Dallas-Fort Worth Market Update: Office Sales Drop in February
- Mar 29, 2021
Some 290,000 square feet of office space traded in Dallas-Fort Worth in February, CommercialEdge data shows. This marked a significant drop in investment volume year-over-year, as the metro had recorded 2.7 million square feet of sales in February 2020. This change is also noteworthy compared to January’s 3 million square feet traded.
Last month, four properties changed hands in the Metroplex. Pillar Commercial acquired One Bethany East, a 120,170-square-foot building in Allen, from Kaizen Development Partners. According to CommercialEdge, the deal was financed with a $25.3 million loan from Metropolitan Life Insurance Co. In another transaction, Brilliant Stone Enterprises purchased Westgrove Plaza, a 49,387-square-foot asset in Addison, from a private investor.
In January 2021, eight properties had changed hands within the metro. In the largest transaction, Square Mile Capital Management acquired Renaissance Tower, a 1.7 million-square-foot, downtown high-rise, from The Moinian Group. Bank OZK secured $84.4 million in financing for the deal.
While the year-over-year performance drop in the market can be correlated with the current pandemic, the noteworthy disparity in activity from January can be an effect of the recent snow storm which caused significant disruption in the metro. According to CommercialEdge, the average sale price per square foot clocked in at $235 in February, just below the $257 national average.
CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here. We included properties of 25,000+ square feet in our research.