In a Dallas area investment buy from a month or so ago, a partnership of Stanton Road Capital LLC and Vancouver-based Second City Real Estate purchased a 159k sf office building at 3660 Regent Blvd, in the city’s Freeport submarket. The property was sold by Persis Corporation for about $20 mil ($126/sf) in an off-market deal.
Developed in 2000, the two-story property was originally a build-to-suit for Ford Motor Credit, which occupied 100% of the property until 2008. In 2009, the property was converted to a multi-tenant building and is currently occupied by four national tenants, including Ford Motor Credit, Aviall and MetLife. It was fully leased at the time of sale.
“We have closely tracked the absorption activity in the Freeport submarket over the past 12 months and found 3660 Regent to be well positioned on a go-forward basis due to its large floor plates, high parking ratio and its value-oriented price point,” said Tim Ronan, Founder and Managing Partner of SRC. “The property is very efficient and will continue to retain and attract high-density corporate users that are drawn to the Freeport market.”
The Dallas-based Cushman & Wakefield team of J.J. Leonard and John Fancher will serve as the leasing agents for the property. Cushman & Wakefield will also provide property management services for the building for the new ownership.