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.”

JLL Capital Markets has closed the sale of DFW Park 161, a fully leased Class-A++ industrial park comprising three buildings totaling one million square feet in a last-mile distribution location at Dallas-Fort Worth International Airport within the city of Irving.

JLL marketed the property on behalf of the sellers, Invesco Real Estate, a global real estate investment manager, and Perot Development Company. BentallGreenOak acquired the asset on behalf of an institutional investor.

DFW Park 161 is one of Dallas-Fort worth’s premiere business parks due to its best-in-class construction and distribution location. The fully leased property offers its four diverse tenants highly functional features and amenities, including clear heights ranging from 32 to 36 feet, 227 dock-high doors, eight drive-in doors, low office finish, ESFR fire protection, LED lighting and ample trailer and vehicle parking space.

Spanning more than 91 acres on airport land, the park is located at 3000, 3050 and 3150 State Highway 161 just east of Dallas-Fort Worth International Airport and within the DFW Airport Industrial submarket, one of the most desirable industrial submarkets in the region. DFW Park 161 is along State Highway 161, which is one of the area’s main north and south transportation arteries and carries more than 123,000 vehicles per day. In addition to the ability to easily reach the entire DFW metro area quickly, the property has connectivity to the Texas Triangle, the area between DFW, Houston, San Antonio and Austin that houses 2.5 million residents, which is expected to grow to house 78% of the state’s population within the next 40 years. With $1.32 trillion in economic output, this area ranks among the world’s 15 largest economies.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Jack Copher.

Transwestern Real Estate Services (TRS) and Quadrant Investment Properties (QIP) announce Dallas-based Alto, a leader in ride-hailing and private transportation, has relocated its headquarters to a new, 16,000-square-foot creative office space in QIP’s recently unveiled Manufacturing District, part of the larger Dallas Design District. Approximately 100 employees, including Alto’s executives, engineering, marketing and operations teams, will work from the new space as Alto explores growth and expansion into additional markets.

Located at 141 Manufacturing St., Alto’s headquarters is designed to be community-centric. Employees at Alto’s new headquarters will benefit from tenant amenities such as Lounge 141, a shared rooftop lounge with kitchen and balcony that includes panoramic views of downtown Dallas. Additionally, a recently constructed rail spur walking trail connects the entire project together for employees to enjoy behind the site. State Street Coffee will open Triumphs coffee shop in July with mixologists that will also feature small bites and plates. The Grove, an outdoor community lounge with picnic tables, greenspace, and 6G Wi-Fi will connect outdoor space with activation opportunities. In total, MD offers nearly 100,000 square feet of recently converted creative office space for lease.

Alto’s move to the Design District underscores the success of the adaptive reuse strategy underway by QIP, which has acquired more than 25 properties in the last two years. In May, QIP broke ground on Thirteen Thirty-Three, a bespoke 10-story, 125,660-square-foot Class-A office building located at 1333 Oak Lawn, and River Edge, a five-story 140,757-square-foot office building with three planned on-site restaurants located at 161 River Edge. Transwestern and Shop Companies are handling leasing for both properties with delivery estimated for Q4 2023.

According to Transwestern research, the Design District has seen nearly $1 billion in private investment over the last 15 years. With top-tier local and out-of-market restaurants, and new retail concepts recently announced, the area features multiple nightlife and entertainment destinations.

Alto was represented by Stream Realty Partners in lease negotiations, and project architecture was led by Entos Design.

The Minneapolis office of Colliers Mortgage (part of Colliers International | U.S.) closed a Fannie Mae loan for the acquisition financing of The Arbors, a 136-unit market rate multifamily property located in Temple. Property features include a pool, clothing care center and on-site maintenance.

The loan carries a 10-year term and 30-year amortization and was arranged through a partnership with Old Capital Lending for 2416 Temple SPE LLC, Barta Arbors Temple SPE LLC, DSJO LLC, and LBP Trust SPE LLC.