IRVING, TX-Following a medium-term hold on 100 E. Royal Lane, Austin seller Capital Commercial Investments Inc. sold the office building. The buyer, Westdale Real Estate Investment and Management, is based in Dallas.
According to the Dallas Central Appraisal District, CCI acquired the asset in 2010. Though sales prices were not available, DCAD assesses the property at just over $10 million.
“Investors were attracted to this asset due to its favorable Las Colinas location, asset quality, and exceptional roster of long-term, stable tenancy. Notably, 40% of the property is leased to publicly traded companies with investment-grade credit,” says CBRE's Eric Mackey. Mackey worked with Gary Carr, John Alvarado and Robert Hill to represent the seller in the transaction.
“100 East Royal is home Fox Sports Net Southwest's studios, and also houses offices for AT&T Services, Advancial Federal Credit Union, TWG Insurance and CRM Studios,” Mackey adds. The building is 94% occupied.
Situated on a 15.2-acre site at the corner of Royal Lane and Colwell Boulevard, the building includes a three-story, 95,729-square-foot office wing and a two-story, 50,809-square-foot, telecom/studio wing. The asset received significant capital improvements beginning in 2010 (after CCI's purchase), including upgrades and improvements to the building's exterior, HVAC systems, UPS system and landscaping. Also included are various American with Disability Act-compliant updates and upgraded interior finishes.
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