By IvyLee Rosario
TS Partners has secured $23.3 million in financing for Cedar Ridge Office Park, located in Southlake, Texas. Meridian Capital Group arranged the 10-year CMBS loan on behalf of the firm.
Situated at 850 and 950 E. State Highway, the property comprises two office buildings totaling 129,000 square feet. Featuring 12 units, the assets were constructed in 2005 and 2007.
Campus features include tilt-wall construction with exterior stone, metal canopy roofs, high-end finishes, 416 surface-level parking spaces and 122 indoor, lower-level parking spaces. The building at 850 E. was previously occupied by Keller Williams until 2017, when the company moved to a larger space. Shortly after, Coldwell Banker signed a lease to occupy space at the property for $32.50 per square foot.
Cedar Ridge Office Park is within close proximity to Highway 114 and the Dallas/Fort Worth International Airport, with the Southlake Town Square shopping center located nearby.
The financing was negotiated by Managing Directors Allan Lieberman and Steven Adler, as well as Vice President Simcha Schick.
Meridian has had an active year so far. Earlier this month, the firm arranged $88 million in financing for the development of a 42-story, 235,000-square-foot Marriott-branded hotel, which is part of the $20 billion mixed-use Hudson Yards project in Manhattan.
Image courtesy of Meridian Capital Group