Business Wire 14-Jan-2019 8:00 AM
Southern Properties Capital (SPC) a subsidiary of Transcontinental Realty Investors Inc., (NYSE:TCI) a Dallas based real estate investment company, is pleased to announce the ground lease acquisition for Stanford Corporate Centre and adjoining Telos Fitness Center. Transcontinental purchased both buildings in 2008.
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State of the Art Telos Fitness Center in North Dallas, Texas (Photo: Business Wire)
Stanford Corporate Centre is a 13-story, 274,684-square-foot office building adjoining 63,000-square-foot Telos Fitness Center located in the Far North Dallas office corridor. The asset offers an exceptional location along the Dallas North Toll way just north of LBJ Freeway in the heart of business and tourist trade in Dallas. This location provides a strong amenity base, including the Dallas Galleria Mall and Village on the Parkway, its proximity to the city's premier residential areas (Park Cities, Preston Hollow, Plano and Frisco) and efficient access to all of the city's primary commercial centers, including DFW International Airport, Addison Airport, Legacy Business Park and Preston Center. Stanford Corporate Centre is home to SoftLayer, iHeart Media Dallas, Academy, and PBK Architects.
Telos Fitness Center was designed to reflect many international best practices. The facility blends state-of-the-art fitness equipment and the professional programming of a world class training center, with the luxury, comfort and service of a premier spa. Telos offers a distinctive fitness environment that provides its clients with a sense of warmth and belonging, while simultaneously delivering superior exercise experiences to transform their health and fitness.
According to Southern Properties Capital and Transcontinental Realty Investors CEO and President, Daniel J. Moos, "As the Owner of the Stanford Corporate Centre and the Telos Fitness Center buildings and our recent purchase of the ground lease, TCI furthers its commitment to our quality portfolio of commercial and multi-family real estate."
About Transcontinental Realty Investors
Transcontinental Realty Investors maintains a strong emphasis on creating greater shareholder value through acquisition, financing, operation, development, and sale of real estate across every geographic region in the United States. A New York Stock Exchange company, Transcontinental is traded under the symbol "TCI". Transcontinental produces revenue through the ownership and professional management of income producing apartments and office buildings that are "undervalued" or "underperforming" at the time of acquisition. Value is added under Transcontinental ownership, and the properties are repositioned into higher classifications through physical improvements and improved management. Transcontinental has dramatically expanded its development capabilities associated with luxury apartment homes through its wholly owned subsidiary Abode Properties, principally on land it owns or acquires.
About Southern Properties Capital
Southern Properties Capital operates primarily in Texas and specializes in Class A multifamily assets in emerging markets throughout the Southern United States, corresponding with both sustainable and viable economic growth activity. The issuing entity is backed by over 3,000 multi-family units (out of a total of approximately 8,000 owned and operated by TCI), as well as over 1.5 million square feet office buildings in Texas. The company has already used funds to acquire additional multi-family assets within its strategic footprint, and expects significant expansion by continuing to utilize the Israeli bond platform.
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