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Tuesday, September 24, 2013
Westdale Real Estate snaps up Irving office building
Dallas-based Westdale Real Estate Investment and Management has purchased an office building at 100 East Royal in Irving, which is 94 percent leased.
Dallas-Fort Worth real estate investor Westdale Real Estate Investment and Management has picked up an Irving office building.
The investor purchased the 146,538-square-foot Class A office building at 100 East Royal Lane in Irving for an undisclosed sum.
The Irving-Las Colinas submarket is a favorable location with quality properties and an exceptional roster of long-term and stable tenancy, said Eric Mackey, a senior vice president at CBRE, who worked on the deal.
"Notably, 40 percent of the property is leased to publicly traded companies with investment-grade credit," Mackey said.
The office property is 94 percent leased, with tenants such as Fox Sports Net Southwest's studios and offices for AT&T Services, Advancial Federal Credit Union, TWG Insurance and CRM Studios.
The two- and three-story building sits on 15.2 acres of land at the corner of Royal Lance and Colwell Boulevard.
The Las Colinas submarket has the highest overall absorption compared with any submarket in North Texas, so far this year, totaling 1 million square feet of space, according to recent data from Cushman & Wakefield of Texas Inc.'s Dallas research team.