DALLAS--Buchanan Street Partners has acquired Tollway Plaza, an office property located at 15950 and 16000 North Dallas Parkway in Dallas, its third purchase in the Greater Dallas area this year. Terms of the sale were not disclosed.
"Buchanan Street is bullish on the Dallas market," Matt Haugen, assistant vice president at Buchanan Street Partners, told GlobeSt.com. "We are currently under contract with an additional asset in Dallas and plan to acquire two to three more office properties in the region over the next 12 months, in addition to other investments in markets across the West Coast."
Tollway Plaza, centrally located in the Dallas North Tollway submarket, is a LEED-certified property that consists of two, eight-story buildings totaling 370,073 square feet. Onsite amenities include a modern fitness center, a large high-tech conference facility and café. Buchanan Street plans moderate upgrades to campus lobbies, elevators and restrooms to match the contemporary design of the property exteriors.
"Given the sustainable job growth in the region and lack of available development pads, we anticipate an increase in rents in the area over the next few years as vacancies tighten," Haugen says.
The company also recently purchased Richardson Office Center in Far North Dallas, a property that is anticipated to benefit from strong positive absorption in the submarket. In the first quarter of 2015, Buchanan Street acquired Granite Tower in Dallas, a property that is positioned for growth upon completion of the adjacent LBJ Freeway improvement project.
Tollway Plaza was 95 percent leased at the time of the sale. Tenants include Travis Wolff LLP, Axxess Technology Solutions, HQ Global and Stewart Title.
"Tollway Plaza is a trophy asset in one of the best locations in Dallas. The property has consistently led the market in leasing and we anticipate it will continue to do so in the future," says Tommy Nelson, vice president of office brokerage services at CBRE in Dallas. Nelson, Shannon Brown and Kenzie Killgore of CBRE were awarded leasing responsibilities of Tollway Plaza.
HFF's Dallas investment sales team represented the seller, who was unnamed in the deal. Buchanan Street Partners represented itself.
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