Despite a challenging lending climate and persistent struggles within the commercial office sector, Encore Enterprises secures a $7 million loan for a property acquisition, forging a new partnership with Cadence Bank.
DALLAS – In a move that underscores resilience in the face of current market headwinds, Encore Enterprises, Inc. announced today the acquisition of a two-story, Class B medical office building in Dallas, paying approximately $114 per square foot for the 61,356-rentable-square-foot asset. Located at 16980 N. Dallas Parkway, the property sits on 3.144 acres adjacent to the bustling Quorum/Bent Tree submarket. The $7 million financing for the acquisition comes from Cadence Bank, marking the beginning of a new business relationship. This strategic acquisition brings the Encore Commercial, LLC portfolio to 27 properties under management and represents its only commercial office asset, a testament to its adaptable investment approach.
Encore Enterprises acquires medical office building at 16980 N. Dallas Parkway; relocates headquarters to the space.
“We have a deep sense of pride in our Dallas roots, and for 26 years this vibrant metropolis has been our home,” said Bharat Sangani, M.D., chairman and CEO of Encore Enterprises. “With the acquisition of 16980 N. Dallas Parkway, we are solidifying our commitment to one of the strongest economic performers nationally while simultaneously contributing to the revitalization of the local office market.”
Built in 1985 and renovated between 2015 and 2017, the 16980 N. Dallas Parkway property is currently 58.2% occupied by a stable roster of tenants, including four who have been in place for over a decade, with no lease expirations until 2026. Encore Enterprises will self-manage the property and relocate its corporate headquarters to the site. The building boasts high-quality construction, featuring a brick and glass façade, 50 below-grade garage spaces, and 22 covered surface parking spots. With easy access to the President George Bush Turnpike, the building is a short drive from downtown Dallas, Love Field Airport, and DFW International Airport. Surrounding amenities are plentiful, with over 70 dining options and 22 lodging choices within three miles, coupled with a robust retail landscape and numerous nature trails within easy reach, further adding to the property’s appeal. Over an acre of undeveloped land along the N. Dallas Parkway frontage road offers potential for future growth.
“Despite current sector volatility and a challenging lending environment, securing financing for an owner-occupied office building remains achievable for established buyers like Encore Enterprises who possess a proven track record, extensive property management expertise, and strong financial standing,” commented Sam Manohar, Cadence Bank SVP, senior relationship manager, in Dallas. “After carefully assessing all financials and the portfolio assets, the strategic opportunity to finance 16980 N. Dallas Parkway and initiate a partnership with a financially robust and well-established company like Encore was evident.”
About Encore Enterprises, Inc.
Founded in 1999, Encore Enterprises, Inc. is a Dallas-based, vertically integrated investment firm known for its diversified approach. Since its inception, Encore has executed more than 150 commercial real estate transactions, totaling $3.7 billion in value with $1.8 billion in current assets under management, spanning 32 states. The firm strategically focuses on opportunistic and value-add investments in non-gateway markets across the U.S., concentrating on the development, acquisition, and management of mixed-use retail centers, multifamily apartment developments, hotels, commercial office buildings, and Veterans’ Administration medical office centers. Encore also diversifies its portfolio by acquiring operating companies in the medical, dental, and restaurant industries. With a remarkable 26-year track record, Encore has consistently prioritized operational stability and capital preservation, demonstrating strength across varying market cycles.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a $50 billion regional financial services company committed to fostering prosperity for individuals, businesses, and communities. With over 350 locations throughout the South and Texas, Cadence offers an array of services, including commercial and business banking, treasury management, specialized lending, and wealth and investment management solutions. Cadence has been recognized as one of the nation’s best employers by Forbes and U.S. News & World Report and earned a spot on Forbes’ “2025 America’s Best Banks” list. Cadence maintains corporate offices in Houston and Tupelo, Miss., and has faithfully served its customers. Learn more at www.cadencebank.com.
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