Rideshare Company Alto Opens New Headquarters in Dallas Design District

Transwestern Real Estate Services (TRS) and Quadrant Investment Properties (QIP) announce Dallas-based Alto, a leader in ride-hailing and private transportation, has relocated its headquarters to a new, 16,000-square-foot creative office space in QIP’s recently unveiled Manufacturing District, part of the larger Dallas Design District. Approximately 100 employees, including Alto’s executives, engineering, marketing and operations teams, will work from the new space as Alto explores growth and expansion into additional markets.

Located at 141 Manufacturing St., Alto’s headquarters is designed to be community-centric. Employees at Alto’s new headquarters will benefit from tenant amenities such as Lounge 141, a shared rooftop lounge with kitchen and balcony that includes panoramic views of downtown Dallas. Additionally, a recently constructed rail spur walking trail connects the entire project together for employees to enjoy behind the site. State Street Coffee will open Triumphs coffee shop in July with mixologists that will also feature small bites and plates. The Grove, an outdoor community lounge with picnic tables, greenspace, and 6G Wi-Fi will connect outdoor space with activation opportunities. In total, MD offers nearly 100,000 square feet of recently converted creative office space for lease.

Alto’s move to the Design District underscores the success of the adaptive reuse strategy underway by QIP, which has acquired more than 25 properties in the last two years. In May, QIP broke ground on Thirteen Thirty-Three, a bespoke 10-story, 125,660-square-foot Class-A office building located at 1333 Oak Lawn, and River Edge, a five-story 140,757-square-foot office building with three planned on-site restaurants located at 161 River Edge. Transwestern and Shop Companies are handling leasing for both properties with delivery estimated for Q4 2023.

According to Transwestern research, the Design District has seen nearly $1 billion in private investment over the last 15 years. With top-tier local and out-of-market restaurants, and new retail concepts recently announced, the area features multiple nightlife and entertainment destinations.

Alto was represented by Stream Realty Partners in lease negotiations, and project architecture was led by Entos Design.

Colliers Mortgage Closes Fannie Mae Loan for The Arbors in Temple

The Minneapolis office of Colliers Mortgage (part of Colliers International | U.S.) closed a Fannie Mae loan for the acquisition financing of The Arbors, a 136-unit market rate multifamily property located in Temple. Property features include a pool, clothing care center and on-site maintenance.

The loan carries a 10-year term and 30-year amortization and was arranged through a partnership with Old Capital Lending for 2416 Temple SPE LLC, Barta Arbors Temple SPE LLC, DSJO LLC, and LBP Trust SPE LLC.

Palladium East Foster Crossing by Palladium USA Brings New Multi-Family Homes to Anna

ANNA, TX (June 27, 2022) – Palladium USA is pleased to announce the closing and construction start of Palladium East Foster Crossing – a new $64 Million, high-quality multi-family community in Anna. This is the second multi-family development for Palladium in the city of Anna. The four-story development has amenity-rich residences featuring 239 units of thoughtfully designed one, two, and three bedroom floor plans with upgraded finishes. Upscale amenities will include a resort swimming pool, state of the art fitness center, conference center, dog park, computer lounge, kid’s playroom, and clubroom containing a mini-kitchen with upgraded appliances and granite countertops.

“Construction has started, and we will be delivering the clubhouse and first units in November of 2023, says Tom Huth, President and CEO of Palladium USA.”

Palladium East Foster Crossing was designed by HEDK Architects, BBL Construction is the general contractor who is teaming up with the Anna Public Facility Corporation on construction. The Anna Public Facilities Corporation issued $33 Million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust and PNC Bank provided $27 Million of equity for this placement.

“We are excited to partner with Palladium on their second project in Anna”, said City of Anna Mayor Nate Pike. “Our community understands the need for quality, diverse housing options and this project helps further that vision.”

The groundbreaking celebration is planned for the near future will be attended by community leaders, elected officials, and will feature photo renderings of the multi-family community, branded promotional items, and refreshments. “The vision for Anna is large and growing! It is vital that we are able to offer a modern, high-quality development that is attractive and adds value to the community,” says Avis Chaisson, Director of Development for Palladium USA. “We are honored to work with the city of Anna and help with their vision for the area.”

The new 8.26 acre multi-family community is located on East Foster Crossing, just east of Hwy 5. Pre-leasing is expected by the Summer of 2023.

Palladium has nine multi-family developments under construction in Texas totaling approximately 1,700 units. Locations include Anna, Port Aransas, Midland, Fort Worth and Little Elm, two in Garland, and two in Dallas.

Buyers Representative: Kim Parker, Dynamic CRE, LLC

Echo Real Estate Capital, Inc. Sells Medical Office Building in Rowlett

Echo Real Estate Capital, Inc. has sold an out-patient medical office building anchored by Baylor Scott & White for $6 million.

The property is approximately 15,500 square feet and is located at 7801 Lakeview Parkway in Rowlett, Texas – one mile west of the Baylor Scott & White Lake Pointe Medical Center. The building was 100% occupied at the time of sale by four tenants that include the renowned Baylor Scott & White Texas Cardiac Associates, North Texas ENT, LabCorp, and Dr. Bart A. Deering, DDS.

“We have been targeting Texas for quite some time and we were able to acquire this asset off-market in May of last year,” said Echo Principal Jon Boyajian. “We loved the proximity to the Baylor Lake Pointe campus and the tenants were all very strong, but they were on short-term leases. Within six months, we had renewed all four tenants and had completed some minor capital improvements that had previously been neglected. Dave Kurtz and our asset management team did a phenomenal job.”

Plano Medical Office Building Attracts new Physician Groups with Planned Renovations

Transwestern Real Estate Services (TRS) announces US REO Fund, a Plano-based real estate investment firm, has selected Transwestern to provide leasing support for 7000 W. Plano Parkway, an 80,000-square-foot, two-story medical office building in Plano.

Formerly known as Plano Pediatric Medical Pavilion, the property will undergo landscape, lobby and common area renovations and rebrand as Prestonwood Medical Center targeting multiple medical specialties in addition to pediatrics. The building features an operational surgical center as well as gastroenterology practices on the first floor.

In addition to general pediatric specialties, the building formerly housed a sports medicine and orthopedic practice and a sleep apnea practice. Spaces ranging from 1,700 to 9,700 square feet are available across the entire second floor.

Built in 2005, Prestonwood Medical Center includes 6 per 1,000 parking and is directly across the street from Prestonwood Baptist Church and Hebron High School. With proximity to The Shops at Legacy, The Clubs of Prestonwood and large system medical campuses, the building offers physicians and patients nearby amenities that support daily operations.

According to Transwestern research, the Dallas-Fort Worth medical office market finished 2021 with positive momentum. Healthcare users continue to absorb space, bringing vacancy rates down to their lowest levels since 2018. As a result, rent growth has accelerated as tenants compete for a shrinking pool of available space. Triple net rents are up 4.1% from last year, nearly double the average growth rate.