Category: Deals & Announcements

Sale of San Antonio Medical Office Complex Closes

Posted on by Sarah

JLL Capital Markets has facilitated the sale of the Legacy Oaks Medical Complex, a seven-building medical office campus totaling 227,657 rentable square feet in San Antonio, Texas.

JLL marketed the property on behalf of the seller, Velocis, a Dallas-based private equity fund manager. A joint venture between Altera Fund Advisors and Harrison Street acquired the property.

Situated on 13.6 acres, the Legacy Oaks Medical Office Complex consists of a six-story medical office tower and six plaza buildings totaling 227,657 rentable square feet. The complex is occupied by a desirable tenant mix, including primary care, pediatrics, rheumatology, ophthalmology, optometry, radiology, pain management and outpatient rehabilitation.

The property is ideally positioned for outpatient services with adjacency to the 900-acre South Texas Medical Center, the region’s premier medical district consisting of over 75 medically-related institutions and 12 hospitals with over 4,200 patient beds.

The JLL Healthcare Capital Markets team representing the seller was led by Senior Managing Director Brian Bacharach and Vice President Vasili Davos, with local market expertise from Managing Director John Taylor.

Dallas-based Velocis has been active in real estate since 2010, purchasing 35 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee and the Washington, D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Velocis partners include Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith and David Seifert.

Berkadia Arranges Financing for Eagle Property Capital’s Three-property Portfolio in Dallas

Posted on by Sarah

Berkadia announces it has arranged the financing of a three-property portfolio totaling 840 units in Dallas, Texas: Mustang Villas Apartments, Prestonwood Apartment Homes and Bella Vista. Managing Director Brad Williamson of Berkadia Miami, along with Senior Managing Director Mitch Sinberg and Managing Director Matt Robbins, assisted by Senior Analyst Abigail Beauchamp of Berkadia Boca Raton, secured the financing on behalf of Eagle Property Capital, a private equity real estate firm based in Miami, Florida.

For the 246-unit Mustang Villas and 194-unit Prestonwood, Wells Fargo provided a four-year loan, with a one-year extension option, with a 70 percent loan-to-value ratio. Fannie Mae provided the 10-year, fixed-rate loan with eight years of interest-only and a 65 percent of loan-to-value ratio for Bella Vista, which has 400 units.

Built in 1974 and located in the Grapevine submarket, Mustang Villas Apartments consists of 246 units offering one-, two- and three-bedroom apartments ranging from 530 square feet to 1,310 square feet. Amenities include a business center, community room, barbeque and picnic area, playground and sports court. The apartment homes are conveniently located just five minutes away from Dallas-Fort Worth International Airport, and near other prominent employment, educational, and retail destinations, including Grapevine Mills Mall and Historic Downtown Grapevine, to name a few.

Built in 1979 and located in the Richardson submarket, Prestonwood Apartment Homes consists of 194 units offering one- and two-bedroom apartments ranging between 788 square feet and 1,222 square feet. This Class-B value-add multifamily complex has a wide range of amenities, including a swimming pool, sauna, storage space, laundry, business center, barbeque and picnic area, fitness center and playground. Situated northwest of Dallas, Prestonwood Apartment Homes is located few minutes away from Medical City Dallas Hospital and Texas Health Presbyterian Hospital, and just 24 minutes from downtown Dallas which offers access to top employers including Fossil Co., State Farm, Blue Cross & Blue Shield of Texas and more.

Bella Vista, another Class-B value-add multifamily apartment complex, built just a few years later in 1981, is located in the Carrollton submarket of Dallas. It consists of 400 units offering one- and two-bedroom apartments ranging from 600 square feet to 1,189 square feet. Much like Prestonwood, amenities include a swimming pool, sports court, storage space, laundry, barbeque and picnic area and fitness center. Bella Vista has an unparalleled location within the Dallas North Platinum Corridor, one of DFW’s most dynamic employment nodes, offering access to top tech employers in the area and DFW Airport and Downtown in less than 25 minutes.

All three properties are located in the suburbs north of Dallas, providing easy access to Downtown Dallas and Fort-Worth for various employment and education opportunities. Together, the properties add up to 880 apartments, resulting in significant economies of scale.

SparrowHawk Acquires Houston Office Building

Posted on by Sarah

SparrowHawk, the real estate strategists that specialize in investing and managing industrial properties across the country, have made an atypical property acquisition. The company has acquired an approximately 6,000-square-foot office building in Houston.

SparrowHawk has acquired the two-story building at 1414 West Clay St. as well as the adjoining parking parcel. With the acquisition and following a comprehensive buildout and improvement of the interior spaces, SparrowHawk has relocated its nest.

“After 10 years of leasing space, we determined it would be in our own best interests to acquire an asset that would be our own nest, and a building with expansion capabilities,” said SparrowHawk CEO and Founder Alfredo Gutierrez.

At the 1414 W. Clay St. building, SparrowHawk will occupy the entire second floor. With a comprehensive renovation completed, the SparrowHawk space includes private offices, conference rooms and meeting areas, an employee kitchen and a reception area. A law firm occupies the first-floor space which in addition to a general entryway also includes a private entrance for the law firm.

