June 5, 2017
Investor Apex Pacific Partners, which has offices in Dallas and California, acquired the two-building, 229,466-square-foot Parkway Office Center in North Dallas from KBS Realty. The 90%-occupied buildings are valued at $27.4 million.
The two, nine-story buildings at 14160-14180 Dallas Pkwy. delivered in 1983. The previous owners made property upgrades, including new mechanical systems and lobby and common area improvements.
CBRE represented the seller, and arranged for a 10-year acquisition loan from a life company lender. “Investors were attracted to the compelling risk-adjusted return propelled by the continuing strong occupancy levels and rental rate growth, ” CBRE’s Eric Mackey said.
Mackey brokered the sale with CBRE colleagues Gary Carr, John Alvarado and Robert Hill. CBRE’s Shannon Brown, Jackie Marshall and Alexandra Jennings are handling leasing.
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