Chestnut Development Partners Makes First Texas Investment

Wednesday, August 6, 2014

Chestnut Development Partners entered the Dallas market with an investment in a partnership that acquired two three-story office buildings in Irving, Tex.  The property, totaling 95,875 square feet and currently 85% leased, is located in Decker Hills Office Park in Las Colinas. This is Chestnut’s first investment in Texas and alongside Red River Asset Management, LLC of New York, NY.  

“Real estate is about people,” said Bruce Stern of Red River Asset Management, “and this deal happened because of relationships. All of the real estate professionals involved in the transaction know each other, we trust each other and were able to put together a complex deal based on handshakes. In the future we want to explore more deals with Chestnut. ”

Because of a lack of new office construction and increased economic growth in the Dallas market, the office market has strengthened as evidenced by increasing rental rates and declining vacancy. Red River and Chestnut plan to embark upon a capital improvement program to upgrade the building systems and enhance aesthetic appeal. Plans include renovating the lobbies and restrooms with the intent to attract small-to-medium size tenants who value access to DFW Airport and yet appreciate the aesthetic and functional aspects of the property.

Financing was provided by ViewPoint Bank. The loan was arranged through Angelic Real Estate of New York City.

Chattanooga Chamber Presents Calendar Of Events For Oct. 24-28

MON/24 2016  Want to Bid on a Contract? Get the Right Certification 9 a.m. –  Noon INCubator: 100 Cherokee Blvd. Part of Chattanooga Minority Enterprise Development Week, this event is geared toward businesses owned by minorities, women, veterans, service-disabled veterans, and other small business owners.  ... (click for more)

Earth Fare Opening At Site Of Former Harvest Grocery On Hixson Pike

Earth Fare, a fully stocked grocery store specializing in organic produce, will soon be opening at the former location of Harvest Grocery at 5414 Hixson Pike.   The store will also be able to sell beer after it received a license from the City Beer Board on Thursday morning.   Mareon McCrary, the store manager, has already taken the responsible vendors ... (click for more)

Domestic Assault Charge Dismissed Against Bobby Stone In Case Involving Mayor's Top Advisor; Stone Says Berke Had Inappropriate Relationship With His Wife; Says Berke And Fletcher Conspired To Arrest Him; Lacie Stone Says Charges Completely False

A charge of domestic assault was dismissed Friday morning against Bobby Stone in a case involving a top advisor to Mayor Andy Berke.  Afterward, Mr. Stone told reporters that the mayor had an inappropriate relationship with his wife, Lacie Stone. He also charged that Mayor Berke and Police Chief Fred Fletcher conspired to arrest him. Mr. Stone is expected to file ... (click for more)

Christopher Padgett Taken Into Custody

A Chattanooga man who went on the lam after cutting off his ankle monitor and failing to show up for the third day of his felony murder trial is back in custody. Christopher Padgett was arrested by Chattanooga Police in the 3200 block of South Street at 12:55 a.m.  He was taken into custody without incident and transported to the Hamilton County Jail for booking. ... (click for more)

Bobby Stone, Is It Really A Win?

It brought a smile to my face this morning when I saw where the case was thrown out of court against Mr. Stone and the domestic violence charge.  I have supported his cause from the beginning, but I do feel heartbreak because his personal life had to be tossed out there for all of us to see.   I truly hope and pray things turn around for him and his wife, while I feel ... (click for more)

Roy Exum: Kelly Could Win It

I am neither a sleuth nor an odds maker but I’d say there is about a one-in-three chance that Interim Hamilton County Department of Education Superintendent Kirk Kelly could become the permanent superintendent of our public schools next Thursday. I am assured something squirrelly is happening on our newly-seated school board. It has been seven months since the last superintendent ... (click for more)