HOUSTON-Boxer Property has acquired Executive Center II and Executive Center III, two class B buildings in Dallas, for $17 million in an all-cash transaction. The properties were sold by a limited liability company managed by Grubb & Ellis Realty Investors.
Boxer Property beat out 11 other buyers to nab the two buildings, according to Steve Simon, managing director of Transwestern’s Dallas office. He and his partner, Mike Hardage, brokered the transaction on behalf of the seller.
“Since we have closed on every purchase we have placed under contract, sellers often choose us as a buyer given our track record,” says David Kayle with Boxer Property. He tells GlobeSt. that the firm has more than $500 million to purchase and reposition assets.
The firm’s newest assets are located at 8330 and 8360 LBJ Freeway just east of North Central Expressway. Together, the two properties total 381,383 square feet and are 77% occupied with two tenants – TrailBlazer and Trinity Universal Insurance – filling the majority of the space, according to Simon.
Simon tells GlobeSt. that Executive II and III offer upside for the new owner through increased occupancy and rental rate increases. Boxer Property will manage and lease the buildings, bringing the firm’s owned and managed portfolio to more than 11 million square feet. Founded in 1992, Boxer Property is a privately-owned firm that focuses on unlocking the value in under-performing and challenged assets. It has a management presence in seven states and 10 central business districts.
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