Transcontinental
Realty Investors, Inc. (TCI) was represented by Churchill Capital
Company in the $41 million refinancing of its office asset located at
600 E. Las Colinas Boulevard in Irving, Texas. Financing was provided by
JPMorgan Chase Bank.
600
Las Colinas is a Class A 22-story office building totaling 510,173
square feet. The property is located in Irving’s thriving Las Colinas
Urban Center, approximately 10 miles northwest of downtown Dallas. The
property is comprised of a 22-story office tower and a five-story
parking garage overlooking Lake Carolyn. Onsite amenities include a dry
cleaner, fitness center, conference center, child care, shoe shine,
deli, and sundry shop.
“It was a pleasure working with Duke Stone and Katie Newman of Churchill
Capital, as well as the folks at JPMorgan. We hope this is the first of
many deals we close with this group,” said Steven Shelley, Senior Vice
President of Capital Markets.
From its beginning in 1983, Transcontinental
Realty Investors has created greater shareholder value
through acquisition, financing, operation, 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 professional management of
apartments, office buildings, warehouses, hotels, and retail centers
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 also develops new properties,
such as luxury apartment homes, on its land holdings.
Pillar Income Asset Management, Inc. (www.pillarincome.com)
is a Dallas-based real estate management company, which develops and
manages in excess of $2.5 billion of real estate for public and private
real estate entities. Affiliated companies under management or
advisement by Pillar include American Realty Investors, Inc. (NYSE:
ARL); Transcontinental Realty Investors, Inc. (NYSE:
TCI); Income Opportunity Realty Investors, Inc. (AMEX:
IOT); and Regis Property Management, LLC (www.regisinc.com).
Copyright Business Wire 2013