C&W Wins Leasing of Uptown Trophy Tower; SoCal Investor Grabs 622-Unit Dallas Portfolio
- Dec 21, 2013
Miami-based Parmenter Realty Partners has selected Cushman & Wakefield of Texas Inc. to provide leasing services for The Tower at Cityplace, a recently acquired 1.3 million-square-foot, Class A office building located in Dallas’ Uptown submarket.
“It is an honor to be selected by Parmenter Realty Partners, one of the best owners and operators of Class A office projects not just in the Dallas area but throughout the entire country,” said Mark Dickenson, head of investor services in C&W’s Dallas office. “The Tower at Cityplace is a world-class office property that is perfectly positioned in the Uptown market to benefit from Parmenter’s new sponsorship supported by C&W’s market reach and expertise.”
With an address of 2711 N. Haskell Ave., the 42-story structure is situated less than one mile north of downtown and offers direct access to the DART rail.
The new ownership group plans to give the property an extensive makeover that will include the development of an adjacent urban mixed-use project that will surround the tower. When complete, the new wing will feature more than 600,000 square feet of restaurants, shops and residential dwellings.
The Tower at Cityplace is currently 70 percent occupied and hosts a diverse tenant base including Dean Foods, Hudson Advisors and Headington Cos.
In multi-family news, Southern California-based Green Street Partners acquired a three-property portfolio in Dallas totaling 622 units. The purchase marks the company’s entry into the North Texas market.
Sam Pettigrew, partner of Dallas-based Cantrell Co. & Partners, represented the sellers, HB Clubview NW L.L.C. and HS Cluster L.L.C., and brokered the sale. Anthony Tarter of Arbor Commercial in Dallas arranged the financing for the 1031 Exchange buyer, as reported by Citybizlist.
The properties are located near Bachman Lake Park in northwest Dallas and include the 206-unit Clusters Apartments at 3130 Webb Chapel Extension; 192-unit Clubview Gardens Apartments at 3333 Webb Chapel Extension; and 224-unit Northwest Crossing Apartments at 9680 Timberline Drive.
The investment group plans to shell out $2 million to remodel and reposition the three assets.
The communities were 95 percent leased at the time of closing.
Photo credits: Cushman & Wakefield