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

/in , , /by

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

/in , , /by

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.

Roanoke City Council In Texas Approves Final Plans For Mixed-Use Development With Medical Building

/in , , /by

The Roanoke City Council has paved the way for the construction of a mixed-use development that would bring a medical building, office building, hotel and thousands of retail, and restaurant space to the city.

The City Council approved at its July 9 meeting the final plat, or site plan, for Roanoke Village located in the Dallas-Forth Worth Metroplex. The initial site plan was first approved in January.

The final plat approval was required before city staff and the project’s developer, Newstream Land Partners, can begin preconstruction meetings. Construction could begin after those meetings.

The 6.25-acre project is set to be built at the southeast corner of Parish Lane and US 377. Plans call for five buildings. One will be a medical building; one will be an office buildiing; one will be a SpringHill Suites hotel; and two will have retail and restaurant space.

According to plans submitted to the city, the project will include 14,500 square feet of office space, 28,470 square feet of retail space, and 11,273 square feet of restaurant space.

“Newstream started foundational work at the site in April,” said Troy Lewis, vice president of development with Newstream Construction Services. “Construction could begin by this fall. There is no timetable on when construction could be completed.”

“The project will be a destination within itself, with connectivity to  downtown Roanoke as well,” Roanoke Assistant City Manager Cody Petree said. “The hotel will be within walking distance of stores, restaurants and other amenities. This area is one of the ‘front doors’ into the city, so it’s great to see the project planned out so well and aesthetically pleasing.”

This is the second set of plans for mixed-use development approved by Roanoke City Council in the last month. At its June 11 meeting, council greenlighted Magnolia Oak Street, a three-story project set to be constructed on 2.01 acres at 601 N. Oak St. in Roanoke. Plans call for 78 residential units and 5,070 square feet of retail space. The project will also include 16 live-work units that combine living and work areas into a single unit.

 

Source: Community Impact Newspaper