Friday, October 30, 2015

Two Dallas-Area Class A Buildings Sold

The Belvedere is a nine-story office building at 14881 Quorum Drive in Addison.

DALLAS—HFF has closed the sale of and arranged acquisition financing for The Meridian and The Belvedere, two class A office buildings totaling 241,539 square feet in Addison and Irving, TX.

HFF marketed the properties on behalf of the seller, Klabzuba RealtyCREA Investments purchased the two buildings for an undisclosed amount free and clear of debt.  Additionally, HFF secured floating-rate acquisition financing on behalf of the new owner through a regional bank.

The Meridian is located at 1425 Greenway Drive in the Las Colinas master-planned business and residential community immediately adjacent to DFW International Airport in Irving. The six-story property is 90% leased and features 100,359 square feet of space.

Situated at 14881 Quorum Drive in Addison, The Belvedere is located in the Far North Dallas market along the Dallas North Tollway, offering access to all of the city’s commercial centers including DFW International Airport, Love Field, Legacy Business Park and Preston Center.  The 141,180-square-foot, nine-story building is 79.8% leased.

“These transactions represent successful round trips that generated attractive returns to our investors,” said Klabzuba executive vice president Clint Corn.  “We remain committed to proactively recycling our capital into urban infill opportunities in major Texas markets.”

Based in Fort Worth, Klabzuba Realty owns real estate throughout Texas and other states with over one million square feet of rentable space.

CREA Investments is a privately held real estate investment firm that leverages over 150 years of combined experience into transactions that exceed its partner’s expectations.

David Phillips/GlobeSt.com