Four office buildings, totaling 725,000 sq. ft., in Dallas’ Preston Center submarket have changed hands for approximately $130 million.
A commingled private equity real estate fund sponsored by CB Richard Ellis Investors purchased the properties, including Preston Commons I, a 10-story building more commonly referred to as the Bank Building. The acquisition also included Preston Commons II and III, two eight-story Class-A office buildings.
The three Preston Commons buildings total 421,997 sq. ft. and are a combined 73.7% leased.
Sterling Plaza, a nine-story, 302,747 sq. ft., Class-A office property rounded out the portfolio sold by Chicago-based Capri Capital, which assumed the properties from BentleyForbes in March. Sterling Plaza is 82.6% leased.
CB Richard Ellis Investors plans a capital improvement project to reposition both Preston Commons and Sterling Plaza.
“Dallas is a market where we have significant experience,” says Vance Maddocks, president of CBRE Strategic Partners U.S. “We are looking to continue our current level of investment momentum and selectively invest throughout the year.”