DALLAS—A package deal in the new skyline icon, 432 Park Ave., hit a high-water mark in New York City at $91 million. While a Manhattan condo is an the eye-catcher for any investor, there are significant investment opportunities also in the wow factor category outside the Big Apple, according to a study by Commercial Café.
Trinity Towers is one of Dallas' most recognizable office properties and within the Stemmons medical corridor. The 20-story class-A office tower fetched $68.4 million in October 2017. According to sale broker CBRE, the 634,000-square-foot building is one of North Dallas' best investment opportunities, as it is home to a diverse group of institutional-quality tenants such as healthcare company Aetna, Children's Medical Center administrative offices and Southwest Airlines, and was recently renovated.
In addition to a fitness facility and a conference center, the property's location offers excellent access to the Stemmons Freeway, the John Carpenter Freeway, Interstate 30 and the Dallas North Tollway, as well as access to Dallas Love Field and DFW International Airport, at 15 minutes away.
“When looking at superlative transactions closed in the US commercial real estate markets, it's no surprise to see a lot of NYC in the top spots,” Ioana Ginsac of Commercial Café tells GlobeSt.com. “Commercial Café proposed a thought experiment whereby significantly wealthy buyers pick savvy investment over flashy indulgence and consider excellent assets in other US markets. Specifically, private investors who can afford to splurge on income-generating Manhattan properties, or simply want to indulge in lavish real estate with a view—such as a $91 million condo spread on two floors of the 432 Park Avenue tower.”
Alternatively, the Uptown Dallas 380-unit Atera Apartments commanded $59.2 million from NexPoint Residential Trust (an affiliate of hedge-fund manager Highland Capital Management) in 2015 and, according to reports at the time of sale, was handed off at 94% occupancy and on track to generate roughly $3 million of net cash flow that year.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
