Monday, January 16, 2017

Dallas family office buys North Central Expressway building in 1031 exchange deal

The four-story office building was recently renovated and 90 percent leased at the time of deal

Embrey Interests — a Dallas family office — has acquired a North Central Expressway boutique office building in a 1031 exchange deal after recently selling Park Creek Place in the Turtle Creek neighborhood.
Another Dallas-based firm acquired the Turtle Creek office building for an undisclosed sum.

The four-story, 52,717-square-foot office building at 4228 North Central Expressway was 90 percent leased at the time of the building sale. Terms of the agreement were undisclosed.

As a long-term holder, Embrey Interests' investment strategy fits perfectly with the office building's stable rent roll, said Beth Lambert, an executive managing director at Cushman & Wakefield's Dallas office.

Lambert's team is representing Embrey Interests as the firm grows its Dallas portfolio. Lambert and Diego Arroyave represented the family office, along with Bryan Marquis, in the recently closed deal.

The 16-year-old office building was recently renovated by former owner Dallas-based Caddo Holdings, which brought in a tenant lounge, kitchen and game room for companies at the address.

Embrey Interests hired Cushman & Wakefield's Clint Madison to lease the building.

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Candace Carlisle/Dallas Business Journal.