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Real Deals: Healthcare Associates of Texas building sold

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MEADOWS, ESI TEAMING UP

Meadows Analysis & Design LLC, a Fort Worth-based mechanical engineering firm specializing in design, drafting, forensic engineering, project management and other engineering services, is collaborating with ESI Group.

Headquartered in France, ESI Group is a leading innovator in virtual prototyping software and services for manufacturing industries. The collaboration will give the company new capabilities to offer customers, said Marc Meadows, president at Meadows Analysis & Design. “We look forward to a bright future with this collaborative relationship.”

SALES

Marcus & Millichap on May 10 announced the sale of Healthcare Associates of Texas, a 10,750-square-foot net-leased property located at 1001 W. Southlake Blvd. in Southlake, according to Timothy A. Speck, first vice president and district manager of the firm’s Dallas office.

“Medical real estate, especially in high income areas, continues to be a major target for investors across the spectrum of ownership. Marcus & Millichap’s unique platform allowed us to reach across property types and find the buyer who will pay the absolute top dollar for these assets,” said Zach Ryan, associate in Marcus & Millichap’s Dallas office.

Ryan and Ron Hebert, first vice president for investments in the Dallas office, represented the seller, a Southlake investor who previously operated in the building before it was acquired by a large regional medical group last year. The buyer, a local Southlake investor, was secured and represented by Mark Allen, senior associate in Marcus & Millichap’s Dallas office.

Economy Supply Co. of Austin Inc. has acquired a building and land from MD 6221 LP In a sale-lease back transaction. Gary Vasseur of Vasseur Commercial Real Estate Inc. represented the seller and Cooper Collins of Cooper Collins Co. represented the buyer.

San Antonio-based Koontz Corp. has sold two multi-family developments in West Texas to Fort Worth-based Olympus Property.

Located in Odessa, Sedona Ranch is a 268-unit Class A garden apartment complex completed by Koontz in August 2015. The sale also included the 300-unit Sundance Creek property in Midland. This Class A garden-style community was completed in December 2015.

“Our investments in the Midland-Odessa multi-family market have proven to be quite successful,” said Koontz President and CEO Bart Koontz. “The market there is very resilient and had little problem weathering the dip in oil prices experienced over the past few years. The recent return of oil prices to more normal levels has fueled increases in occupancy and rents, providing us an opportune time to divest.”

LEASES

Precision Interconnect renewed its 5,266-square-foot lease at 2211-2229 E. Division St. in Arlington. Clay Balch of Holt Lunsford Commercial represented the landlord, ATCAP.

James G. Reynolds leased 2,387 square feet at 601 Penn St. in Fort Worth from ND Racing Enterprises LLC. The space will be occupied by Sofia Consulting Inc. Gary Vasseur of Vasseur Commercial Real Estate Inc. represented the landlord.

Urology Clinics of North Texas has expanded its lease for 5,698 square feet of office space at River Walk Medical Park III, 4370 Medical Arts Drive in Flower Mound. Transwestern’s Tony Shallcross represented the tenant. Ethan Garner of Welltower represented the owner.

Send real deals to Robert Francis at rfrancis@bizpress.net.

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