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September 1, 2016 Comments Off on Brookwood Pays $55M for Dallas-Area Portfolio Views: 226 Dallas-Fort Worth, Massachusetts, National News, Northeast, Pennsylvania, Southwest, Texas, Texas News

Brookwood Pays $55M for Dallas-Area Portfolio

Beverly, MA-based Brookwood Financial Partners LLC bought the MacArthur portfolio for $54.5 million from JP Realty Partners Ltd. of Richardson, TX. The 488,287-square-foot portfolio consists of one Class A and two Class B office buildings in the Dallas-area’s Las Colinas submarket.

The buyer plans to invest approximately $8.7 million in the buildings to boost amenities and parking spaces. The portfolio is currently 95.4% occupied, however, vacancy will increase with the Dec. 31 departure of One Source from MacArthur Center I at 5601 MacArthur. According to Kurt Zernich, Brookwood’s director of asset management, the buyer liked the value-add opportunity provided with One Source’s relocation.

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