Dallas office tower sells in multimillion-dollar deal to Austin firm
Jun 10, 2014
Austin Business Journal
One of Dallas-Fort Worth's office towers has sold to an Austin-based real estate investment firm, which has been shopping for real estate in North Texas
CapRidge Partners bought Crestview Office Tower, a 12-story, 262,962-square-foot tower at 105 Decker Court in Irving adjacent to the Las Colinas Urban Center near Dallas/Fort Worth International Airport from an affiliated company of Codina Partners of Florida
"We had a lot of interest in (the building)," Evan Stone, a managing director of JLL told the Dallas Business Journal ."I think investors see that central Dallas right down the fairway is full and continues to see strong market trends and people trying to find the next big play."
Stone, Jack Crews and Lauren Zimmer of JLL sold the property. JLL's Jason Piering and Adam Mengacci arranged the bridge loan for the acquisition of the real estate
Crestview Office Tower recently underwent a multimillion-dollar renovation and has an attractive parking ratio, which tends to appeal to investors like CapRidge. Real estate sources estimate the buyer paid more than $130 per square foot, or more than $34 million
In January, CapRidge Partners made its foray into Dallas-Fort Worth by acquiring Gramercy Center, a 257,000-square-foot office building off the Dallas North Tollway, from Stockbridge Real Estate and Billingsley
"There's a strong appetite by investors for more product in Dallas, but there hasn't been enough product coming on the market," Stone told me. "I don't expect we'll see a flood of product to the market, but current owners are seeing strong demand for their real estate. Even with the new construction, most people view that as needed product for pent-up demand."