JV Snags 232 KSF Dallas Office Building
- Nov 23, 2017
Reserve Capital Partners teamed up with Trinity Private Equity Group to acquire Hidden Grove at 12404 Park Central in Dallas. Red River Asset Management sold the 232,000-square-foot office asset. At the time of sale, the building was 99.8 percent occupied.
Completed in 1987, the Class B property underwent cosmetic renovations in 2002 and 2013. The asset features about 8,000 square feet of retail space and more than 800 parking spaces. Tenants include Pollo Campero, Studio Movie Grill and Escalation Studios. Earlier this year, BenefitMail leased more than 40,000 square feet of office space at Hidden Grove. Located one mile and a half from Interstate 635, the asset offers easy access to multiple restaurants and hotels, including Benihana, Hyatt Place and Extended Stay America.
John Alvarado, Gary Carr, Eric Mackey, Evan Stone, Jared Chua and Robert Hill of CBRE negotiated the transaction on behalf of the seller. Nora Hogan of Transwestern represented the buyer.
“The building’s location within the Park Central office submarket is poised for meaningful upside now that work has been completed on LBJ Freeway,” Alvarado said in prepared remarks.
Image courtesy of CBRE