The buyer, Woodcrest Plaza 2001 LP, is being steered by Woodcrest Capital LLC, a Ft. Worth-based investment firm controlled by James A. Ryffel, founder and chairman of the board of directors of Hispanic Television Network Inc. And, the buy is just the first, Douglas Miller, Woodcrest principal, told GlobeSt.com.
Park Plaza is a multi-tenant structure that is classified class-A minus, says Miller. The space's going rate is $16.25 gross per sf, but "there's significant upside potential in the next few years," he emphasizes. The office building had been 91% occupied at the time of sale.
In the past six years, rents in the suburban submarket have jumped 34%, according to Ryffel. The acquisition, he says, is "in one of the area's most dynamic economic corridors." The six-story building is positioned on about 4.6 acres, just off Interstate 30 and near the Trinity River.
Massachusetts Mutual has sold the property after owning it for nearly a decade. The site had been developed in 1981, with a full rehab occurring just two years ago. Miller and Ryffel have co-brokered the deal with Scott Farber of Jones Lang La Salle Inc. representing the Milwaukee-based Massachusetts Mutual.
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