DALLAS– Adler Kawa Real Estate Advisors (AKREA) acquired Vista Point North office and industrial complex in the Lewisville/Denton submarket of Dallas.

The 144,000 square-foot park is comprised of a single two-story office building and three single-story buildings featuring flexible office and light industrial space. The complex is 91 percent occupied with a diverse tenant base including Regus, North Texas Neuroscience Center PA, Cunningham Lindsey and Careview Communications.

Strong population growth, job growth and growing demand for business parks has drawn the Miami Beach, Fla.-based AKREA to invest in the Texas region heavily in recent months. AKREA currently has over 800,000 square feet in Houston, including Bammel Business Park and Legacy Park.

“Vista Point North brings strong yield, a stable and diverse tenant roster, and a desirable location minutes away from one of the world's busiest airports,” said Matthew L. Adler, President and CEO of AKREA. “The Dallas market itself was also a major factor in our decision to purchase this asset. The metropolitan area is the nation's fourth largest, and we expect the region's economic and population growth to continue.”

Occupancy in the Dallas/Fort Worth office market is the highest in five years and lease rates in Lewisville Denton have seen some of the largest increases in the metroplex, reported CBRE. The DFW industrial market is equally as strong, witnessing the most absorption since the late 1990's.

“The Texas market is more complicated that it was three years ago. In particular Dallas, Houston and Austin are on a lot of investors' lists, there is no question there is more competition and I expect that to continue through 2014,” said Adler.

Adler Kawa Real Estate Fund II is focused on purchasing multi-tenant office and industrial assets in the southern and eastern U.S. The team's portfolio of properties in Texas includes 1,000,000 square feet of office, industrial and flex space located across various markets.

“This Vista Park North transaction is right in our sweet spot: a mid-sized asset that was probably overlooked by large institutions and out of reach for many individual investors,” added Adler. “The park is home to multiple tenants occupying both office and industrial spaces, making it the type of management-intensive property that we seek out at AKREA.”

The seller, Jackson-Shaw, was represented by the team of Andrew Levy, Todd Savage and Elizabeth Malone of HFF in Dallas. Paul Stasaitis of HFF in Miami arranged financing for the acquisition though Sentinel Asset Management, Inc., a National Life Group Company.