Parkway Office Center, Dallas

June 5, 2017 Comments Off on 230K-SF Parkway Office Center Trades Hands Views: 485 Dallas-Fort Worth, Texas News

230K-SF Parkway Office Center Trades Hands

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.

Read More at Dmagazine

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