$7.9M Medical Office Building Set For The Clearfork West Development In SW Fort Worth, Texas

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In the first ground-up project for its tenant partnership program, SkyWalker Property Partners has started site work on a $7.9-million medical office building on the last commercial tract in the Edwards family’s Clearfork West development in southwest Fort Worth.

Edwards Ranch Medical Building rendering (CREDIT: MICHAEL JESTER)

SkyWalker Property is developing the 20,200-square foot project at 5612 Edwards Ranch Rd. for its fund, When Opportunity Knocks LLC. Dr. Nathan Lesley, a orthopedic hand surgeon based in Fort Worth, has leased 50% of the two-story building and invested in the project. The 10,100-square foot balance is available for lease.

The as-yet unnamed project will be situated within a short drive of the Fort Worth medical district, where Lesley has his current office in the Fort Worth Hand Center. The 1.8-acre site also is close to Chisholm Trail Parkway and Interstates 20, 30 and 35.

“We had been searching a long time for a building to buy and renovate. Development seemed to be the quickest and best way to meet Dr. Lesley’s expansion needs,” said Gary Walker, founder and president of Arlington-based SkyWalker Property Partners. “When you can’t find what you want, you start to think ‘where would you want to build.’ We were fortunate to be able to acquire this site, which is an ideal location for his expanding practice.”

The medical office building will be completed in Q1 2020. Prim Construction LLC of Fort Worth is the general contractor. The local architect is 97w, a collaborative design firm. Frost Bank is the project lender. Walker‘s longtime colleagues Theron Bryant and Casey Tounget of Transwestern have been retained to lease the 10,100 square foot of available first-floor medical/general office space. Lesley has signed a 10-year lease for the entire second level to house his practice and full-service physical therapy clinic, The Hand & Upper Extremity Institute.

“Unfortunately, health-care costs continue to rise. With SkyWalker’s help, The Hand and Upper Extremity Institute will have the ability to offer comprehensive care from the initial patient visit through surgical procedures and physical therapy, if necessary,” Lesley said. “This will allow us to manage costs while continuing our mission of providing exceptional care to every patient, every time.”

The developer of record, I Can See Clear Fork Now LLC, is a single-purpose entity of SkyWalker‘s co-investment program, which requires a five- to 10-year lease commitment. Under the tenant partnership agreement, SkyWalker Property will build and provide leasing services until occupancy stabilization is achieved.

“This investment strategy was always intended to be a flexible facilitator of user/tenant needs. We’ve taken it to the next level with this ground-up project,” Walker explains. “And, we’re optimistic the future holds more tenant partnerships.”

Source: Fort Worth Business Press

 

 

New Two-Building, 138,000-Square-Foot Office Project Underway In Flower Mound

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A two-building office project is underway in Flower Mound’s southern sector.

Realty Capital and Staubach Capital have teamed up to build Lakeside International Office Center, a two-building property along International Parkway near the north entrance of Dallas Fort Worth International Airport.
(RENDERING: COURTESY OF JLL)

Realty Capital and Staubach Capital have teamed up to build Lakeside International Office Center, a 138,000-square-foot property at International Parkway and Lakeside Parkway near the north entrance of Dallas Fort Worth International Airport.

“Flower Mound has established itself as an attractive area for new residents and businesses with a growing number of shops, restaurants, entertainment and residential options in the Lakeside mixed-use community,” said Jeff Staubach, founding partner of Staubach Capital, in a prepared statement.  “Lakeside International Office Center will be the first of its kind in this part of the metroplex, providing a premium office experience with top-of-class amenities.”

The first tenant to pre-lease space in the office center is IntelliCentrics, according to JLL, which will handle marketing and leasing for the property, and also represented IntelliCentrics in the transaction.

IntelliCentrics, a Flower Mound health care technology company, signed on for 30,000-square-feet of space on the fourth floor of one of the new buildings. One building will encompass 120,000-square-feet of office space across four floors and the other will have two floors totalling 18,000 square feet.

“I am extremely excited for IntelliCentrics’ world-wide headquarters to locate in the Lakeside development in Flower Mound, and as a 22-year resident of Flower Mound I feel the vision is perfect for sustained growth benefiting both residents and commercial tenants,” said Mike Sheehan, CEO of IntelliCentrics, in a prepared statement.

The City of Flower Mound offered an “aggressive incentive package” to help Realty Capital obtain the debt financing needed for the project, according to a release from JLL.

“Without the incentive agreement, we wouldn’t have been able to obtain the financing to build the project on a speculative nature, said Realty Capital’s Jimmy Archie in a prepared statement. “Once we were able to obtain the financing and announce the project to the market, our first tenant showed up to lease a portion of the project prior to us breaking ground.”

BOKA Powell is the architecture firm behind the project, and Muckleroy and Falls is the general contractor. Construction on the buildings began this week, and they are expected to deliver in Q3 of 2020.

 

Source: Dallas Business Journals

Healthcare Professionals, Investors Key In On Dallas-Fort Worth

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Dentists, optometrists, physicians and even veterinarians are opening practices in Dallas-Fort Worth at a rapid rate.

Among metropolitan areas, Dallas-Fort Worth-Arlington experienced the largest numeric growth not only from 2017 to 2018 (131,767) but also from 2010 to 2018 (1.11 million).

Dallas and Fort Worth are now the ninth and 13th most populous US cities. The 2018 total populations were 1.345 million and 895,008 respectively.

Migration, both domestic and international, as well as natural influx contributed to the growth in each of these areas, with natural increases serving as the largest source of population growth in Dallas and domestic migration serving as the largest source in Phoenix, according to the US Census Bureau.

Tarrant County was ranked eighth from 2017 to 2018 (27,463) and sixth from 2010 to 2018 (274,276) among cities including Arlington, Fort Worth and Grand Prairie. Fort Worth was ranked third among the top 15 cities with populations of 50,000 or more that had the largest numeric increase from 2017 to 2018 (19,552), according to Xite Realty.

Collin County experienced the fourth largest numeric growth from 2017 to 2018 (33,753) nationwide. Cities in Collin County include Allen, Carrollton, Frisco, McKinney, Plano and Richardson. Frisco and McKinney were ranked 10th and 13th respectively among the top 15 cities with populations of 50,000 or more that had the largest numeric increase from 2017 to 2018, says Xite.

With healthcare demand creating added opportunities, investors are clamoring to get in on the action. And late last month, HR Acquisition of San Antonio Ltd. did just that with its purchase of Magnolia Medical Tower in Fort Worth for an undisclosed price.

Private real estate investment firm Ridgeline Capital Partners purchased the 89,990-square-foot medical office building located in the Fort Worth Medical District three years ago. Ridgeline renovated the lobby and common areas in 2017, helping to increase its occupancy and rental rates.

The six-story building was built in 1985 and is located adjacent to the Baylor All Saints Medical Center, with access to Cook Children’s Medical Center, Texas Health Harris Methodist Hospital Fort Worth and Plaza Medical Center of Fort Worth. The building has a well-rounded tenant mix including primary care, oncology, orthopedics, cardiology, urology, OB/GYN, neurology and pain management.

“The building has no use restrictions while offering a lower rent than other on-campus MOBs in the area,” Jeff Axley, Ridgeline’s managing principal, tells GlobeSt.com.

JLL’s Healthcare Capital Markets Group brokered the sale on behalf of Ridgeline.

“This property is very well-situated in the Fort Worth Medical District, and we hope the new owners continue to enjoy the success we have experienced,” Axley says.

 

Source: GlobeSt.