Billingsley Company, the Dallas-based real estate development company founded in 1978 by Lucy and Henry Billingsley, has secured a $41.5 million construction-to-permanent loan for the 325,000-square-foot, Class A corporate headquarters campus for 7-Eleven currently under construction. HFF, led by director Cullen Aderhold, senior managing director Trey Morsbach and real estate analyst Chad Russell, worked on behalf of Billingsley Company to secure the 12-year construction-to-permanent loan through Pacific Life Insurance Company.
The 7-Eleven building is part of the Cypress Waters master-planned community in Irving and Dallas, a 1,000-acre development on a 362-acre lake within five minutes of DFW airport. Billingsley jump started the $3.5 billion master-planned, mixed-use development at the northeast corner of Belt Line Road and Interstate 635 last February, a massive project with plans to include a corporate campus of 4.5 million square feet of office space, 10,000 apartments and townhomes, 400,000 square feet of retail space and three one-acre parks.
More than 1,300 7-Eleven employees will make the move from downtown Dallas to the new Cypress Waters offices at the end of this year, according to a Dallas News report. The sprawling mid-rise office campus for 7-Eleven will include ample parking with surface parking lots and a parking garage for its employees' vehicles. Nationstar Mortgage also has a new 175,585 square-foot office building in Cypress Waters, and another 327,183 square-foot, 4-story office project is planned for California-based CoreLogic, which will relocate workers from Westlake and Richardson to the project in 2017.
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