Friday, October 31, 2014

Turtle Creek office tower going to investor KBS Realty

A Turtle Creek tower is close to being sold to an investor that’s already one of the Dallas-area’s major office owners.
The 21-story 3811 Turtle Creek high-rise – long known as Turtle Creek Centre – has been for sale for several months.
The 30-year-old, first-class office tower is being acquired by KBS Realty Advisors, one of the country’s largest property investors, real estate brokers say.
The almost 300,000-square-foot building is more than 80 percent leased to major tenants that include Eagle Materials, Prosperity Bank, Gables Residential and Wilson & Associates.
Located at Turtle Creek and Blackburn, the building is next door to the Turtle Creek Village complex which is being redeveloped with new retail tenants and restaurants.
HFF has been marketing 3811 Turtle Creek for sale. The building has been owned by an affiliate of Metropolitan Life Insurance since 2005, Dallas County tax records show.
The building is expected to sell for close to $75 million, brokers say.
KBS’ other Dallas-area properties include the Providence Towers in Farmers Branch, Sterling Plaza in Preston Center, Tower on Lake Carolyn in Las Colinas and Legacy Town Center office complex in Plano.