November 11, 2021 1:30 PM
Newmark announces the sale of Custer Court, a 121,596-square-foot, Class A office property located at 501 West President George Bush Highway in Richardson, Texas. Newmark Vice Chairmen Chris Murphy, Robert Hill, Gary Carr and John Alvarado and Director Chase Tagen represented the seller, Origin Investments, in the sale. Newmark Director Josh Francis represented the buyer in sourcing acquisition financing for the buyer, Larson Capital Management.
“Custer Court’s location within the North Texas STEM corridor made it an incredibly attractive offering, motivating robust investor interest. With its low-rise configuration and above-market surface parking ratio, this property is also incredibly tenant-friendly in a post-COVID environment,” said Hill.
Custer Court features a high-profile location along the President George Bush Turnpike, just west of US-75 and adjacent to the Texas Instruments campus, which is undergoing a $3.2 billion expansion. The property is also proximate to the University of Texas at Dallas, a rapidly growing public research university, the vibrant CityLine mixed-use development, and the $1 billion Collin Creek Mall redevelopment.
About Origin Investments
Origin Investments helps high-net-worth investors, family offices and registered investment advisors grow and preserve wealth by providing best-in-class real estate solutions. They are a private real estate manager that builds, buys and lends to multifamily real estate projects in fast-growing markets throughout the U.S. Since their founding in 2007, they have executed more than $2.6 billion in real estate transactions and their principals have invested more than $60 million alongside our investors. They pride themselves on offering unparalleled service to their investors and their performance ranks them in the top decile of the best performing private real estate fund managers ranked globally by Preqin, an independent provider of data on alternative investments.
They are currently accepting new investors for their open IncomePlus, Qualified Opportunity Zone and Multifamily Credit Funds, which seek to provide tax efficiency, enhance portfolio yield, maximize growth and minimize portfolio volatility. To learn more, visit www.origininvestments.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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