Cannon Commercial Inks $300M-Plus Trophy Deal

DALLAS-After grappling with new lending rules and renegotiations, Cannon Commercial Inc. yesterday took title to the 1.4-million-sf Galleria Tower I, II and III in North Dallas. The trophy sale, topping $300 million, required two loan assumptions and patience.

“We are extremely proud. This is the best real estate in all of Dallas,” says Kam Mateen, president of the Los Angeles-based Cannon Commercial. “It is second to none.” The deal closed yesterday afternoon, with titles rolling to the 468,750-sf, 25-story Galleria I at 13355 Noel Rd., 430,045-sf, 24-story Galleria II at 13455 Noel Rd. and 519,675-sf, 26-story Galleria III at 13155 Noel Rd. The deal included a 1.5-acre tract primed for development.

Mateen tells GlobeSt.com that $261 million in two loans were assumed. He says Chicago-based Transwestern’s loan servicing division and Midland Loan Services Inc. of Overland Park, KS are the servicing agents for the 10-year notes, both of which have locked-in interest rates.