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Thursday, December 19, 2013

The latest commercial real estate deals in Dallas

Q3, 2013 saw a decline in the supply of Dallas offices
Dallas office property asking prices rose in 2013 per Loopnet
Though we know that Houston is entering a boom period in the commercial real estate industry, it is fair to say that Dallas is following close behind. This is hardly a surprise as the state of Texas grows and below, we look at three major commercial deals in the Dallas area which prove that companies are eager to invest cash in the Texan real estate market.

Invesco purchase Uptown Tower

Invesco Real Estate has shown that it intends to be taken seriously as a big player in the real estate industry, as it has bought one of the best apartment towers in Uptown Dallas. Sentinel Real Estate Corp. was the owner of the 21-story building since 2006, but clearly the price was right for the company to sell. As is often the case with deals of this nature, the full details are undisclosed, though it is worth pointing out that it sold for around $100 million 7 years ago, so we know that it must be well beyond that figure this time around. You can rent one of the 267 units in the building for as little as $1,700 a month.

Florida-based investor to buy Cityplace Tower

Cityplace Tower is a 42-story building that has been on the market since July 2013, but it seems likely that it is going to be sold to a Florida based investor according to reports. Real estate brokers say that Parmenter Realty Partners from Miami are on the verge of paying $135 million for the tower. At present, the building is 70% leased to tenants including Hudson Advisors, Dean Foods, and Headington Cos. However, the deal can’t be confirmed yet, as Parmenter has refused to comment. It is important to note that Parmenter is no stranger to the office market in North Texas, as it has buildings in Las Colinas and North Dallas, not to mention the firm also has regional offices in Washington D.C, Atlanta, and Dallas. HFF LP has been marketing the building for the last quarter of a century and says that the building is under contract and would not talk about the prospect of a sale. 

City Lights Project Greystar is the new owner of the City Lights project in downtown Dallas and is not wasting any time as it launches into a project that has been delayed for a decade. Greystar intends to build a luxury apartment community with over 400 units, which will be known as Elan City Lights. However, the company has not yet released a final rendering to outline what the finished project will look like yet, though a preliminary concept plan has been leaked and it looks spectacular. 

Interestingly, it does not appear to be a high-rise building and is more spaced out than originally thought. This is good news for local residents who were worried about the prospect of a gargantuan skyscraper-like building towering over everyone!

It is obvious that commercial real estate in Dallas will rival most cities in across the county, which is why companies from all over the world are looking to set up shop in the metropolis.

About the author: My name is James, I enjoy writing real estate related articles and providing resources to assist those who are looking to rent, own, or lease commercial real estate in Montgomery County. It has always been my mission to share my knowledge on effective real estate planning and investment.

Image: Skys the limit2, Creative Commons


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