional 100,000 square feet of ground-level retail that will fuse commerce and culture with restaurant, hospitality, soft goods, medical, and entertainment forming spaces. Retail tenants confirmed for Phase I include Lick Honest Ice Creams, El Condor Coffee Roaster, Tomi Jewelry, URBN Dental, and a new special events venue and landmark rooftop bar from the owners of The Astorian. Office tenants include Impact Networking, Method Architecture, Houston Maritime Center, and TEAL. Construction is currently underway and is scheduled for completion in 2023.