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45,507-SF Office Building Changes Hands

DALLAS-A private investor from Los Angeles gets his first real estate in the region, the 83%-leased Northlake Doctors Building, as he shops for more office and retail to buy.

By Connie Gore | Updated on September 27, 2007

DALLAS-A private investor from Los Angeles, gaming out a buying plan for Dallas/Fort Worth, has met the $2.17-million ask to claim his first deed in the region. The value-add buyer has acquired the 45,507-sf Northlake Doctors Building, an 83%-leased asset now ticketed for a major overhaul.

Northlake Meridian LLC has assumed a $1.35-million loan at a 5.75% fixed-rate interest, opening the play with an 8.27% cap rate at 10405 E. Northwest Hwy., according to the marketing flyer. The 10-year financing, maturing in June 2015, represents a 60% loan-to-value ratio. Charles Scott with Minneapolis-based NorthMarq Capital Inc. in Dallas steered the assumption process.

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