By IvyLee Rosario
TerraCap Management has acquired The Addison, a Class A office tower in Dallas. CBRE arranged the deal on behalf of the seller, a joint venture between Frontier Equity and Artemis Real Estate Capital Partners.
Located at 14951 Dallas Parkway, the property comprises 213,585 square feet across 11 stories. Built in 1981, the high-rise was last renovated in 2016. The Addison was 83 percent leased at the time of sale and is home to tenants such as Rexel Holdings USA, JE Dunn Construction, Tri-Delta and Robert Half Technologies. On-site amenities include a fully equipped fitness center with locker rooms, 24-hour security, a parking structure and a tenant lounge with an outdoor patio.
Vice Chairman Gary Carr, Senior Vice Presidents Evan Stone, John Alvarado and Eric Mackey, along with First Vice Presidents Robert Hill and Jared Chua with CBRE’s Office Investment Properties arranged the transaction. Senior Vice Presidents Greg Greene and Scott Lewis, along with Vice President C.J. Kelly with CBRE’s Debt & Structured Finance Group secured acquisition financing for the buyer through NXT Capital.
“The Addison offered a secure, in-place cash flow coupled with significant upside potential for the investor,” said Carr, in a prepared statement. “The acquisition of this property is a truly unique opportunity for the buyer to establish a significant presence at the heart of Far North Dallas—the premier submarket in the nation’s top market for growth.”
In June, TerraCap Management sold Keller Center for $27.9 million, a 159,840-square-foot office building north of Orlando, Fla.
Image courtesy of CBRE