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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