The property is comprised of 181,072 square feet and was 89% occupied upon purchase by Reserve Capital Partners.
FARMERS BRANCH, TX—Reserve Capital Partners recently acquired Two Colinas Crossing located at 11511 Luna Rd. for an undisclosed purchase price. Reserve Capital Management will take over property management and asset management of the building. Two Colinas is home to major corporate tenants such as IBM, S&P Global, BBVA and Home Point Financial.
"We love the asset, location and tenant base. Luna Road and I-635 has dramatically changed over the last three to five years and the future outlook of the area is bright," said Brant Landry, partner at Reserve Capital.
The property is comprised of 181,072 square feet and was 89% occupied when purchased on November 15, GlobeSt.com learns.
"We believe the location is appealing due to the rising developments and attractiveness of the employee base for companies that are currently in the market and for those that would look to move into this market," David Gumbert, investment analyst at Reserve Capital Partners, tells GlobeSt.com.
The debt and sale were brokered by Clint Coe, Jason Piering and Jack Crews at JLL. 2GR Equity out of Dallas partnered with Reserve Capital to acquire the asset.
Reserve Capital also recently invested in a new self-storage development outside of Kansas City, MO.
"With our latest acquisitions, we are about 60% deployed in RCP Fund 1," said Clint Riley, partner at Reserve Capital. We are trying to acquire another $100 million of assets by August of 2020."
Reserve Capital is already accepting commitments for Fund 2 which is scheduled to launch in 2020.
According to Moody's Analytics, Dallas office-using jobs accounted for 33,600 jobs (26%) out of the new positions added. Office-using roles are described as positions that fall within the business and professional services, information/technology and financial activities. The leading indicator of office demand is driven by business and professional services roles, which accounted for a majority of office-using jobs employment at 59% or 646,200 jobs.
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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.
