Friday, June 27, 2014

Lewisville office complex is under contract to Canada buyer

Canadian investor City Office REIT Inc. is buying a Lewisville office building.

The Vancouver-based real estate firm said its paying $28.4 million to purchase  Lake Vista Pointe, a 163,000 square foot office property at 2911 Lake Vista Drive.

The building is fully leased to Ally Financial Inc. It’s now owned by Frontier Equity.

City Office said it plans to close the purchase next month.

“The Dallas-Fort Worth market offers favorable economic trends for owners of office properties,” City Office CEO James Farrar said in a statement. “It is forecasted by Moody’s to rank first in both population and job growth between 2012 and 2017.”

City Office REIT owns or has an interest in 2.1 million square feet of office properties in Norht America.
The Lewisville purchase is the company’s first Texas purchase. It owns properties in Colorado, Florida, Idaho and Pennsylvania.

Steve Brown- Dallas News