{"id":1004566515,"date":"2022-02-15T04:08:45","date_gmt":"2022-02-15T12:08:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004566515"},"modified":"2022-12-07T23:46:20","modified_gmt":"2022-12-08T07:46:20","slug":"dallas-fort-worth-market-update-office-sales-across-the-board","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dallas-fort-worth-market-update-office-sales-across-the-board\/","title":{"rendered":"Dallas-Fort Worth Market Update: Office Sales Across the Board"},"content":{"rendered":"

\"\"<\/a>Dallas-Fort Worth had its fair share of office investments<\/a> in December, according to CommercialEdge. More than 4.9 million square feet of space sold across the metro, up 37 percent month-over-month and 96.5 percent year-over-year.<\/p>\n

Although transactions included all types of asset classes, 23 out of 44 deals involved Class B properties. Investors closed mostly on traditional office spaces, with a sole medical office building in the sales mix. Of the total, only eight assets sold in urban submarkets and only one in Dallas\u2019 CBD.<\/p>\n

December\u2019s largest property to trade in single-asset deal was a two-building, 699,224-square-foot campus in Farmers Branch. Baltimore-based Pratt Street Capital<\/strong> acquired Park West from NexBank<\/strong>, financing the purchase with a $81.5 million note from Rialto Capital Management<\/strong>.<\/p>\n

However, the month\u2019s largest deal in terms of square footage pertained to a portfolio transaction. CIP Real Estate<\/strong> purchased 15 office buildings totaling 995,545 square feet from Momentum Commercial Realty<\/strong>, in a $265 million deal that also comprised 11 industrial buildings.<\/p>\n

A closer look at 2021’s deals<\/h2>\n

The Metroplex saw 181 properties totaling more than 28.3 million square feet sold in 2021. The volume was more than double the total square footage that traded throughout 2020, when roughly 13.9 million square feet changed hands.<\/p>\n

Last year\u2019s deals amounted to some $2.6 billion at an average price of $245 per square foot, 19.6 percent lower than the national $293 per square foot. In 2020, sales totaled $1.8 billion at an average $247 per square foot.<\/p>\n

Class A and A+ properties accounted for a quarter of the transactions perfected in the Metroplex. In terms of location, investors favored suburban buildings: Only 8 deals closed in central business district and another 30 in urban areas.<\/p>\n

The 1.9 million-square-foot Campus at Legacy West in Plano was the largest office property that changed hands in the metro in 2021. Capital Commercial Investments<\/strong> acquired the asset from Beal Bank<\/strong> in a deal that closed in November.<\/p>\n

Some other assets larger than 1 million square feet that traded last year were all Dallas properties:<\/p>\n