Palladium East Foster Crossing by Palladium USA Brings New Multi-Family Homes to Anna

ANNA, TX (June 27, 2022) – Palladium USA is pleased to announce the closing and construction start of Palladium East Foster Crossing – a new $64 Million, high-quality multi-family community in Anna. This is the second multi-family development for Palladium in the city of Anna. The four-story development has amenity-rich residences featuring 239 units of thoughtfully designed one, two, and three bedroom floor plans with upgraded finishes. Upscale amenities will include a resort swimming pool, state of the art fitness center, conference center, dog park, computer lounge, kid’s playroom, and clubroom containing a mini-kitchen with upgraded appliances and granite countertops.

“Construction has started, and we will be delivering the clubhouse and first units in November of 2023, says Tom Huth, President and CEO of Palladium USA.”

Palladium East Foster Crossing was designed by HEDK Architects, BBL Construction is the general contractor who is teaming up with the Anna Public Facility Corporation on construction. The Anna Public Facilities Corporation issued $33 Million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust and PNC Bank provided $27 Million of equity for this placement.

“We are excited to partner with Palladium on their second project in Anna”, said City of Anna Mayor Nate Pike. “Our community understands the need for quality, diverse housing options and this project helps further that vision.”

The groundbreaking celebration is planned for the near future will be attended by community leaders, elected officials, and will feature photo renderings of the multi-family community, branded promotional items, and refreshments. “The vision for Anna is large and growing! It is vital that we are able to offer a modern, high-quality development that is attractive and adds value to the community,” says Avis Chaisson, Director of Development for Palladium USA. “We are honored to work with the city of Anna and help with their vision for the area.”

The new 8.26 acre multi-family community is located on East Foster Crossing, just east of Hwy 5. Pre-leasing is expected by the Summer of 2023.

Palladium has nine multi-family developments under construction in Texas totaling approximately 1,700 units. Locations include Anna, Port Aransas, Midland, Fort Worth and Little Elm, two in Garland, and two in Dallas.

Buyers Representative: Kim Parker, Dynamic CRE, LLC

Echo Real Estate Capital, Inc. Sells Medical Office Building in Rowlett

Echo Real Estate Capital, Inc. has sold an out-patient medical office building anchored by Baylor Scott & White for $6 million.

The property is approximately 15,500 square feet and is located at 7801 Lakeview Parkway in Rowlett, Texas – one mile west of the Baylor Scott & White Lake Pointe Medical Center. The building was 100% occupied at the time of sale by four tenants that include the renowned Baylor Scott & White Texas Cardiac Associates, North Texas ENT, LabCorp, and Dr. Bart A. Deering, DDS.

“We have been targeting Texas for quite some time and we were able to acquire this asset off-market in May of last year,” said Echo Principal Jon Boyajian. “We loved the proximity to the Baylor Lake Pointe campus and the tenants were all very strong, but they were on short-term leases. Within six months, we had renewed all four tenants and had completed some minor capital improvements that had previously been neglected. Dave Kurtz and our asset management team did a phenomenal job.”

Plano Medical Office Building Attracts new Physician Groups with Planned Renovations

Transwestern Real Estate Services (TRS) announces US REO Fund, a Plano-based real estate investment firm, has selected Transwestern to provide leasing support for 7000 W. Plano Parkway, an 80,000-square-foot, two-story medical office building in Plano.

Formerly known as Plano Pediatric Medical Pavilion, the property will undergo landscape, lobby and common area renovations and rebrand as Prestonwood Medical Center targeting multiple medical specialties in addition to pediatrics. The building features an operational surgical center as well as gastroenterology practices on the first floor.

In addition to general pediatric specialties, the building formerly housed a sports medicine and orthopedic practice and a sleep apnea practice. Spaces ranging from 1,700 to 9,700 square feet are available across the entire second floor.

Built in 2005, Prestonwood Medical Center includes 6 per 1,000 parking and is directly across the street from Prestonwood Baptist Church and Hebron High School. With proximity to The Shops at Legacy, The Clubs of Prestonwood and large system medical campuses, the building offers physicians and patients nearby amenities that support daily operations.

According to Transwestern research, the Dallas-Fort Worth medical office market finished 2021 with positive momentum. Healthcare users continue to absorb space, bringing vacancy rates down to their lowest levels since 2018. As a result, rent growth has accelerated as tenants compete for a shrinking pool of available space. Triple net rents are up 4.1% from last year, nearly double the average growth rate.

Leader in Steel Processing Industry Expands to Fort Worth

Andes Coil Processors, a leader in the steel processing and slitting industry, announced its expansion to Sylvania Industrial Park in Fort Worth. Sylvania Industrial Park, formerly the site of the American Manufacturing of Texas plant, was once a major manufacturing hub with thousands of workers producing billets and oil pump jacks. The manufacturing facility brings 30 to 50 new jobs and a $5 million capital investment to Fort Worth.

The company worked closely with CanTex Capital in the site selection process.

“Andes Coil Processors has experienced significant growth in the past 12 years in Lewisville, Dallas and Grand Prairie, and Fort Worth now adds significantly to that continued growth. Fort Worth offered the ease of access, a strong workforce, and quality of life we wanted for our team members. We can’t wait to get to work. We couldn’t be happier with our partnership with CanTex in the Sylvania Industrial complex, and with Fort Worth & Western Railroad,” said Andes Coil Processors President Howard Pena.

“Because of local partners like the Fort Worth Chamber and the Fort Worth and Western Railroad, we’ve been able to bring Andes Coil to Fort Worth.” said CanTex Capital COO Sam Cheema. “Rail-served properties are becoming harder and harder to come by, and FWWR worked diligently to make this deal happen. In addition to Andes, our team is very excited with all of the improvements at Sylvania Industrial Park. The manufacturing demand has been incredible and we’re seeing a lot of companies relocating to Fort Worth.”