Monday, April 15, 2024 Apr 15, 2024
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Newmark Facilitates Sale of Plaza of the Americas

Plus Christus Health unveils new Las Colinas HQ; a new multifamily development announced in Saginaw; and more.

Plaza of the Americas, a 1.2 million-square-foot office and retail property in the Dallas’ Arts District, has been sold to an undisclosed buyer. The property is located at 600 and 700 North Pearl Street in Dallas and comprises two 25-story office towers connected by a glass atrium, with 120,000 total square feet of retail and dining space on the first and second floors and an eight-story parking garage.

It has also gone through $26 million in capital developments over the last decade. Recent atrium renovations have replaced an under-utilized ice-skating rink with a new urban garden filled with natural light, water features, food pavilions and retail shops. The ownership plans to kick off a multi-million-dollar renovation later this year. The sale comes on the heels of Federal Deposit Insurance Corp. signing a 163,005-square-foot lease at Plaza of the Americas—one of the five largest office leases signed in downtown Dallas in the past decade.

Newmark Vice Chairmen Chris Murphy, Robert Hill, and Gary Carr represented the sellers, M-M Properties and an institutional investor, and facilitated the acquisition financing.

Laliguras Holdings Acquires Land in Mid-Cities Hospital District

Fort Worth-based buyer Laliguras Holdings has acquired 2.4 acres of undeveloped land at 2612 Tibbets Dr. in Bedford, Texas. The land is located across from the Texas Health Harris Methodist HEB District. The sellers, Trinity River Authority of Texas, were represented by Nancy Halliday and Don Plunk from Emory Associates, and HomeSmart represented the buyer. The sale price was undisclosed. The buyer , plans to hold the parcel as a long-term investment property.

JETA Texas Properties Sells Highway 10 Business Center

JETA Texas Properties sold its Highway 10 Business Center and a nearby 2.4-acre land to Rattikin Exchange Services, acting as a Qualified Intermediary for Corinth Land Co. The Highway 10 Business Center, located at 3161 and 1363 W. Euless Boulevard was built in 1986. JETA acquired the property as a part of a 1031 exchange, and is currently completely occupied by long-term tenants.

Don Plunk and Nancy Halliday with Emory Associates represented the seller. Danny Peters represented the buyers from eXp Realtors. The selling price remains undisclosed.

Christus Healthcare Unveils New Las Colinas HQ

Christus Healthcare, an international catholic healthcare system currently based in leased offices in Irving, has inaugurated a new 15-story corporate headquarters on a 4.2-acre property in Las Colinas.

The 460,000-square-foot tower, which sits adjacent to a 10-story parking garage, will house about 2,000 Christus Health employees who support the nonprofit health system from Irving. The new building will replace leased office space in Irving. Since Christus consolidated corporate offices in Las Colinas over a decade ago, the health system has grown from 30,000 to nearly 50,000 employees across four countries and has expanded from 3.8 million to 7 million lives touched.

Real estate development firm Fidelis Healthcare Partners, an affiliate of Fidelis Realty Partners, led the site selection and pre-development planning and was the developer. The Fidelis Healthcare team includes Kevin O’Neil and Mark Allyn with support from their partner Mark Fewin, leader of Guidon Project Solutions. The building was designed by BOKA Powell by a team led by Don Powell and Joe Hilliard. Manhattan Construction served as the construction firm on the project.

Alpine Start Development Announces Plans for New Multifamily Development in Saginaw

Family-owned real estate development and investment firm Alpine Start Development introduces Range West, a 261-unit garden-style apartment community in Saginaw, Texas, on 11 acres, near downtown Fort Worth. Project amenities include a pool, a courtyard, a fitness center, a pickleball court, a dog park, and grilling stations. The project is anticipated to be completed by Q2 2025 but will have its first units and the clubhouse available in Q4 of 2024. In the past 18 months, Alpine Start Development has initiated three apartment projects in Dallas-Fort Worth and Austin, totaling over 875 units. Several other land development sites are currently in predevelopment, with a pipeline of over 2,000 units.


Vivasvaan Aditya Raj

Vivasvaan Aditya Raj