DALLAS– Demand in the Dallas Office market increased last year drawing the attention of institutional buyers to the area.

Caddo Holdings has purchased the Preston Plaza office building in North Dallas from seller, Granite Properties for an undisclosed price. The 261,186-square-feet property is located at 17950 Preston Road.

“Granite Properties capitalized on the opportunity to sell a building they'd owned for nearly 25 years,” said Ben Lurie of Colliers International's Capital Markets Group. “For Caddo Holdings, it was an opportunity to acquire a Class A building from an institutional owner in a submarket that is projected to continue to improve over the next several years.”

According to a report from Colliers, the Dallas Class A office market continues to lead the market by a wide margin with increasing occupancy and rents.  Far North Dallas was one of the metro's stronger submarkets, with recent transactions achieving $160 - $220 per square foot sales prices says Colliers.

Jack Minter, Creighton Stark and Lurie of Colliers International's Capital Markets Group were the brokers in this transaction.

Locally-based real estate investment firm Caddo Holdings currently owns six properties in Dallas and purchased two office properties, 3500 Oak Lawn and 4245 N. Central Expressway, last year.