DALLAS-Two Dallas-based companies have garnered leading awards from the Texas Association of Realtors and the Associated Builders and Contractors association.
The Morse Co.'s Scott A. Morse and Scott M. Jessen walked away with TAR's prestigious William C. Jennings Lone Star honor for 2001's outstanding commercial transaction for a North Texas corporate campus development for San Jose-based Flextronics International. The award is weighted on a transaction's contribution to the community, creativity and application of sound commercial principles and practices.
“This transaction caught our attention,” Sam Roberson, TAR senior vice president, said in a press release, “because it involved a build-to-suit, triple-net lease with a purchase option for one of the world's largest electronic equipment manufacturers.”
To make the project work, Morse and Jessen bundled four property owners, including Jackson Shaw Co. and Catellus Development Corp. and one development under contract, to develop one location spanning two taxing jurisdictions. Flextronics expanded and consolidated several North Texas facilities with the project, designed for an initial 500,000 sf in four buildings and capable of going as high as 1.2 million sf. The transaction offered a synthetic lease structure versus a capital lease, but still provided property control akin to ownership.
WorkPlaceUSA took an ABC national merit award for the renovation of Mount Vernon project, a historical 10-acre property in North Dallas. The renovation previously captured a regional ABC merit honor. The Mount Vernon subcontractor, Mills Electrical Contractors, received an Eagle Award for projects under $2 million, from ABC for its part in the renovation.
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