Tuesday, January 14, 2014

Florida investor snaps up Dallas-area office and industrial complex

Vista Point North is more than 90 percent leased. (Adler Kawa Real Estate Advisors)
A Denton County commercial real estate project has been sold to a Florida-based investor.

Adler Kawa Real Estate Advisors has purchased the Vista Point North office and industrial complex, a 144,000-square-foot property at 405 State Highway 121.

The project ahs one office building and three industrial buildings and was sold by developer Jackson Shaw. Terms of the sale were not disclosed.

The development is more than 90 percent leased with tenants including Regus, North Texas Neuroscience Center and Careview Communications.

“Vista Point North brings strong yield, a stable and diverse tenant roster, and a desirable location minutes away from one of the world’s busiest airports,” said Matthew L. Adler, president and CEO of Adler Kawa Real Estate Advisors. “The Dallas market itself was also a major factor in our decision to purchase this asset. The metropolitan area is the nation’s fourth largest, and we expect the region’s economic and population growth to continue.”
 The Denton County property is Adler Kawa Real Estate Advisors’ third acquisition since the company was founded last year.

Andrew Levy, Todd Savage and Elizabeth Malone of HFF negotiated the sale.

Financing was through Sentinel Asset Management Inc.

Stream Realty has been hired to lease the complex.