An office campus along the Dallas North Tollway has changed hands.
Tourmaline Capital Partners and its equity fund partner acquired Tollway Plaza, a 376,259-square-foot office campus at 15950 and 16000 Dallas Parkway in Far North Dallas. Buchanan Street Partners was the seller.
The sale price was not disclosed. However, county records show Tourmaline Capital Partners obtained a nearly $80.3 million loan to fund the purchase. The property, which includes two eight-story office towers, is valued at more than $73 million by the Dallas Central Appraisal District.
Newmark vice chairmen Robert Hill, Gary Carr and Chris Murphy, and Director Austin Sheahan represented the seller. Senior Managing Director Chris McColpin and Vice Chairman Nick Scribani secured financing on behalf of the buyer.
The property was 91% leased when it was sold in mid-June.
A 50-story downtown Dallas skyscraper is nearly full after a flurry of new leases in recent months.
Stream Realty, which represents the tower at 2001 Ross Ave., has completed 144,567 square feet of signed office leases at the tower over the past eight months. This includes 75,522 square feet of new tenants and 69,045 square feet of renewals. The Arts District property is 92% leased.
The biggest new leases at the 1.2 million-square-foot property include:
Built in the 1980s, the postmodern tower features a 9,000-square-foot athletic club, a 9,000-square-foot conference center, 1.4 acres of outdoor gathering space, a tenant lounge, and more than a dozen on-site dining options. Trammell Crow Center is owned by California-based Regent Properties.
Developer JPI closed on a 16-acre site in McKinney where it plans to build nearly 400 apartments.
The property at the southeast corner of U.S. Highway 380 and Terry Lane will house Jefferson Terry. The first apartments will be finished in 2027 with the entire project finished in 2028. The apartments will be spread across four buildings and include a mix of studio, one-, two- and three-bedroom layouts ranging from about 650 to 1,600 square feet.
The development is structured with the McKinney Housing Authority through a public facility corporation and supported by bond financing. Nearly 180 apartments will be offered to residents earning 80% of area median income and 20 apartments are reserved for residents making 30% of area median income.
The 80% area median income for a family of four in the Dallas metro is nearly $97,000, federal data shows.
Structural engineering for the project is offered by Wright Engineers, landscape architecture by LandDesign, interior design by Keaton, and civil engineering by Spiars.
