Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Monday, July 01, 2013
$35M budgeted for 2012 by Victory Group
Victory Group CEO Tony Ramji tells that he's got $35M to $40M budgeted for development acquisition in 2013. (And what's the office pizza budget?) Here's the skinny on when and where.
We snapped Tony (with a red arrow pointed at him) at Victory Group's HQ in the 85k SF Jenah Plaza shopping center (named after his four-year-old daughter, which made his eight-year-old twin boys a little jealous) in Irving. He bought this land two years ago, put up his signs, and started knocking on doors. It's now fully leased with 40% of relocations and new tenants for the remainder. His firm even did the construction. The center will be fully occupied in the next few months. The project is a prime example of Tony's niche: retail mixed with office or medical. Typically, the retail faces the street with office or medical behind it (good for privacy during a physical). A mile east of this site, Victory Group closed yesterday on a seven-acre tract at Royal and Riverside.
Tony told us about a half-dozen recently acquired properties that will all begin development ASAP. Among them: a 10-acre tract at the northeast quadrant of Hwy 377 and North Tarrant Parkway, adjacent to the new HEB in north Fort Worth; a four-acre tract at the northeast corner of Hwy 380 and Lake Forest in McKinney across the street from the new Baylor Hospital (pictured, Tony's land is partially shown with the red arrow, which was a devil for us to paint in this heat, so we hope you appreciate it) and catty-cornered from a planned HEB; a 16-acre plat at the northwest corner of Warren and Legacy in Frisco; and a seven-acre acquisition in Little Elm on FM 423, north of Stonebrook near the Kroger Marketplace.
Tony says he has 10 acres in Westlake and two properties along Hwy 121 strategically placed near the Nebraska Furniture Mart allunder contract. The Little Elm and Legacy projects both have plans with the cities and Tony hopes to get construction started in the next couple of weeks. The North Tarrant Parkway project should get started in the next 60 days. Tony tells us VG has about 30 to 40 deals at the title company right now as a buyer or seller. The firm has some street cred with sellers because Tony has closed every deal where he's been under contract. Tony tells us his focus is to get control of as many properties as he can while the interest rates are low. All of the land acquisitions have been on an all-cash basis.