Fort Worth, Richardson Office Complexes Sold
- Jun 03, 2012
The Dallas-Fort Worth Metroplex saw two recent office sales: Overton Centre, a 447,917-square-foot property in Fort Worth, was purchased by local real estate investor and developer TLCurban, while New York City-based real estate investment trust CapLease Inc. purchased a two-building office complex in Richardson.
According to the Star Telegram Blog, Addison-based real estate investment firmFrontier Equity and Holt Lunsford bought Overton Centre in July 2010. At that time, the complex was 85 percent leased. Two years later, the property is 93 percent leased. It includes two nine-story office towers and a data center, and sits on 24.6 acres well suited for future data center or hotel development, according to the Dallas Business Journal.
Gary Carr, Russell Ingrum, Eric Mackey and Robert Hill of CBRE Group Inc. represented the seller.
The Richardson purchase included two buildings totaling 318.000 square feet and went for $46 million, according to Citybizlist.com. One building is leased to a large subsidiary of AT&T through 2020, while the second is leased as the headquarters of MetroPCS Wireless. It is leased through November 2018, according to the Dallas Business Journal.
“These two Class A fungible office properties with structured parking have a very attractive yield and were acquired at a cost of about $144 per square foot, which we believe is about half of the replacement cost,” CapLease chairman & CEO Paul McDowell told Citybizlist.com.
Photo credits: CoStar