Four office buildings, totaling 725,000 sq. ft., in
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
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
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