The building sits on a .24 acre site and includes parking for 30 vehicles. It is located 10 minutes from downtown Houston 15 minutes from the Galleria and 10 minutes from the Medical Center, almost equidistant between I-10 and I-69.

SparrowHawk was represented in the transaction by Dan Egger with Provista Tenant Advisors.

Former HPE Campus in Northwest Houston has New Owner

Posted on by Sarah

JLL Capital Markets has closed the sale of the former Hewlett Packard Enterprise (HPE) campus, an approximately two million-square-foot, multi-building office/warehouse campus in northwest Houston, Texas.

JLL represented the seller, Hewlett Packard Enterprise, which has relocated their corporate campus to a new facility at CityPlace at Springwoods Village. Boyd Commercial represented the buyer, an affiliate of Mexcor International, who owns and occupies one of the adjacent properties and will immediately occupy a portion of the space.

The property consists of five office buildings, two manufacturing/distribution buildings and four additional buildings that house maintenance and/or amenity space. Completed between 1984 and 1988, the campus offers a park-like setting and features such as climate-controlled skywalks, a full-service cafeteria, fitness center, numerous employee lounge areas and conference rooms, coffee/snack bars and an outdoor covered pavilion with a kitchen area for events. The property also includes five parking garages, which along with surface lots provide a total of 5,229 spaces.

Located at 11445 Compaq Center West Dr., the former HPE campus sits on a 66-acre site at the intersection of State Highway 249 and Louetta Road. The campus is convenient to a variety of retail and dining options at nearby developments, including Vintage Park, a mixed-use project directly across the street, and Willowbrook Mall. The property also benefits from being equidistant from Grand Parkway and Beltway 8, which provide connectivity to Highway 290 and Interstate 45 for ease of commuting throughout the greater northwest Houston area and beyond.

The JLL Capital Markets team representing the seller was led by Kevin McConn, Rick Goings, Ronnie Deyo, Beau Bellow and Ethan Goldberg.

Mexcor International was represented by David Munson with Boyd Commercial.

Sale of Medical Office Portfolio in Texas and Kansas Closes

Posted on by Sarah

JLL Capital Markets announced today that it has closed the sale of an 18-property medical office portfolio totaling 762,780 square feet in Texas and Kansas. The properties are directly aligned with partnerships between Ardent Health Services, a leading healthcare provider, and two market-leading academic health systems, The University of Texas Health Science Center at Tyler and The University of Kansas Health System.

JLL marketed the properties on behalf of the seller, Ardent Health Services. The portfolio was acquired by a healthcare-focused real estate investment trust.

The medical office portfolio consists of:

Continental Medical Building, 631 SW Horne St., Topeka, Kansas
Mulvane Medical Plaza, 634 SW Mulvane St., Topeka, Kansas
UT Health East Texas Hope Center, 721 Clinic Dr., Tyler, Texas
Olympic Plaza Tower, 700 Olympic Plaza, Tyler, Texas
UT Health Rehabilitation Center, 701 Olympic Plaza, Tyler, Texas
East Lake Professional Building, 1100 E. Lake, Tyler, Texas
Lake Palestine, 18118 FM 344 W, Flint, Texas
Medical Plaza I, 117 Medical Circle, Athens, Texas
Medical Plaza II, 115 Medical Circle, Athens, Texas
Athens Cancer Institute, 1801 S. Palestine, Athens, Texas
Lakeland Medical Associates, 170 Municipal Dr., Gun Barrell City, Texas
UT Health Cedar Creek Lake, 100 Municipal Dr., Gun Barrell City, Texas
Jacksonville Medical Plaza, 203 Nacogdoches, Jacksonville, Texas
UT Health East Texas Rehabilitation Clinic – Jacksonville, 414 S. Main St., Jacksonville, Texas
UT Health East Texas Physicians Rusk, 1325 N. Dickinson Dr., Rusk, Texas
UT Health East Texas Rehabilitation Clinic – Mineola, 1616 N. Pacific St., Mineola, Texas
UT Health East Texas Olympic Center Pittsburg, 2801 US Hwy 271 N, Pittsburg, Texas

The properties are fully leased by affiliates of UT Health East Texas and The University of Kansas Health System St. Francis Campus with a wide range of specialty uses, including radiation oncology, cardiology, neurology, orthopedics, urology, OBGYN, imaging, emergency care, family medicine and inpatient rehabilitation. More than 90% of the portfolio is concentrated in on-campus locations with the balance of the properties strategically positioned to support outpatient strategies across the surrounding communities.

The JLL Healthcare Capital Markets team representing the seller was led by Senior Managing Directors Brian Bacharach and Mindy Berman and Vice President Vasili Davos.

JLL Announces Global Partnership with Leading Digital Healthcare Company

Posted on by Sarah

JLL announced a global property partnership with Babylon, a world-leading company reengineering how people engage with their health at every step of the care continuum, focusing on brokerage as well as project and construction management services.

Founded in London, Babylon has tapped JLL to represent the company’s expansion as they continue to increase their presence across the United States. The company recently announced it will occupy 37,883 RSF at Rollingwood Center I in Austin’s Southwest submarket.

JLL’s John Childers and Austin Trees represented the tenant in the lease transaction.