This Week's Dallas-Fort Worth Deal Sheet
A medical pavilion in the highly trafficked West Plano real estate market is in the hands of a new buyer.
Gulf Corp. sold Plano Medical Pavilion, a 102K SF development adjacent to Baylor Scott & White Medical Center in Plano, to Healthcare Realty Trust for $20M.
At the time of the sale, the facility was 50% leased.
The property is at the busy corner of the President George Bush Tollway and Preston Road, at 4825 Alliance Blvd., in Plano. The site comes with a 49K SF building and a 53K SF parking garage.
Gulf Corp. acquired the site three years ago and built out the pavilion in 2017.
“We wanted to create a premier medical property that would complement the Baylor Scott & White hospital campus,” Gulf Corp. CEO Austin Ames said in a statement. “Forty percent of the building was pre-leased to Baylor Scott & White Health and United Surgical Partners International joint AmbulatorySurgery Center (ASC), taking an entire floor.”
JLL’s Evan Kovac assisted with the sale.
Execs
Weitzman hired Stephanie Toliver as chief financial officer. Toliver will manage the firm’s financial goals and budgets. She comes to the company after serving HealthCap Partners as CFO. Toliver joined the profession in 2001 at KMPG.
Toliver is a certified public accountant and a member of the International Council of Shopping Centers.
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Younger Partners hired Greg Hoffman, who is leaving Colliers International as a senior vice president to join the firm.
Hoffman brings 40 years in the industry to his new role and specializes in tenant and landlord representation for office and tech properties. In the past nine years alone, Hoffman has participated in over 650 transactions associated with nearly 5M SF of commercial real estate space.
Sales And Acquisitions
Deep Ellum’s funky appeal keeps real estate in the eclectic neighborhood moving. The latest sale involves a commercial real estate portfolio made up of two commercial buildings totaling 12K SF and a 12K SF parking lot on Canton Street in Dallas.
Whitebox Real Estate’s Matthew Otte and John-Michael McGee and Delphi Group’s Jeff Swanky represented the seller. Davidson Bogel Real Estate’s Scott Lake represented the out-of-state buyer.
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The 100-unit Vernazza apartment complex in Dallas has been sold. Marcus & Millichap’s Al Silva, Ford Braly and Michael O'Malley secured the buyer, which intends to renovate the building’s exterior and interior. The Vernazza is located at 2800 West Davis St. in Dallas near the Bishop Arts District.
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TSCA 260 LLC just purchased Parkway Corners, a 45K SF shopping center at Trinity Mills and the Dallas North Parkway in Dallas.
Quine & Associates’ Brad Quine, Coy Quine and Gary Tobias handled negotiations for the buyer, while Marcus & Millichap’s Philip Levy represented the seller.
Leases
National Container Group leased the 121K SF Intermodal Business Center at 1704 South Interstate 45 in Hutchins, Texas. The company leased the premises from landlord Intermodal Warehouse Partners. Bradford Commercial Real Estate Services’ Michael Grant and Susan Singer represented the landlord while Cushman & Wakefield’s Jean Russo represented the tenant alongside brokers in Cushman’s Atlanta office.
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Stak Design subleased 60K SF of warehouse space at 405-407 113th St. in Arlington from Alosa Catering Equipment. Bradford Commercial Real Estate Services’ Jim Ferris handled negotiations for the sublessee while CBRE’s Tim Vogds represented the sublessor.
Construction
McCarthy Building Cos. is flying higher in the aviation-related construction segment with the company building a helicopter pilot simulation training center in Grand Prairie. The builder is working with HPM, Airbus Helicopters Inc. and Helisim on the project.
The Helisim Simulation Center will be the company’s first helicopter training facility in North America and will double as its North American headquarters. McCarthy topped out the project this month and expects to complete it by March.
The 18K SF facility will feature two helicopter simulators, 6K SF of office, a 12K SF simulator hall along with computer/workshop rooms and meeting spaces.
McCarthy worked alongside architecture firm BOKA Powell, LA Fuess, Reed Wells Benson and Pacheco Koch on the project.
Financing
Berkadia’s Dallas office obtained more than $17M in refinancing for the 91K SF World Cup Plaza retail strip center in Frisco.
The 10-year CMBS loan came with a fixed interest rate below 4% with full-term interest-only payments.
The retail center is at the northeast corner of Main Street and the Dallas North Tollway with tenants including the Blue Goose Cantina, The British Lion, The Green Gator, Rotolo’s Pizzeria, The Boardroom and Wells Fargo Bank.
This or That
The Biscuit Bar plans to open its third location at Deep Ellum's The Epic mixed-use development at 2550 Pacific Ave. in Dallas on Nov. 21.
From biscuits with savory toppings to late-night hours for workers and guests roaming through the streets of Deep Ellum, the new restaurant has a unique vibe to go along with its unique Downtown setting.
