Category: Deals & Announcements

Financing secured for Dallas life sciences/lab redevelopment project

Posted on by Mia Goulart

JLL Capital Markets has arranged financing for the redevelopment of Bridge Labs at Pegasus Park, a 135,000-square-foot life sciences/lab facility in Dallas, Texas.

JLL worked on behalf of the borrower, Montgomery Street Partners, J. Small Investments and an affiliate of Lyda Hill Philanthropies, to secure a five-year construction loan through InterBank. Additionally, JLL placed C-PACE financing with Nuveen Green Capital to complete the capital requirements for the redevelopment.

Formerly a call center, Bridge Labs is a two-story building that will be converted and expanded into a lab/R&D facility by Q3 2024, including pre-built lab spec suites and centralized lab services/amenities. This represents the first life sciences development or conversion transaction in the Dallas market and will address the urgent need for lab space in Dallas Fort Worth. Bridge Labs at Pegasus Park is already 30% pre-leased.

The property is located within Pegasus Park, Dallas’ first true biotech and life sciences campus positioned between Dallas’ Design District and the Southwestern Medical District. The campus is highly amenitized, offering tenants access to a brewery with arestaurant, and taproom, full service on-site conference center and catering, grab-and-go options, a fitness center, outdoor firepits and an indoor/outdoor lounge. The park is home to several existing academic anchors, including UT Southwestern and SMU, as well as BioLab’s first non-coastal location. Additionally, the Advanced Research Projects Agency for Health (ARPA-H) announced the launch of ARPANET-H, a national health innovation network anchored by three regional hubs. As part of the $2.5 billion initiative, the Customer Experience hub will be physically located at Pegasus Park and focus on patient access and diversity for the agency’s projects. While the other two hubs will be located in Cambridge, Massachusetts, and Washington D.C., selection of Texas firmly cements the region as an emerging life sciences market.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jim Curtin and Senior Director Andrew Gray. Jason Piering, formerly with JLL and now with Hamilton Partners team was also part of the financing team.

Lee & Associates Houston earns prestigious REDNews award

Posted on by Mia Goulart

Lee & Associates – Houston Senior Property Manager Lizette Negrin has been honored with the 2023 REDnews Property Manager of the Year award. This esteemed accolade is a testament to Lizette’s exceptional skills, dedication, and outstanding contributions to the Houston real estate industry.

“As a senior property manager at Lee & Associates – Houston, Negrin has demonstrated exceptional leadership and a deep understanding of the industry,” said Senior Managing Director Shawn Harvey. “Her ability to effectively manage complex projects, resolve issues, and foster strong relationships with clients and tenants has been instrumental in her success.”

“I am truly honored to receive the 2023 REDnews Property Manager of the Year award,” said Negrin. “This recognition calls out the hard work and dedication of our entire team at Lee & Associates – Houston. I am grateful for the opportunity to work with such talented professionals and for the trust our clients have placed in us.”

Graycor Construction helps bring Dick’s House of Sport to Houston

Posted on by Mia Goulart

Graycor has completed the renovation of two DICK’S House of Sport and Golf Galaxy locations in Baybrook and Katy, Texas. These newly redeveloped retail spaces included interior and exterior updates.

Each newly renovated DICK’S House of Sport store totals about 100,000 square feet. The House of Sport store concept includes in-store experiences such as a climbing wall and multi-sport cage, while Golf Galaxy features golf simulation hitting bays and a putting green. The newly designed stores also feature new clerestory windows, allowing more natural light to filter in. Throughout the process of re-merchandising and reopening the stores, Graycor’s team remained actively involved.

Graycor Construction Company was the general contractor and Fox Design was the project architect for the two projects.

Remedy Medical Properties and Kayne Anderson Real Estate acquire specialty surgical hospital in Dallas-Fort Worth

Posted on by Mia Goulart

Joint venture partners Remedy Medical Properties and Kayne Anderson Real Estate announced the acquisition of the 161,264-square-foot Baylor Scott & White Frisco Medical Center in the Dallas-Fort Worth suburb of Frisco. 

The two-story, 68-bed specialty hospital, located at 5601 Warren Parkway, sits on 7.4 acres and is 100% occupied by Texas Health Ventures Group, a joint venture between Baylor Scott & White (BSW), the largest non-profit health system in Texas and one of the largest in the country, and United Surgical Partners International (USPI), the nation’s largest ambulatory surgery platform. 

