CBC Advisors Closes 3 Texas Office Sales
- Jan 05, 2018
Coldwell Banker Commercial Advisors DFW closed the sale of three office properties in Arlington, Texas.
“There is a lot of demand for income-producing investment product in the North Texas market because it is doing so well economically,” said Shane Benner, investment sales associate at CBC Advisors DFW, in prepared remarks. “The challenge is always finding situations in which the bid and ask prices match.”
One Oak Over the Line LLC, a single-purpose entitle of Hangover Opportunity Fund, sold Arlington Oaks Office Park to ReyCo Dallas Holdings LLC. ReyCo plans to open a law office totaling 3,000 square feet at the 95,232-square-foot asset. New ownership includes principals in the Reyes & Reyes firm, which also has offices in Austin, Dallas and Phoenix.
The property is currently 64 percent leased and situated on 12.4 acres. The asset offers close proximity to TX 360, Interstate 30, President George Bush Turnpike, Texas General Hospital and the General Motors’ assembly plant. Hangover acquired the asset in 2011 and invested in exterior upgrades, mechanical systems and parking lots with 417 spaces.
The other sales included DaPrada Family Holdings’ acquisitions of a 7,709-square-foot office building located at 2003 E. Lamar Blvd., from Bardin Square Investors Ltd. and a 5,488-square-foot office building at 2017 E. Lamar Blvd., from Gridiron Row Ltd. Both assets are 90 percent leased and located in Governors Row Office Park. Benner represented the sellers, entities of SkyWalker Property Partners, in all three transactions. CBC Advisors DFW will continue to lease and manage the DaPrada holdings.
Last month, SkyWalker Property Partners acquired a 136,000-square-foot Dallas-Fort Worth data center, in which Coldwell Banker Commercial Advisors once again represented the company and was retained as the exclusive leasing agent for the facility.
Image courtesy of Yardi Matrix