HFF Arranges Sale, Financing for 3811 Turtle Creek in Uptown Dallas
- Dec 04, 2014
By Liviu Oltean, Associate Editor
KBS Realty Advisors recently increased its Dallas footprint through the acquisition of 3811 Turtle Creek, a 296,000-square-foot, Class A office tower in Uptown. The deal was brokered by HFF L.P., which acted on behalf of the seller, MetLife Real Estate Investors. The HFF team also helped the new owners obtain financing, having secured a seven-year, 3.55 percent, fixed-rate loan through a life insurance company.
The asset is located on a 5.03-acre site at the intersection of Turtle Creek Boulevard and Blackburn Street. It neighbors West Village, the Katy Trail and Highland Park. Built in 1985, the 21-story office building recently underwent renovations and now features amenities such as a fitness center, an adjacent 899-space garage, on-site concierge service and landscaped courtyard and grounds. At the time of the acquisition, the asset was 81 percent leased. Its tenant roster includes Eagle Materials Inc., Prosperity Bank, Estes Okon Thorne & Carr and Gables Residential.
“This property not only provides all the key building blocks that tenants look for today but it is also well located within Dallas’ prime submarket and very close to Highland Park, one of the most affluent neighborhoods in Texas,” said KBS Central Regional President Ken Robertson in an official statement.
“We see a great opportunity to both revamp the property’s lobby, common areas and amenities and capitalize on the evolving area dynamics with the renovation happening at Turtle Creek Village,” said KBS Dallas Asset Manager Ryan McManigal.
McManigal pointed to the long-awaited renovation of Turtle Creek Village, which is one of Dallas’ first true mixed-use projects. Built in the late 1960s, the retail hub is now being redeveloped by Lincoln Property. Upon completion, it is expected to feature about 325,000 square feet of prime retail and office space.
Image courtesy of KBS Realty Advisors via official website