By Razvan Cimpean
Albany Road Real Estate Partners acquired the Hillcrest Tower, a 168,000-square-foot office building in Dallas. At the time of sale, the property was more than 90 percent occupied.
The 10-story asset is located at 12720 Hillcrest Road, minutes away from Interstate 635. The Class A building sits within walking distance of multiple restaurants and hotels, including Benihana and The Westin Dallas Park Central. Tenants at Hillcrest Tower include Crestview Real Estate, City Bank Mortgage and Phoenix Strategy Investments. Completed in 1981, the office asset underwent cosmetic renovation in 2014. The office tower also features more than 600 parking spaces and 1,300 square feet of retail space.
CBRE’s Eric Mackey, Gary Carr, John Alvarado, Evan Stone, Jared Chua and Robert Hill represented the undisclosed seller in the transaction. Earlier this month, Carr also brokered the sale of a 100,000-square-foot San Antonio office property.
“Hillcrest Tower presented investors with the opportunity to acquire a recently renovated, stabilized asset along the resurging LBJ corridor,” Mackey said in a prepared statement. “With the recently completed highway improvements, the area is poised for significant redevelopment.”
Image courtesy of CBRE