Property Types of All Stripes Attract Buyers in North Texas

The complex’s location is known as Addison’s restaurant row.

ADDISON, TX—The Forum at Beltline is a three-building, 205,771-rentable-square-foot office complex built in 1983. The project was last bought by Adler Realty Investments in fall 2007, and the project went through major renovations in 2008, which updated the look of the lobbies and corridors. The Forum has been sold again, although the terms of the sale were not released. The complex was 94% leased at the time of the sale. The 4002 building located directly on Beltline has two restaurants, Joe’s Italian Cafe and Jasmine’s restaurant, and a hair salon, Diva Salon, along with a few office suites, one that even comes with its own patio. The 4004 and 4006 buildings have multi-tenant office users that include professional services such as architects, engineers, attorneys, insurance providers and accountants, along with national corporate  firms. These two buildings each have courtyards with office views and reserved garage parking. The property is located in the Far North Dallas office market at 4002, 4004 and 4006 Belt Line Rd. The location on the southwest corner of Belt Line and Surveyor roads is known as Addison’s “restaurant row.” The buildings are 1.5 miles west of the Dallas North Tollway, 2.4 miles north of Interstate 635—the LBJ Freeway—and four miles south of the George Bush Turnpike, State Highway 190. “We procured a crossover 1031-exchange buyer and achieved the financial goals of the seller,” says Ron Hebert , a vice president investments in Marcus & Millichap ‘s Dallas office. He tells GlobeSt.com: “The great parking ratio, competitive rates and close-in Addison location make this an attractive investment property.” A Dallas Area Rapid Transit bus stop and many restaurants are nearby. More than 3 million people live within 20 miles of the property, which draws tenancy from the adjacent neighborhoods and surrounding areas, which include Dallas, Plano, Frisco and The Colony. Accompanying broker, Michael Lawrence , a senior vice president investments in the firm’s Newport Beach, CA office, worked in tandem to represent the seller, a Delaware-based limited liability company. “The Forum at Beltline’s combination of traditional office space plus retail and restaurant uses creates a diverse income base,” notes Lawrence. Another sale was recently recorded in Longview, TX by Marcus & Millichap. This particular property, Arabella of Longview , is a 234-unit senior living community. The property is located approximately 50 miles northeast of Tyler, TX, is within three miles of Longview Regional Medical Center , and within five miles of more than 520 short-term acute-care hospital beds. The assisted living, independent living and memory care community of multiple buildings was built around a stocked fishing lake and features a large private courtyard with fountains and a walking path. Other amenities include an indoor/outdoor swimming pool, a movie theater, a library, a chapel and a general store. “Arabella of Longview was constructed between 2015 and 2016 with a combination of attractive floor plans and amenities and an à la carte rental model,” says Mark Myers , Institutional Property Advisors (IPA) executive director. “We arranged the sale at pro forma values, since the 132-unit independent living facility opened in April 2016, and the 50-unit assisted living and 32-unit memory care facilities opened in 2015.  The quality of the real estate, its thoughtful design, layout and amenities, combine to form a positive outlook for the property’s future performance. The buyer’s strategy is to complete the initial lease-up and take advantage of the benefits of owning a high-quality core property.” Myers, along with Josh Jandris , IPA senior director, Charles Hilding , IPA associate director, and Ryan Fleming , IPA associate, represented the seller and procured the buyer.