BSW Frisco Medical Center is a world class surgical center consistently ranked among the best in the country, featuring 11 operating rooms including two robotic surgery rooms. The hospital’s services include orthopedics, OB/GYN, labor delivery/NICU, urology, spine, radiology, and general surgery, as well as an emergency department and onsite pharmacy. The facility boasts a suite of resort-like amenities for both patients and guests, such as complimentary valet parking, private rooms, and more. Included in the purchase is the adjacent two-story parking garage.

Frisco is the fastest-growing large city in the country over the past decade, according to the U.S. Census, with a compound annual growth rate (CAGR) of 10.9%, compared to a median CAGR of 0.9% nationwide. The city’s average household income is $181,000, which is 74% higher than the national average. 

The campus location is ideal, with easy access to two of North Texas’s primary thoroughfares, the Dallas North Tollway and Sam Rayburn Tollway and within 10 miles of six major hospitals, including Children’s Medical Center Plano and Baylor Scott & White Centennial Hospital. It’s also just one mile from The Star, the headquarters and training facility of the Dallas Cowboys.

Class A multi-housing asset in Dallas trades

Posted on by Mia Goulart

JLL Capital Markets has closed the sale and arranged the acquisition financing for AMLI Design District, a 314-unit, Class A, mixed-use, high-rise multi-housing asset located in Dallas.

JLL represented the seller, AMLI Residential, and procured an international real estate investor as buyer, HASTA Capital. JLL worked on behalf of the new owner to secure acquisition financing through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Roberto Casas. The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Melissa Quinn and Lee Weaver, Vice President Rob Rothaug and Analyst Cristian Sieman, with an assist from the local Dallas Debt Advisory team, including Director Lauren Dow and Associate Chris Grievous.

Originally built in 2013, AMLI Design District consists of 312,806 square feet of residential space, 26,830 square feet of ground-floor retail and an expansive covered parking garage with 664 spaces. The property features studio, one- and two-bedroom units with gourmet kitchens, stainless-steel appliances, spa-style bathrooms, walk-in closets, full-size washers and dryers, quartz countertops, floor-to-ceiling windows and hardwood-style vinyl floors. Community amenities include an infinity-edge pool, a pool deck with private cabanas, premium outdoor grilling stations, a coffee bar and skyline lounge, complimentary bike rentals and personal bike storage, a pet spa, indoor and outdoor pet parks, a state-of-the-art fitness center, an executive conference room and more.

Situated at 1400 Hi Line Dr., the property sits within the Dallas’s popular Design District, which is a part of the greater Intown submarket and is best known for high-end retail shops, luxury showrooms and eclectic dining experiences. AMLI Design District is conveniently located directly off of I-35E, allowing visibility to approximately 250,000 vehicles per day and providing residents an eight-minute drive to the employment hub of downtown Dallas. Additional proximate demand drivers include Victory Park, Uptown, the Dallas Medical District and Downtown Dallas, Harwood district, the Northend redevelopment, Klyde Warren Park and Deep Ellum. The property also is just a 20-minute drive to Dallas Fort Worth International Airport.

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

Two newly built, adjacent retail properties in suburban Austin secure acquisition financing

Posted on by Mia Goulart

JLL Capital Markets has arranged the acquisition financing for two, newly built, adjacent retail properties located in the Kyle Crossing mixed-use development within the Austin suburb of Kyle, Texas.

JLL worked on behalf of the borrower, Door Capital Partners.

The Kyle Crossing mixed-use development provides space for a variety of businesses, including retail, health and wellness, restaurants and entertainment. The two retail buildings are a part of the Kyle Crossing Phase II development and are 100% occupied on a triple-net-lease basis. The 7,254-square-foot building is anchored by Chipotle and is also leased to Crumbl Cookies and Heartland Dental. The second building is 6,913 square feet and is anchored by Black Rock Coffee. Additional tenants include Spoon & Fork and Every Nails Bar.

Located at Marketplace Avenue and Kyle Parkway, Kyle Crossing Phase II is 20 miles from Austin. The buildings are walkable to 1,100 multi-housing apartments and are within proximity to a Target, Kohl’s, Petco, Ross and HEB. The Village at Kyle is across I-35 to the east and includes the 300,000-square-foot Seton Hospital with up to 600 employees and approximately 150 beds, 100,000 square feet of medical office space, a Wal-Mart Supercenter and Lowe’s. Within a five-mile radius is a population of 200,000 and an average household income of $100,000.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director CW Sheehan and Analysts Kaitlin Kane and Hunt Wood.

The Austin JLL Retail Brokerage team represented the seller.