DALLAS-The CBRE Strategic Partners US Value 5 fund has purchased four class A office buildings totaling almost 725,000 square feet in the Preston Center submarket for an undisclosed amount.
The commingled private equity real estate fund sponsored by CBRE Investors acquired the buildings from Capri Capital, which took over the buildings from BentleyForbes in March. BentleyForbes had owned the buildings since 2006.
“Dallas is a market where we have significant experience,” says Vance Maddocks, president of CBRE Strategic Partners US “We believe our strength of ownership coupled with our market knowledge will allow us to add considerable value to these already high-quality buildings.”
Three of the buildings are part of the Preston Commons development, located at 8111-8117 Preston Rd. Preston Commons I, known as the Bank Building, is a 10-story, class A building, while Preston Commons II and III are both eight-story, Class A office buildings.
The three buildings total 421,997 square feet and are 73.7% leased. They sit on a 4.3 acre site with three levels of structured parking. Preston Commons II and III feature red-granite facades, limestone panels and reflective glass and are centered on a courtyard with a water feature.
Sterling Plaza, located at 5949 Sherry Lane, is a nine-story, 302,747-square-foot office building that is 82.6% occupied. The class A building sits on 2.1 acres with six levels of structured parking. It has a distinctive architectural aluminum and reflective glass fa
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