Tuesday, March 07, 2017

New York investor snaps up Dallas' Meadow Central office building

A New York-based investor through a joint venture with EY Ventures LLC of Dallas has purchased a prominent office building along North Central Expressway, which has undergone a transformation over the last few years.

Ascent Real Estate Advisors LLC of New York and EY Ventures acquired the 179,184-square-foot office complex at 10260 and 10300 N. Central Expressway in Dallas for an undisclosed sum.
The partnership bought the property from Dallas-based Sunwest Real Estate Group and Libitzky Property Cos. after the former owners invested capital in upgrading the complex to attract more tenants.

Since acquiring the property in 2010, the previous venture boosted the occupancy rate of the office complex from 56 percent to 91 percent.

That was all part of the plan when Sunwest and Libitzky purchased the property, said Marc Grossfeld, managing principal of Sunwest Real Estate Group.

"We purchased the foreclosed property from Midland Loan Services in an area of Dallas we projected to improve and grow, said Grossfeld, in a statement.

"When we closed, occupancy was at 91 percent, and we had increased rental rates by 75 percent," he added.

Creighton Stark and Chris Boyd of Colliers International represented the sellers, Sunwest Real Estate Group and Libitzky Property.

The North Central Expressway corridor has been popular among investors seeking to buy real estate that's attracting tenants seeking a value compared to Uptown or Preston Center.

Candace Carlisle/Dallas Business Journal.