Quadrant Investment Properties & FCP acquire two Dallas 'Design District' properties
Quadrant Investment Properties, a Texas real estate investment firm, and FCP, a privately held real estate investment company, have acquired two adjacent properties in the heart of Dallas’ Design District.
The acquisition includes a 156,000 square foot building known as The International at Turtle Creek (150 Turtle Creek Blvd) and an adjacent 2.5-acre land parcel at 161 Riveredge Drive.
The business plan entails near-term renovation of The International, including landscape and hardscape improvements and introduction of a new upscale casual dining concept, as well as future development of a new boutique creative office building on the 161 Riveredge site. Once completed, the collective 9.4-acre site will include design showrooms, differentiated office space, multiple food and beverage concepts, as well as green-space and parking. The combined project will incorporate post pandemic design, including moderate density and health and wellness for brand conscious companies.
The International is in the heart of Dallas’ Design District, which is proximate to the Dallas Uptown and Downtown sub-markets. The project is easily accessible from the Dallas North Tollway and I-35 and is in the midst of a redevelopment renaissance with multiple new restaurants, hospitality, and multi-family projects recently delivered and planned to break ground in 2021.
Chad Cook, Founder of Quadrant Investment Properties, says: “The scale of these acquisitions represents a rare opportunity to create an unparalleled urban destination experience for office and showroom users in the Design District. The International has been at the top of our target acquisition list for years. We are excited to integrate it with an additional 2.5 acres where we are planning a boutique creative office development. We never imagined we would have the opportunity to control over nine contiguous acres in an infill submarket with the character of the Design District. There is no other market in the metroplex that provides this type of canvas with incredible accessibility and built-in cache. For the last eighteen months we have been working with FCP to identify larger scale opportunities in the area. We are excited about what the future holds for this project.”
Erik Weinberg, Principal at FCP, says: “FCP is thrilled to enter into this new partnership with Quadrant Investment Properties for our first commercial investment in the Dallas market. The Dallas Design District shares similar traits with other creative infill locations in Atlanta, Charlotte and Nashville where FCP has experienced great success with our placemaking capabilities. We believe The International is uniquely positioned to benefit from continued in-migration to Dallas as well as from the demand for attractive, inviting workspaces with sustainable design and architecture.”
The CBRE team of Trey Smith, Lauren Napper and Ward Eastman have been selected to lead leasing for The International. “We are excited to be part of this project as it combines the features that are attractive to two tenant groups we are seeing a lot of demand from – showroom users who are unable to find a quality location in the Design District and Uptown office users who are looking for a more affordable option in an equal or better location,” adds Smith.
The partnership extends its appreciation to Jim Curtin and Andy Scott of JLL who procured acquisition financing.