Victory Healthcare to Build $51M Hospital in Fort Worth

By Camelia Bulea, Associate Editor

Victory Healthcare recently announced it would build a hospital in Fort Worth, at the corner of South Main Street and Pennsylvania Avenue. Sitting on a 6.5-acre site, the $51 million medical center will include an 85,000-square-foot medical facility and 50,000-square-foot medical office building.

Victory Medical Center Fort Worth is planned to include 25 patient beds, including five suites with private family quarters, and four state-of-the-art intensive care rooms, eight operating rooms and four special procedure rooms.

According to an official statement, The Woodlands-based Victory Healthcare will have an important role in the revitalization of South Main, serving as anchor in the commercial development effort. “We take seriously the honor of being part of the rebirth of South Main, and it will be reflected throughout the design of the building,” said CEO Robert Helms Jr.

The architect designed the facility to reflect Fort Worth’s heritage, integrating a replica of the St. Joseph’s Hospital tower in the façade while the entire design of the facility features architectural elements typical of Fort Worth’s architecture from the 1910s.

The new Fort Worth hospital will provide a superior level of personalized care, including specialty procedures such as spinal and orthopedic surgery in addition to general surgery; gynecology; urology; bariatrics; and ear, nose and throat procedures, as well as pain management. Scheduled to open in May 2014, the hospital will employ 140 people, not counting those that will work in the medical office building, reports the Dallas Business Journal.

Linbeck Construction Corp. is the facility’s general contractor.

Photo credits: PRWeb

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Hall Financial Breaks Ground on 200,000-SF Office Building in Frisco

By Camelia Bulea, Associate Editor

With multi-tenant office space in high demand in Frisco, Hall Financial Group recently broken ground on the 16^th office building in Hall Office Park. The 200,000-square-foot Class AA office building will be built on one of the two remaining development sites in the 162-acre office park.

The speculative office building will be eight stories high and is expected to be completed in the second quarter of 2014, noted the Dallas Business Journal. Dubbed 3001 Dallas Parkway, the property will contain efficient and flexible 25,000-square-foot floor plates and is designed to achieve LEED certification, according to an official statement.

“With existing demand for new multi-tenant office space in the area outpacing availability, we believe the timing is right to start this next building,” said Craig Hall, chairman & founder of Hall Financial Group.

The award-winning office park already has 15 buildings totaling more than 2 million square feet of space. The existing buildings are currently 98 percent occupied; among the tenants are names like Fiserv, AmerisourceBergen Specialty Group, The Hartford, SANYO Energy (U.S.A.) Corporation, MillerCoors and GENBAND. HKS Architects designed the 3001 Dallas Parkway, while JPMorgan Chase is providing financing for the new facility. The number of people working in Hall Office Park is as high as 6,500 employees.

Photo of 3001 Dallas Parkway, courtesy of Boyer Group

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Adriatica Village Apartment Community in McKinney Receives $25M Loan

By Camelia Bulea, Associate Editor

Condos under construction

Developers plan to break ground on a new 211-unit apartment community in Adriatica Village, a European-inspired mixed-use town center development in McKinney, after having received $24.9 million for construction work.

Dubbed St. Paul Square, the apartment community is expected to be completed by late summer 2014, according to the Dallas Business Journal. The $24.9 million loan was arranged by Washington, D.C.-based Love Funding. According to an official statement by the company, the loan for the Class A multifamily project was secured through the U.S. Department of Housing and Urban Development’s loan insurance program for new construction projects.

Ranging from 700 square feet up to 1,600 square feet, the available homes will include one-, two- and three-bedroom luxury units, according to the Adriatica Village Web site.

The 45-acre Adriatica Village will also feature single-family homes and condominiums, retail stores, restaurants, medical offices, as well as a weekly farmer’s market near the center’s bell tower. The unique project is being modeled after Supetar, a fishing village located on Croatia’s coast, featuring many elements from the old European architecture, according to Love Funding.

Initially conceived by Jeff Blackard, the town center project is now being led by developers David Brooks and George Fuller, the Dallas publication noted.

Photos courtesy of Adriatica McKinney, Texas Online

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Forest Park Medical Center Starts Construction on $140M Physician-Owned Hospital

By Camelia Bulea, Associate Editor

Forest Park Medical Center has started construction on its fourth hospital in the Metroplex, a 150,000-square-foot facility that is being built in southwest Fort Worth. The $140 million medical center will sit on an eight-acre site in the Edwards Ranch development.

The developer of the three-story project is Neal Richards Group. According to its Web site, the new center will include 12 operating rooms, two procedure rooms, 44 private patient beds, 10 ICU beds, full ancillary services and structured parking. The developer is targeting LEED Silver certification for this Class A surgical specialty hospital, which will also feature outdoor spaces, vegetated roof systems and an outdoor reflection pond.

