Monday, February 03, 2014

Far North Dallas office tower sold to investor

The Preston Plaza office tower opened in 1986.(Granite Properties)
Dallas-based commercial real estate investor Caddo Holdings LLC said Monday that it has purchased a Far North Dallas office tower.
An affiliate of Caddo in partnership with AFO Capital bought the 260,000-square-foot Preston Plaza at 17950 Preston Road.
The 10-story office building at Preston and Frankford roads was built in 1986.
The new owners plan to spend $4 million in upgrading the office project.
“The quality of the building and strong demographics around the Preston and Frankford intersection attracted us to this property,” Caddo’s Justin Engler said in a statement.
American Bank of Texas provided financing for the purchase.
Creighton Stark and Ben Lurie of Colliers International brokered the acquisition.  Cassidy Turley’s Beth Lambert and Diego Arroyave arranged the joint venture equity deal with AFO Capital. Terms of the sale were not disclosed.
The building was sold by Granite Properties.
Younger Partners’ Kathy Permenter, Sean Dalton, Heather Shover and Ko