Thursday, July 31, 2014

Far North Dallas office project sells with remodeling planned

A Far North Dallas office building has changed plans and the new owners plan $2 million in upgrades.
Dallas-based Prattco International LP said Wednesday it has acquired Prestonwood Place, a 96,100-square-foot, 5-story office project at 15400 Knoll Trail near the Dallas North Tollway.
Built in 1983, the metal and glass office building will be renamed Knoll Trail Crossing.
Prattco said it plans to update the exterior and outside of the building and do new landscaping.
“This transaction is an ideal acquisition for Prattco International LP and an opportunity to return an older asset back into the class A product sector,” Prattco Partner Lance Bozman said in a statement.
Prattco has hired O’Brien Architects to handle the redesign and renovations and work will start in September.
The building was originally constructed by Hines and is 56 percent leased.
CASE Commercial Real Estate Partners has been hired to lease and manage the property.

Prattco has been in business since 2007 and owns apartments and commercial properties.

By Steve Brown-Dallas News