Despite tough lending climate, banks’ continued struggle with commercial office portfolios, Encore secures loan on $7 million property through Cadence Bank in new relationship
DALLAS--(BUSINESS WIRE)--
Encore Enterprises, Inc. (Encore) today announced the acquisition of a two-story, Class B medical office building at $114 PSF with 61,356 rentable square feet, located at 16980 N. Dallas Parkway. Situated on 3.144 acres fronting the N. Dallas Tollway north of Westgrove, adjacent to the Quorum/Bent Tree submarket, Encore financed the $7 million property through a bank loan from the Dallas Commercial & Industrial team at Cadence Bank in the inaugural business transaction between the entities. The acquisition grows the Encore Commercial, LLC portfolio to 27 properties under management and marks the sole commercial office asset in the mix.
Encore Enterprises acquires medical office building at 16980 N. Dallas Parkway; relocates headquarters to the space.
“Dallas pride runs deep in the heart of Encore Enterprises, where for 26 years we’ve called this thriving metroplex home,” said Bharat Sangani, M.D., chairman and CEO, Encore Enterprises. “With the acquisition 16980 N. Dallas Parkway, we cement our future in one of the strongest performing economies in the nation while also helping reinvigorate Dallas’ tough office market.”
Built in 1985 and renovated between 2015-2017, 16980 N. Dallas Parkway is 58.2% occupied by five strong credit tenants, four of which have been in the building over 10 years, with no lease expirations until 2026. Encore Enterprises will self-manage the property and relocate its corporate headquarters there. The building features high-quality construction with a brick and glass façade and 50 below-grade garage spaces alongside 22 covered surface parking spaces. With easy access to the President George Bush Turnpike, 16980 N. Dallas Parkway is 15 miles from downtown Dallas, 13 miles from Love Field Airport and 20 miles from DFW International Airport. There are over 70 restaurants and 22 lodging options within three miles, and over 80 retail establishments and nine nature trails within six miles. Just over 1 acre of partially paved vacant land along the N. Dallas Parkway frontage road remains green space for future development.
“Despite sector volatility and a challenging lending environment, securing financing for an owner-occupied office building remains achievable for elite buyers like Encore Enterprises who not only have a remarkable performance track record and deep experience managing commercial properties, but also robust financial strength,” said Sam Manohar, Cadence Bank SVP, senior relationship manager in Dallas. “After a comprehensive audit of all financials and portfolio assets, it was clear there was a strategic opportunity to finance 16980 N. Dallas Parkway and commence a new partnership with a financially resilient and established company like Encore.”
About Encore Enterprises, Inc.
Founded in 1999, Encore Enterprises, Inc. (Encore) is a Dallas-based vertically integrated, diversified investment firm. Since inception, Encore has completed over 150 commercial real estate transactions valued at $3.7 billion, with $1.8 billion current AUM across 32 states. Focusing on opportunistic and value-add strategies in non-gateway markets throughout the U.S., Encore develops, acquires and manages mixed-use retail centers, multifamily apartment developments, limited and full-service hotels, commercial office buildings and Veterans’ administration medical office centers. Encore also acquires operating companies in the medical, dental and restaurant industries as part of its sustainable investment model. Encore boasts one of the best 26-year track records in the industry, underscoring the firm’s focus on operational stability, prioritization of capital preservation and strength across market cycles. Encore investment offerings are available through Ignite Investments, a wholly owned subsidiary and the exclusive investor relations platform for Encore Enterprises. To learn more, visit https://encore.bz.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a $50 billion regional financial services company committed to helping people, companies and communities prosper. With more than 350 locations spanning the South and Texas, Cadence offers comprehensive services and products including commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning and retirement plan management, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards to meet the needs of individuals, businesses and corporations. Accolades include being recognized as one of the nation's best employers by Forbes and U.S. News & World Report and a “2025 America's Best Banks” by Forbes. Cadence maintains corporate offices in Houston and Tupelo, Miss., and has dutifully served customers for nearly 150 years. Learn more at www.cadencebank.com. Cadence Bank, Member FDIC. Equal Housing Lender.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250609828792/en/
Anita Mellon
amellon@igniteinvestments.com
Source: Encore Enterprises, Inc.
