Private Buyer Wins 185,545-SF Office Asset

IRVING, TX-An Austin-based investment group, checking off its last closing this year, has acquired the 185,545-sf MacArthur Plaza in the Las Colinas Office Center. Sources say the final price hovered $100 per sf.

The nine-story, class B-plus office building at 5525 MacArthur Blvd. was on the market 30 days, without an ask. The buyer is Falcon Southwest, the highest of more than 10 offers fielded by Seattle-based Kennedy Associates Real Estate Counsel for the value-add piece of real estate, Michael Hardage, managing director for Transwestern Commercial Services in Dallas, tells GlobeSt.com.

“It was simply time to harvest the gain,” Hardage explains about adviser’s release of the deed. And, it did so with definite upside left in the deal: marketing started at 77% occupancy and pushed to 85% by the closing. “And, it’s still climbing,” he says.