Category: Focus 2020

Modoc Properties Makes First Investment in Arlington

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Modoc Properties LLC has acquired one of six office buildings in The Medical Centre in Arlington, Texas. Bradford Commercial Real Estate Services/CORFAC International facilitated the sale on behalf of Modoc, with SVN | Dunn Commercial Real Estate representing the seller. The Fort Worth-based investor has snapped up the 7,156-square-foot medical office building divvied into two suites and located at 911 Magnolia Street in central Arlington. A triple-net lease is in place with a pulmonary group for 5,308 square feet or 74 percent of the space. Shane Benner, vice president in the Fort Worth office of Dallas-based Bradford Commercial Real Estate Services, negotiated the acquisition for his long-time client, Modoc Properties. David Dunn of SVN|Dunn Commercial Real Estate represented the seller, PCT Leasing & Service Co. Worthington National Bank financed the acquisition. “Modoc Properties has been looking in North Texas for some time. It is a good fit for its portfolio,” said Benner. The single-story building, a niche project situated within walking distance of the 369-bed Texas Health Arlington Memorial Hospital, was developed in 1984 along with the other five buildings. The Medical Centre Owners Association manages the property. “It was simply a good deal from Day One. There is an immediate return with minimal management burden,” Benner said. “It’s a home run once the balance of the building is leased.”

Rastegar Undeterred by COVID-19; Continues Buying Spree Lamar Oaks Located in Highly Desirable Highland Neighborhood

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Austin, Texas – November 2020 – Rastegar Property Company, a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States, announced today the acquisition of the 30-unit Lamar Oaks at 709 Lamar Place in North Austin. Rastegar plans to fully renovate the complex that consists of 19,650 total rentable square feet, and upgrade amenities to attract the influx of young professionals moving to Austin looking to take advantage of the city’s competitive job opportunities and fantastic standard of living. Rastegar’s acquisition of the one-story property built in 1969 is in line with the Company’s approach throughout the pandemic of targeting vintage multifamily apartment complexes that are well-located and in need of renovation to bring them up to the standards of today’s Austin renters. “Lamar Oaks is another well-situated complex that will provide best-in-class living standards,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “Just five minutes away from the intersection of I-35 and 290 HWY, residents of Lamar Oaks will live in a highly walkable location that features some of the best restaurants in the city, an elementary school, Austin Community College and other attractions that make Austin one of the most sought-after cities in the country.” Among the amenity upgrades, Rastegar will specifically address wellness concerns brought on by COVID-19, including outdoor access to units, greater air circulation and social distancing measures in common areas. Throughout all Rastegar’s properties, and including Lamar Oaks, antimicrobial materials like copper are being used as well as special light fixtures that feature ultraviolet light. “After finding numerous off market deals for Rastegar and understanding their investment thesis by working closely with the team, we were able to find this irreplaceable asset that fits their core vintage multifamily platform to help them to continue to grow,” said Dustin Mehaffey and Craig Irvin of LightTower Commercial.

About Rastegar Property Company

Rastegar Property Company is a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States. Rastegar and its affiliates have co-invested in or directly own and operate over 13.8 million square feet of real estate across projects in 13 states and 38 cities. The firm specializes in acquiring complex or undervalued assets with opportunities to create value through repositioning, redevelopment, and/or improved operational efficiencies.

