Friday, March 22, 2013

Beacon Investment uses $14.5M loan to buy Uptown office building

Florida-based real estate investment firm Beacon Investment Properties LLC purchased a nine-story, 120,599 square-foot office building at 2626 Cole Ave. near Uptown Dallas with the assistance of a recent $14.5 million loan.
The loan was secured through Morgan Stanley Mortgage Capital Inc. Terms of the deal were undisclosed. According to the Dallas Central Appraisal District, the property is valued at $12.5 million.
The Class A office building sits on 1.44 acres along Cole Avenue east of Cedar Springs Road. It is 96 percent leased with tenants that include Leadership Network, TPF Gas and Red Car.
Holliday Fenoglio Fowler LP represented the buyer, which bought the property from an institutional investor. The previous owner was VRS TA Cole Woodview LP of Dallas, according to county records.
Beacon has 6 million square feet of real estate under management. The investment manager and operator acquires and manages office properties in large metro areas in Texas and the East Coast.