IRVING, TX-Close to 10 years after existing the Dallas-Fort Worth region, Parallel Capital Partners has returned with its $125 million acquisition of the 850,000-square-foot Urban Towers from CB Richard Ellis Strategic Partners. The reasons the buyer wants to re-invest in DFW? An attractive climate, pro-business environment, no state-income tax, a central location – and yield.
"We've been carefully monitoring the Dallas-Fort Worth market and are seeing good risk-adjusted returns in the market at this time, relative to our other target markets," Parallel Capital's managing partner Jim Ingebritsen tells GlobeSt.com.
The last time Parallel Capital was in Texas, it functioned as Shidler Group's west coast operating platform. In August 2004, the company sold the 450,603-square-foot Twin Towers (at 8585 N. Stemmons Fwy.) to Dr. David Lee. Three years later, in March, 2007, Parallel Capital quit Texas entirely, disposing of the 795,115-square-foot 1301 Fannin to Griffin Partners.
But Ingebritsen says the company is back, and definitely ready to roll. He explains that the Urban Towers at 222 W. Las Colinas Blvd. was originally part of a five-building, 2.9-million-square-foot portfolio that CBRE had brought to market, courtesy of Eastil Secured. The seller decided that the portfolio might be more successful offered as a one-off basis (the other buildings are in Atlanta and Chicago). "That's when we focused in on Urban Towers," Ingebritsen says.
He says Parallel Capital is continuing to examine the Dallas-area market for future buys in excess of $50 million, and is also looking at multi-tenant office, industrial and life-science assets in the southwest United States and Hawaii.
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