With construction already started, completion is expected to happen by mid-2014, the Fort Worth Star-Telegram reports. When open, the hospital will employ about 300 people. Perkins & Will is the architect, while Balfour Beatty Construction serves as the general contractor.

The project is being financed with $30 million in private equity, Dr. J. Robert Wyatt, one of four founders of Forest Park Medical Center, told the Fort Worth publication. The remainder will be provided by a consortium of banks led by Texas Capital Bank.

Forest Park Medical Center also has under construction a hospital in San Antonio, which will open about the same time as the Fort Worth location. The company also operates locations in Dallas and Frisco, and will soon open a third one in Southlake.

Photo rendering of the Forest Park Medical Center at Fort Worth courtesy of Neal Richards Group.

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HFF Brokers 1.7 MSF Industrial Portfolio

By Camelia Bulea, Associate Editor

Irving-based Cobalt Capital Partners has placed a large industrial portfolio on the market — specifically, 15 distribution properties totaling 1.7 million square feet.

Holliday Fenoglio Fowler L.P, is marketing the portfolio, located in infill submarkets including DFW Airport, Northwest Dallas, Northeast Dallas and Inner Southwest Dallas. In an official statement, HFF reported that it expects the portfolio to attract bids of about $78 million, or $47 per square foot. Most of these buildings were completed in the 1980s.

Currently 95 percent leased, the 15 industrial properties are occupied by 31 tenants, with an average remaining lease term of nearly six years, according to HFF. Occupants specialize in a wide range of industries, among them, food products, aviation, paper distribution, construction material, corrugated cardboard, apparel and automotive.

Cobalt Capital Partners entities own more than 31 million square feet of light industrial space in 18 major metropolitan markets.

The Dallas-Fort Worth area has been attracting a large number of industrial investors in recent months, which could be a big reason for placing such a large portfolio on the market. According to a report from CBRE Group Inc., the end of the fourth quarter of 2012 marked the second full year and nine consecutive months of positive absorption for DFW industrial inventory as market fundamentals continue to improve.

As illustrated in the chart at left, positive absorption of 3.4 million square feet brought the year-to-date total to 14 million square feet, making it the highest annual net absorption recorded in DFW since 2007.

Photo credits: Cobalt Capital Partners

Chart credits: CBRE Global Research and Consulting

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Harwood to Bring High-End Residential, Retail to Design District

By Camelia Bulea, Associate Editor

Harwood International will soon break ground on a majdeor development at Oak Lawn Avenue and Dragon Street, in the growing Design District neighborhood. The Dallas-based developer plans to build a high-end project that will feature 46,000 square feet of restaurant and shopping space on the ground level, with 224 apartments on top.

Dubbed District 1444: The Design Village, the urban-style development will be built on a site that currently houses an old showroom building. The west side of the showroom complex will be demolished to make way for the new buildings, while the rest of the old building will be used for a second phase, reported The Dallas Morning News.

The five-story project will also feature a pool deck lounge with cabanas, a fitness center, a game room, fire pits and gardens. Residents will be able to enjoy a wide array of cafes and restaurants on the ground floor, according to the Dallas Business Journal.

The northwest area of downtown Dallas has been attracting a large number of developers in the past six years, due to the high demand for rental units. One of the most famous residential projects in the Dallas Design District is 1400 Hi Line, a 24-story tower featuring 314 luxury apartments. The glass tower project opened half leased in the summer of 2012, as reported by Multi-Housing News.

One of the big players in the booming Uptown market, Harwood International also built the 31-story, 156-unit Azure condo tower, considered to be the tallest condominium residence tower in Uptown.

Rendering of the District 1444: The Design Village, via Harwood International

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New York Investor Snaps Up 124040 Park Central

By Camelia Bulea, Associate Editor

12404 Park Central, a 239,000-square-foot office building near North Central Expressway and LBJ Freeway, was recently purchased by Red River Asset Management L.L.C., a New York-based investor.

The four-story property was sold by Oaktree Capital for $15.4 million. Red River financed the property with a loan from American National Insurance Co.

Built in 1987 as the headquarters for Steak and Ale, the Park Central building was 89 percent leased at the time of the sale. Its tenant list includes brands like Greatwide Logistics, Mercer HR Services and MEplusYOU, a company that extended its 74,000-square-foot lease through 2020.

The new owner plans to spend big to renovate the building’s atrium. New plans include a 3,000-gallon fresh-water aquarium with tropical fish and a four-story-tall plant wall. Red River will use Dallas-based Merriman Associates Architects to design the atrium project, according to the Dallas Business Journal.

In November 2012, the investor also bought a five-building office complex in Irving, according to the Dallas Business Journal. Imperial Square, a 129,000-square-foot office property, was 68 percent leased at the time of the sale.

“We like deals that have hair on them, or something the large institutional players won’t go for that usually takes more effort to understand,” said Bruce Stern, a Red River principal told the Dallas publication. He added that his company is interested in buying more property in North Texas.

Photo of the 12404 Park Central office building courtesy of Red River Asset Management.

