July 12, 2018
Innovatus Capital Partners LLC bought Frisco Bridges Place, a 163,923-square-foot office building in Frisco, TX. The New York buyer struck the deal with seller/developer Heady Investments for the six-story, Class A building at 2600 N. Dallas Pkwy. The transaction is Innovatus’ third, with all three properties valued in excess of $140 million.
The building, which delivered in 2016, is 93% leased to 23 tenants. The new owner is planning to implement operational efficiency initiatives to reduce overall costs, and will upgrade the property’s amenities. Lincoln Property Co. has been retained for leasing and property management services.
Innovatus is also interested in expanding its real estate holdings over the next 24 months, and plans to spend more than $1 billion on Class A suburban office and other quality real estate opportunities supported by population growth, positive economic outlooks and strong real estate trends.
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