June 30, 2017
A CBRE Global Investors fund acquired 8750 N. Central Expwy., a 508,102-square-foot, Class A office tower in Dallas. The 91%-leased building’s price was not disclosed, with the market assessment at $83.2 million. When the asset first came to market, local sources suggested it could sell for as high as $130 million. The seller was Cornerstone Real Estate Advisors, which acquired the asset, also known as Northpark Central, for $64.4 million in 2011.
The 20-floor asset’s onsite amenities include fitness and conference centers, as well as a café. CBRE Global is planning an additional capital investment to add more amenities, and to beef up the building’s mechanics and appearance.
Dallas is a priority market for CBRE Global Investors. “The Dallas market has seen a number of corporations relocate there in recent years, driven by relatively low living and business costs, as well as strong access to talented labor,” said Vance Maddocks, CIO Americas, CBRE Global Investors.
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