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

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

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

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

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.

CanTex sells shallow bay industrial portfolio in East Dallas

JLL Capital Markets announced today that it has closed the sale of a five-property Class B shallow bay portfolio totaling 689,497 square feet in East Dallas, Texas.

JLL represented the seller, CanTex Capital, in the sale.

“We are proud to have completed this sale and outperformed investment expectations for our partners. We look forward to continuing to aggressively acquire, redevelop and reposition industrial assets throughout the Dallas/Fort Worth market,” said Romit Cheema, CEO of CanTex Capital.

The portfolio offers a mix of single- and multi-tenant warehouses ranging in suite sizes from 19,000 square feet to 184,000 square feet. Currently, the portfolio is 100% occupied by six tenants across a wide range of industries, including ADCO Industries, Hill & Smith, Inc. and ProLift Rigging Company. The buildings offer varying loading types, 18- 30-foot clear heights, up to 34 dock-high doors and ample parking.

The properties are located at:

  • 11221 Pagemill Road, Dallas
  • 11333 Pagemill Road, Dallas
  • 2917 Oakland St., Garland
  • 1515 Big Town Blvd., Mesquite
  • 3914-3920 U.S. Hwy 80, Mesquite

The properties are positioned on a total of 47.40 acres at infill locations with significant barriers to entry and immediate connectivity to Dallas-Fort Worth’s primary commercial and residential hubs, transportation arteries and major infrastructure. Additionally, shallow bay product consistently outperforms bulk industrial in the Dallas-Fort Worth metroplex, with average occupancy in the mid-to-high 90s and 6.4% average annual rent growth.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Directors Stephen Bailey and Dustin Volz, Directors Dom Espinosa and Zach Riebe and Analyst Pauli Kerr.

McCarthy moves Dallas HQ to new office

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.