Newmark Capital Markets Team Shannon Private Capital Group has announced the sale of Northpoint III, a two-story 34,794-square-foot medical office building in Dallas, TX. Located at 9250 Amberton Parkway, Northpointe III is situated on 2.71 acres of land and is fully occupied by a single tenant, Texas Health Resources.
Newmark Capital Markets and Newmark Executive Managing Directors Sean Fulp and Garth Hogan, Managing Director Ryan Plummer and Associate Director Mark Schuessler represented the seller, an Orange County, Calif.-based private investor. The buyer, Rich Uncles NNN REIT, was self-represented.
“Northpoint III was an attractive investment as it presented the opportunity to acquire a well-located asset with a credit tenant that has made a long-term investment in the location,” said Plummer. “Newmark Capital Markets Team Shannon Private Capital Group and Newmark’s Global Healthcare Services worked with the Orange County-based private investor to sell its net leased Dallas asset. The buyer preempted the marketing process after receiving an early release of the offering because its acquisition criteria was up-to-date with the team.”
Texas Health Resources, is one of the largest faith-based nonprofit health systems in the United States. At its Northpoint Campus, Texas Health Resources occupies approximately 213,000 square feet in a four-building medical office campus setting.
Northpoint III is situated in North Dallas, adjacent to the Telecom Corridor (Silicon Prairie), a 6.5-mile long stretch along U.S. Route 75, which contains more than 600 technology company headquarters. It is also located within 10 miles of major employment centers including the LBJ Freeway Business District, several large health care centers including Presbyterian Hospital and Medical City, top universities including Southern Methodist University and University of Texas, and affluent neighborhoods including Preston Hollow, University Park and Highland Park.
Newmark Capital Markets Team Shannon Private Capital Group brings institutional capabilities to small and mid-sized transactions with advanced analytics, best-in-class graphics and industry-leading marketing capabilities. Led by Sean Fulp and Kevin Shannon, and supported by a 10-person team based in Southern California, the Newmark Capital Markets Team Shannon Private Capital Group focuses on office and industrial properties valued between $5 million and $25 million from across the entire risk spectrum, including multi-tenant stabilized properties, net leased investments, medical office buildings and distressed or value-add opportunities in Southern California, Arizona and Nevada.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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