Media Contact
Rob Kreis
FischTank PR
rastegar@fischtankpr.com

Thompson Coe Commits to Long-term Lease Renewal in Downtown Dallas

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Thompson Coe has renewed their 69,130-square-foot office lease at Plaza of the Americas at 700 N. Pearl Street in downtown Dallas. CBRE brokered the deal on behalf of the nationally recognized law firm while Transwestern represented ownership in lease negotiations. Harlan Davis, Phil Puckett and Jeff Ellerman with CBRE in Dallas represented Thompson Coe. Transwestern’s Kim Brooks, Justin Miller, Paul Wittorf, Laney Underwood and Ford Childress represented the building owners, a partnership between M-M Properties and Invesco Real Estate. Thompson Coe, which has occupied floors 23-25 since 2002 made the decision to sign the multi-year lease extension because of the central location, the ability to modernize their space and the high concentration of amenities within the building. “We wanted to identify the best location for our business to thrive,” said Shawn Phelan, chair of the firm’s management committee. “After reviewing our options, it was clear that staying in the Plaza of the Americas would allow us to both meet the needs of our clients and help us create a space that would attract and retain top talent.” Thompson Coe is recognized for its civil litigation capabilities, expertise in insurance law and diverse group of attorneys. Founded in Dallas in 1951, the firm has expanded to five offices across Texas, Louisiana and Minnesota. Their Dallas office serves as their largest location nationally. Steps away from the DART Pearl Street Station in the Dallas Arts District, Plaza of the Americas is a premier mixed-use development containing two 25-story office towers. The recently refurbished Marriott City Centre, numerous retail and restaurant options, and an indoor urban garden are all connected by a 13-story glass atrium, bringing every amenity today’s occupants desire within footsteps. “We know there are a lot of options in the market and are happy that after evaluating the options, Thompson Coe recognized the value in remaining at Plaza of the Americas,” said Joel McCarty, principal with M-M Properties. “We greatly appreciate Thompson Coe’s continued interest and confidence in this location.”

Colliers Mortgage Closes Fannie Mae Loan for DFW-Area Apartment Complex

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The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed a Fannie Mae loan for the acquisition financing of The Corners Apartments, an 85-unit market rate multifamily apartment property located in DeSota, Texas. The 12-year term, 30-year amortization loan utilized Green Rewards and was arranged through a partnership with Old Capital Lending. The property was built in 1984 and renovated in 2019.

Small Business Playbook: It Won’t be a Year Without a Santa Claus, as Malls Turn to Portable igloos and Virtual Visits to Save the Holiday Tradition

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It’s an annual tradition for many families during the holidays: Packing the kids in the car and trekking them to the local mall to visit Santa for the chance to rattle off a holiday wish list and snap a photo — one that might end up on the Christmas card. But few kids will be sitting on Santa’s lap this holiday season, due to the precautionary measures that have been born out of the coronavirus pandemic. A holiday tradition that dates back to the 1800s is being rethought by retailers, mall owners and the men and women who spend their holiday season playing the part of Santa and Mrs. Claus. Bass Pro Shops will put Santa behind plexiglass screens, while Macy’s is launching an online Santa experience. Mall owners including Macerich and Taubman are getting creative with their holiday programming, to try to drive traffic to their shopping centers. One woman even launched her own business, selling inflatable snow globes to safely shield Santa and the children who visit him. This year, “Santa” Stephen Arnold, president and chief executive officer of the International Brotherhood of Real Bearded Santas, says the Santa experience is going to be “considerably different” for his organization’s some 2,000 members, who are assigned work at malls, schools, hospitals, churches and one-on-one visits to homes. Click to read more at www.cnbc.com.

“Sad Day” in LA: CBRE’s Corporate Exit Latest Blow to Dented Office Market

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CBRE’s decision to shift its global HQ from Los Angeles to Dallas wasn’t mentioned on the company’s third-quarter earnings call Thursday. But the move, which the Dallas Morning News first reported earlier that morning, didn’t go unnoticed. “It’s yet another sad day in the city of Los Angeles,” said Ryan Leaderman, a real estate attorney at Holland & Knight’s L.A. office. CBRE, the world’s largest real estate services firm, later confirmed the change. “It was always cool to think of them as an L.A. company since most of the biggest real estate companies were based in New York,” said Jay Luchs, an L.A. commercial broker with Newmark, who spent 12 years at CBRE. But Luchs said he didn’t think headquarter locations are significant for large companies. “As long as you have top agents who understand the market it doesn’t really matter,” he said. The move comes as the pandemic continues to upend the office market, taking its toll on brokerages that have endured months of losses, with many forced to trim staff and cut budgets and salaries. While CBRE said it did not foresee any layoffs, relocations or changes at its Downtown 400 South Hope Street office — or any of its other California locations — the move comes at a difficult time for the struggling L.A. market. Click to read more at www.therealdeal.com.