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.


TVA Releases Draft Environmental Assessment For Johnsonville Steam Supply

The Tennessee Valley Authority has released a draft Environmental Assessment on a proposal that would allow the Johnsonville Fossil Plant site to continue to provide steam for cogeneration use after the coal plant closes. The draft study considers the environmental effects of the two alternatives under consideration: A) take no action or B) add a heat recovery steam generator ... (click for more)

Attorney General Reaches Settlement With Middle Tennessee Auto Dealer

Middle Tennessee auto dealer, Wholesale Inc., has agreed to immediately change its advertising practices and pay the State of Tennessee $50,000, Attorney General Herbert H. Slatery III announced. A Davidson County Court approved the settlement between Wholesale, Inc., the Tennessee Attorney General's Office, and the Tennessee Division of Consumer Affairs. The agreement centers ... (click for more)

Erlanger's Good Financial News Continues With $11.4 Million Profit For Past 3 Months; Profit At $25.3 Million After 9 Months

Erlanger Health System's good financial news keeps coming - with the announcement on Monday of a profit of $11.4 million for the past three months. Brit Tabor said the hospital has a profit of $25.3 million for the first nine months of the fiscal year. Kevin Spiegel, hospital president, said more good news is projected for the fourth quarter. Mr. Tabor said, "Our market ... (click for more)

Erlanger To Get $100 Million New Electronic Medical Records System

Erlanger Health System will be getting a new electronic medical records system costing just short of $100 million, Erlanger CEO and President Kevin Spiegel said Monday. He said the old Legacy IT system was the hospital's #1 dissatisfaction source. The hospital board is to be asked to approve the system, which will be paid for over several years, at the May board meeting. ... (click for more)

Shock Should Be At Low Teacher Salaries - And Response (4)

In a recent article, Commissioner Tim Boyd is quoted as being shocked at the "high" salaries of central office personnel. While I agree that their salaries are significantly more than what a classroom teacher could ever hope to make, I believe that his shock and disgust are misplaced.  Those salaries, when compared to private-sector jobs, are hardly out of line. Superintendent ... (click for more)

Roy Exum: ‘Licker’ Gets 55 Counts

In what was described as “a scene from some sick horror movie,” Giles County sheriff’s deputies and animal welfare officers raided the farm of known “Big Licker” Jeffery Alan Mitchell near Pulaski, Tn., last week and confiscated 55 Tennessee Walking Horses, all horribly malnourished and some that were so emaciated they could no longer walk. By Sunday, the horses were receiving medical ... (click for more)