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Developer Breaks Ground on Second Phase of 90-Acre Lewisville M-F Community

By Camelia Bulea, Associate Editor

Huffines Communities, the developer of the Hebron 121 Station multifamily community in Lewisville, announced it had broken ground on Phase II of the 90-acre project. The company also provided a completion date for this phase: late summer of 2014.

According to a press release by Huffines, this phase will add 444 one-and two-bedroom units, a resort pool complex, a 14,000-square-foot clubhouse, additional open village greens and an expansion of the existing lakefront boardwalk. The architecture of the luxury apartment project is influenced by the style of coastal U.S. resorts and the West Indies.

The project will have additional phases and is expected to be complete in 2018. The full Hebron 121 Station development will include about 1,700 apartment rental units and TOD-related commercial and retail space based on demand. “Hebron 121 Station is designed as a socially vibrant community, and we believe this development offers upscale renters a lifestyle and convenience they can’t find anywhere else in the Metroplex,” said Phillip Huffines, co-owner of Huffines Communities.

Amenities will feature lakeside trails along Timber Creek Lake, lushly landscaped parks, a boardwalk, paddle boats in the channel and other recreational venues that are rarely seen in urban locations.

Phase I of the project, which was established in 2010, included 234 rental apartments, which are currently 98 percent occupied.

The mixed-use urban development is conveniently located on the A line of the Denton County Transportation Authority commuter line, offering residents the possibility to commute from downtown Dallas to Denton along the Green Line.

Photo credits: Hebron 121 Station

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New Luxury Apartment Tower Planned Near American Airlines Center

By Camelia Bulea, Associate Editor

Trammell Crow Residential announced plans to build a luxury apartment project near American Airlines Center. The high-rise would include 365 apartment units within a 12-story residential tower and a five-story building.

The two-building property, called The Alexan, will also include a 5,000-square-foot restaurant on the ground floor of the tower, according to the Dallas Business Journal. The Dallas-based developer also plans to build a 616-parking-space underground garage for residents.

The architect of the luxury project, Good Fulton & Farrell, projected a waterfall-inspired property. “We’ll have a flowing waterfall behind the sign and incorporate it into our pool area and courtyards,” the Dallas publication quoted Steve Bancroft, senior managing director of Trammell Crow Residential, as saying.

TCR plans call for a completion date by June 2015, with the first apartments scheduled to be ready in the third quarter of 2014. Monthly rents will start at $1,300 and will reach to more than $4,500 for a penthouse.

Back in November, TCR also announced it would build a 200-unit apartment community in Oak Cliff, on the banks of the Trinity River. The project is expected to break ground in February 2013 and is reported to cost about $19 million. Read more about the four-story apartment project in Multi-Housing News.

According to a Marcus & Millichap report on the multifamily market in the Dallas-Fort Worth area, 9,600 of the 15,000 units under construction list a 2013 delivery date, which will stem vacancy reductions this year, and the pipeline has grown to include roughly 35,000 planned and proposed apartments. Moreover, in 2012, growth in asking rents reached 3.4 percent, pushing the average throughout the Metroplex to $823 per month, as illustrated in the chart at left.

Photo of the Alexan Deer Park Apartments property, developed by Trammell Crow Residential in Deer Park, Texas.

Charts courtesy of Marcus & Millichap Research Services.

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KBS Expands DFW portfolio with 19-Story Las Colinas Office Tower

By Camelia Bulea, Associate Editor

KBS Real Estate Investment Trust III started the year with a new acquisition in the Dallas-Fort Worth Metroplex: the 364,366-square-foot Tower on Lake Carolyn building in the Las Colinas submarket, one of the fastest-growing communities in the DFW area.

The 19-story office property, located in the heart of Las Colinas’ Urban Center, was 83 percent leased at the time of the sale, according to a company news release. Currently occupied by 42 tenants, the Class A building was completed in 1988 and later underwent capital improvements valued at $8 million. The property is LEED certified.

“We love operating top-tier properties in promising locations like the Las Colinas Urban Center,” said Ken Robertson, senior vice president & asset manager for KBS Realty Advisors. Factors that made the property attractive to KBS, Robertson said, included improved highway access, housing development, completion of the Dallas Area Rapid Transit (DART) line connecting it to Dallas-Fort Worth International Airport and new retail amenities.

With the acquisition of the Tower on Lake Carolyn, KBS-affiliated companies now own 11 properties in the Metroplex, totaling more than 3.3 million rentable square feet.

According to Marcus & Millichap, office transaction velocity in the area rose alongside prices and investor demand in 2012. Well-located, performing Class A buildings traded at prices above $175 per square foot, while single-tenant assets leased to high-credit tenants, such as government agencies, changed hands for more than $300 per square foot.

Photo rendering of the Tower on Lake Carolyn property courtesy of KBS Realty Advisors.

Chart courtesy of Marcus & Millichap Research Services.

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