Search
 

Cannon Commercial Nears $300M-Plus Deal Closing

DALLAS-The 1.4-million-sf Galleria towers are to change hands by month's end. The buyer's identity has been confirmed, but dealmakers are mum until the deal's done.

By Connie Gore | Updated on February 05, 2008

DALLAS-GlobeSt.com has confirmed that Los Angeles-based Cannon Commercial Inc. expects to close by month’s end on the 1.4-million-sf Galleria towers. Sources say the three class A-plus high rises are under contract for more than $300 million.

With the deal in the final stretch, dealmakers are keeping details close to the vest although the buyer’s identity has been confirmed. Sources did say that Cannon Commercial, led by brothers Kam and Shervin Mateen, have sold roughly $350 million of office and retail assets in Houston and are preparing to plow most of the proceeds into the Dallas market. The 95%-leased Galleria office landmark along Noel Road will be Cannon Commercial’s first major acquisition in the city.

Cannon Commercial, a recognized long-term holder, owns 14 million sf of office and retail properties in seven states. In the past year, the firm has acquired the 239,049-sf Toll Hill Office Park on 8.9 acres at 5310 and 5440 Harvest Hill Rd., which is one mile south of the Galleria buildings and a 121,440-sf, class B building at 7515 Greenville Ave., about seven miles to the southeast.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.