2GR Equity, a commercial real estate investment firm based in Grapevine, announced March 2 it is in a joint venture with Dallas-based developer Brown Company Partners to acquire 4.2 acres on the southwest corner of White Chapel Boulevard and State Hwy 114 in Southlake.
Construction plans are approved by the City of Southlake and work should begin in early march. The 50,000 square foot, three story, Class A medical office building is 40 percent preleased with two lead tenants; Irving Orthopedic & Sports Medicine and Dallas Plastic Surgery Institute.
Both groups are well established in Dallas County and were eager to expand their practices into the affluent
Southlake market.
Isaac Gregory, principal of 2GR Equity, said he believes the visibility and access to the building will be key to its
success:
“The medical services industry is transitioning towards more retail orientated locations, and this site fits perfectly within that model. We believe the building will be a great option for physicians who have privileges at multiple hospital systems in DFW and don’t want to subject themselves to the restrictions that come with on-campus MOBs [medical office buildings].”
The development, named Chapel Crossing, will offer floor plates of approximately 16,000 square feet, and the venture has engaged JLL Vice President Ryan Dale to handle leasing. Construction loan financing is being provided by Southwest Bank of Fort Worth. Ridgemont Commercial Construction is the general contractor.
Greenlight Development & Design is the architect of record.