September 6, 2018
TerraCap Management LLC acquired The Addison, an 11-story, 213,585-square-foot office building on the Dallas North Tollway in Addison, TX. Partners Frontier Equity and Artemis Real Estate Partners sold the asset at 14951 N. Dallas Pkwy. for an undisclosed price.
Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua with CBRE arranged the transaction on behalf of the seller. Greg Greene, Scott Lewis and C.J. Kelly with CBRE’s Debt & Structured Finance Group secured buyer financing from NXT Capital.
“The Addison offered a secure, in-place cash flow, coupled with significant upside potential for the investor,” Carr said. The asset, which was renovated in 2016, is 83% occupied. “The acquisition of this property is a truly unique opportunity for the buyer to establish a significant presence at the heart of Far North Dallas – the premier submarket in the nation’s top market for growth,” Carr added.
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