SOUTHLAKE, TX—A newly formed joint venture has acquired 4.2 acres on the hard southwest corner of White Chapel Boulevard and State Highway 114. The daily traffic count for the intersection is 120,000 cars.
Construction plans were approved by the city of Southlake for a 50,000-square-foot three-story class-A medical office building on the acreage. The building, Chapel Crossing, is 40% preleased with two lead tenants, Irving Orthopedic & Sports Medicine and Dallas Plastic Surgery Institute. Both groups are well established in Dallas County and eager to expand into the affluent Southlake market.
The joint venture partnership consists of 2GR Equity LLC, a commercial real estate investment firm based in Grapevine, TX, and Dallas-based developer Brown Company Partners. The development will offer floorplates of approximately 16,000 square feet and the venture has engaged JLL vice president Ryan Dale to lead the leasing efforts.
“In 2015, the average home sales price in Southlake was $748,500,” David Gregory, principal, 2GR Equity LLC, tells GlobeSt.com. “In 2015, MSN ranked Southlake as the sixth richest town in America. In 2016, Southlake's median household income was one of the highest in the state of Texas at more than $192,000.”
The site is located less than 2 miles west of Southlake Town Square, which is an open-air lifestyle shopping district with more than 120 shops and dozens of restaurants located on more than 130 acres. It includes more than 1.5 million square feet, half of which is retail, restaurants and entertainment.
Isaac Gregory, principal of 2GR Equity LLC, believes the visibility and access to Chapel Crossing 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,” says Gregory. “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.”
Construction loan financing for the project is being provided by Southwest Bank of Fort Worth and Ridgemont Commercial Construction is the general contractor.
SOUTHLAKE, TX—A newly formed joint venture has acquired 4.2 acres on the hard southwest corner of White Chapel Boulevard and State Highway 114. The daily traffic count for the intersection is 120,000 cars.
Construction plans were approved by the city of Southlake for a 50,000-square-foot three-story class-A medical office building on the acreage. The building, Chapel Crossing, is 40% preleased with two lead tenants, Irving Orthopedic & Sports Medicine and Dallas Plastic Surgery Institute. Both groups are well established in Dallas County and eager to expand into the affluent Southlake market.
The joint venture partnership consists of 2GR Equity LLC, a commercial real estate investment firm based in Grapevine, TX, and Dallas-based developer Brown Company Partners. The development will offer floorplates of approximately 16,000 square feet and the venture has engaged JLL vice president Ryan Dale to lead the leasing efforts.
“In 2015, the average home sales price in Southlake was $748,500,” David Gregory, principal, 2GR Equity LLC, tells GlobeSt.com. “In 2015, MSN ranked Southlake as the sixth richest town in America. In 2016, Southlake's median household income was one of the highest in the state of Texas at more than $192,000.”
The site is located less than 2 miles west of Southlake Town Square, which is an open-air lifestyle shopping district with more than 120 shops and dozens of restaurants located on more than 130 acres. It includes more than 1.5 million square feet, half of which is retail, restaurants and entertainment.
Isaac Gregory, principal of 2GR Equity LLC, believes the visibility and access to Chapel Crossing 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,” says Gregory. “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.”
Construction loan financing for the project is being provided by Southwest Bank of Fort Worth and Ridgemont Commercial Construction is the general contractor.
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