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Dallas’ JP Realty Partners buys former Geico regional hub in DFW

Dallas-based real estate investment firm JP Realty Partners Ltd. has acquired the former regional headquarters building of Geico Insurance for an undisclosed sum with plans to upgrade the property to attract new tenants.

The Chevy Chase, Maryland-based insurance company, a wholly owned subsidiary of Warren Buffett’s Berkshire Hathaway Inc., moved into a new North Texas regional hub in Richardson last August to accommodate its growing workforce of 1,600 employees in the region.

Read more at Dallas Business Journal.

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Arizona developer buys $300M, 860-acre master-planned community in DFW

Mesa, Arizona-based developer Macavity Co. has acquired a $300 million master-planned community expected to bring more than 2,800 single-family homes, a new elementary school and the Princeton City Hall to the North Texas town a few miles east of McKinney.

The 860-acre master-planned community, called Whitewing Trails, sits near Monte Carlo Boulevard and FM 75 and is the largest planned community to get underway so far in Princeton.

Read more at Dallas Business Journal.

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Chicago investor buys 6 apartment communities in DFW for $107M

Chicago-based Intercapital Group, a real estate investment firm, has acquired six apartment communities in North Texas for nearly $107 million with the help of aFannie Mae loan. In all, the communities total 1,711 apartments.

Terms of the Fannie Mae loans totaling $106.9 million include 10 years, 30-year amortization and three years of an interest-only loan.

Read more at Dallas Business Journal.

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It’s done: New York investor snaps up Chase Tower in downtown Dallas

After months of working the deal, New York-based Fortis Property Group LLC has acquired one of the tallest skyscrapers in downtown Dallas.

Terms of deal were undisclosed, but real estate sources estimate the tower sold for upwards of $300 million. Fortis Property Group purchased the property — which was last valued at $178.7 million by the Dallas Central Appraisal District — from Houston-based Hines, which was represented by HFF.

Read more at Dallas Business Journal

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BOMA Dallas Wins International TOBY Award in Industrial Category

Dallas, TX – June 29, 2016 – On Tuesday, June 28, the International Building Owners and Managers Association (BOMA) honored its top buildings and employees at the BOMA International TOBY Awards Program & Banquet in Washington, DC. BOMA Dallas is pleased to announce that Freeport X, managed by Duke Realty Corporation, took home highest honors in the Industrial Category.

The objective of The Outstanding Building of the Year (TOBY) Awards Program is to recognize excellence in building management, operating efficiency, tenant retention, emergency planning and community impact. The competition begins at the local level and local winners move to the regional level. Regional winners then compete internationally, against properties from all major cities in the United States plus Canada.

“The TOBY process is about recognizing the excellent work of the property management team,” said BOMA Dallas President Scott Moore, RPA, chief operating officer at Holt Lunsford Commercial.  “We’re proud of all of our member buildings that made it to the international competition and congratulate Freeport X for receiving top honors in the industrial category.”

Dallas currently has one of the strongest industrial markets in the country. In 2015 theBOMA Dallas BoardofDirectors created its first special interest group (SIG) designed to meet the unique needs of the industrial property manager and to support growth in this sector. Recognition on the international level highlights the strength of the industrial market in North Texas.

About BOMA Dallas
BOMA Dallas is the professional organization representing the commercial real estate industry and related service providers by establishing the industry standard of excellence through Advocacy, Education, Networking and Community Service.

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