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California investor takes two LBJ Freeway towers in latest buy

By Steve Brown

A California investor has added to its North Texas holdings with the purchase of two office towers.

Stanton Road Capital has bought and sold several office properties in Dallas-Fort Worth.

The latest purchase is the company’s largest acquisition yet – the 2-tower Element office buildings on LBJ Freeway in North Dallas.

Recently renovated, the silver glass high-rises have 670,000 square feet of space and are home to companies including ClubCorp.

“Everybody in the Metroplex has driven by these buildings and recognize them,” said Stanton Road founder and managing partner Timothy Ronan. “They are not that far from the Galleria. “Visibility and access are great.”

The buildings are about 70% leased and were marketed for sale by Newmark Group.

“We’ve been tracking the Element towers for a long time – pre COVID even,” Ronan said. “Clubcorp has downsized but extended its lease on a long-term.” Other tenants include JDC Healthcare and SCA Promotions. Ronan said the new owners plan upgrades to the high-rises to bring in new tenants.

“The east tower we will be doing a full lobby renovation and adding an outdoor feature where people can work and have lunch,” he said. “The fitness facility we are doing a full renovation and upgrade on.”

Stanton Road’s last major purchase in North Texas was the Esters 114 Business Center in Irving near DFW International Airport.

The investor also acquired and renovated the 1125 E. Campbell Road office building in Richardson which was previously occupied AT&T.

“We’ve been bullish on Dallas for a long time,” Ronan said. “Dallas continues to be our largest market.

“At any given time we have about 3 million square feet of office product,” he said. “It’s been an anchor market for us because of the fundamentals and the tailwinds from the corporate perspective.”

Stanton Road also has large office holdings in Salt Lake City and Chicago.

Along with offices, the company also invests in single-family home rental communities, apartments, industrial and retail.

Last year, Stanton Road sold one of the largest office buildings along Dallas’ Stemmons Freeway corridor – the 20-story Trinity Towers. The office high-rise was purchased by Milwaukee-based Hammes Partners.

North Texas office sales have surged in recent months, with more than $1 billion in purchases in the first quarter.

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