{"id":1004548487,"date":"2021-08-26T00:56:19","date_gmt":"2021-08-26T08:56:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004548487"},"modified":"2022-12-07T01:47:58","modified_gmt":"2022-12-07T09:47:58","slug":"east-dallas-office-tower-trades","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/east-dallas-office-tower-changes-hands\/","title":{"rendered":"East Dallas Office Tower Changes Hands"},"content":{"rendered":"<div id=\"attachment_1004548490\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/Lakewood-Tower-e1629894511226.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004548490\" data-attachment-id=\"1004548490\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/east-dallas-office-tower-changes-hands\/lakewood-tower\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/Lakewood-Tower-e1629894511226.jpg\" data-orig-size=\"1080,810\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D800&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1510332057&quot;,&quot;copyright&quot;:&quot;\\u00a9 Chrystal LeGrand&quot;,&quot;focal_length&quot;:&quot;12&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.00625&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Lakewood Tower. Image courtesy of August Real Estate Co.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Lakewood Tower. Image courtesy of August Real Estate Co. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/Lakewood-Tower-e1629894511226.jpg?w=1024\" class=\"wp-image-1004548490 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/Lakewood-Tower-e1629894511226.jpg?w=300\" alt=\"\" width=\"300\" height=\"225\"><\/a><p id=\"caption-attachment-1004548490\" class=\"wp-caption-text\">Lakewood Tower. Image courtesy of August Real Estate Co.<\/p><\/div>\n<p>August Real Estate Co. has acquired Lakewood Tower, a 120,000-square-foot Class B office building in Dallas, from a joint venture led by Caddo Holdings.<\/p>\n<p>Goodwin Advisors facilitated the deal on behalf of the seller. Hamilton Realty Finance secured acquisition financing from Veritex Bank.<\/p>\n<p>Located at 6301 Gaston Ave., the nine-story building, originally developed in 1981, was renovated in 2011 and 2016. Caddo Holdings acquired the property in 2010 and invested $4 million in upgrades. The new owner plans to invest capital in additional improvements to reposition the tower as a Class A asset.<\/p>\n<p>The building&#8217;s tenant mix spans several sectors, including real estate, health care and finance. Notable tenants include Wells Fargo, Briggs Freeman and Baylor Scott &amp; White. At the time of the sale, the property was 97 percent leased.<\/p>\n<p>Lakewood Tower, some 4 miles from downtown, marks August\u2019s third acquisition in the East Dallas submarket, preceded by the purchase of two properties within the city\u2019s Deep Ellum neighborhood: the historic Continental Gin Building and the newly renovated 333 First Avenue, originally developed in 1926.<\/p>\n<p>In addition to the 120,000-square-foot tower, the 3.5-acre parcel is home to a four-story building, which was not included in the sale. Caddo&#8217;s smaller structure, part of its Office Reimagined brand, contains some 155 private office units, a caf\u00e9, conference rooms and coworking space.<\/p>\n<h2>Cross-sector growth<\/h2>\n<p>Office transactions within the Dallas-Fort Worth metro have picked up this year. In June, according to CommercialEdge data, nine properties totaling 1.2 million square feet changed hands, a jump of <a href=\"https:\/\/www.commercialsearch.com\/news\/dallas-fort-worth-market-update-more-square-footage-traded\/\">more than 300 percent<\/a> compared to the same time in 2020.<\/p>\n<p>While most of those transactions involved value-add assets, newer Class A properties are also in demand. In August, MetLife purchased its second asset within the <a href=\"https:\/\/www.commercialsearch.com\/news\/metlife-buys-second-building-of-1-8b-dallas-project\/\">$1.8 billion Frisco Station<\/a>, a 242-acre mixed-use development in Frisco, Texas.<\/p>\n<p>The metro is also a leader in terms of industrial development, CommercialEdge shows. In July, the Dallas-Fort Worth market had <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-industrial-construction\/\">32.6 million square feet of industrial projects<\/a> underway, accounting for nearly 7 percent of development in the sector nationwide.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The acquisition marks the buyer\u2019s third in the market.<\/p>\n","protected":false},"author":1763,"featured_media":1004548490,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21743,21808,21742,21747],"tags":[36351,33277],"class_list":["post-1004548487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-deals","category-featured","category-latest","category-office","tag-capital-improvement","tag-wells-fargo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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