Miami-based ESJ Capital Partners has entered Dallas-Fort Worth market with the acquisition of Park Ventura, a two-building, 194,000-square-foot office and medical campus in Plano, Texas. CommercialEdge information shows the previous owner was Starwood Capital Group, which had purchased the Class B asset in 2017. A Younger Partners team assisted the seller in the disposition, while CBRE secured acquisition financing for the buyer.
Situated on roughly 16 acres at 5025-5085 W. Park Blvd., Park Ventura came online in phases between 1998 and 2000. The one-story property was 90 percent leased at the time of sale, the roster including tenants such as Chevron, Cardinal Financial and Radnet. The new owner indents to upgrade the campus’ critical systems and set up several outdoor spaces.
Park Ventura is some 20 miles north of downtown Dallas and 7 miles west of downtown Plano, in a dense retail area within the Platinum Corridor North submarket. The property is also 1 mile from a similar, 199,000-square-foot office campus that traded in October.
Younger Partners’ Tom Strohbehn and Scot Farber negotiated the deal on behalf of Starwood Capital. Greg Greene and Scott Lewis with CBRE provided debt advisory services on the acquisition loan from Prime Finance.
Office investments across the metro(plex)
Dallas-Fort Worth has been an active office market for both developments and investments during the first two quarters of 2021. According to CommercialEdge information, 44 properties totaling some 10.2 million square feet traded across the metro. In one of the top deals, Crescent Real Estate re-acquired an iconic 1.3 million-square-foot building in Uptown Dallas for the second time since 2004.
CommercialEdge also shows Park Ventura was the first office property to change hands in The Metroplex this month yet. In June, various investors purchased nearly 1.2 million square feet of office space across eight assets, three of them located in Plano.
The largest June transaction in terms of square footage involved seven office buildings within Plano’s 2,665-acre Legacy Business Park. DRA Advisors purchased 119,075 square feet at Lincoln R&D in Legacy III and 255,636 square feet at Lincoln R&D in Legacy IV & V from Accesso Partners.