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LAKEWOOD, N.J., Sept. 3, 2009 – Parkland Health & Hospital System has leased 67,000 square feet of space at 8435 Stemmons in Dallas, Texas, to house employees during the construction of its new campus. The 11-story building is owned by Diversified Capital, Inc., a premier real estate holding company based in Lakewood, N.J. Diversified Capital owns and manages a comprehensive portfolio of commercial and residential properties in New Jersey, Pennsylvania, Virginia, Connecticut and Texas.
 
Parkland and Red River Asset Management LLC inked a four-floor lease to shore up the class A building’s transition to multi-tenant use after a 15-year run with its 229,695 square feet dedicated to just one tenant. Red River offers real estate asset management and investment advisory services.
 
“We were able to offer them an aggressive economic package. Parkland got class B pricing in a true class A building, one of a very few in the Stemmons submarket,” said Bruce A. Stern, principal of New York-based Red River Asset Management. “This is the foundation of the turnaround for the repositioning of this asset.”
 
Parkland is the building’s second tenant, driving occupancy to 45 percent. In February 2008, working with Red River Asset Management, Diversified Capital leased 25,000 square feet to Telx, one of the largest interconnection and co-location data center operators in North America.
 
Stern credits Trae Anderson of Dominus Commercial in Dallas, the broker for 1111 Mockingbird, one of Red River’s other buildings in the submarket, with bringing the deal to fruition. Anderson heard about Parkland’s request for proposals. After presenting Parkland with 1111 Mockingbird, he then showed 8435 Stemmons, three miles northwest of Parkland Memorial Hospital. “It was immediately clear that 8435 was a better option… Parkland’s needs are met in a building with a great landlord, and we were able to deliver a good deal for our client in a difficult market,” said Anderson.
 
The quality of 8435 Stemmons, its class A lobby finishes, proximity to Parkland’s existing facility at 5201 Harry Hines Blvd. and the flexibility shown by Diversified Capital helped seal the deal.
 
Diversified Capital’s President Joseph I. Rosenbaum said: “We offered Parkland a long-term lease that gives them the flexibility to leave early based on their construction schedule. This reflects Diversified Capital’s tenant-friendly philosophy and our overall commitment to providing excellent service.” A phased-in move-in could begin in the fall.
 
Founded in 1999 by Rosenbaum, Diversified Capital specializes in acquiring and turning around properties, repositioning these acquisitions as stabilized, income-producing assets within its long-term portfolio.
 
Red River’s next move for 8435 Stemmons’ repositioning targets the fourth floor, which will be repackaged as ready suites. The grand finale will be to land a two-floor anchor tenant, offering naming rights as the signing incentive.
 
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About Diversified Capital, Inc.
 
Red River (www.redriveram.com) offers real estate asset management and investment advisory services primarily to East Coast real estate investors seeking to geographically diversify their portfolios through the acquisition of properties in the State of Texas. Specifically, Red River provides asset management services for real estate investments in the Dallas/Fort Worth, Houston and Austin markets. Property types include office, multifamily, retail and industrial, with a special focus on distressed real estate and workout situations. Red River will also offer investors the opportunity to participate in real estate investment partnerships that will acquire value-add and opportunistic properties located in Texas.
 
Dominus Commercial, Inc. (www.dominuscommercial.com) is a Dallas based real estate brokerage company offering project leasing, management and tenant representation services