Stanton Road Capital (SRC) has acquired Element Towers, a prime two-building class A office complex totaling 672,942 square feet located in the high-growth submarket of North Dallas.
The financial terms and seller were not disclosed; however, a Newmark Investment Sales team represented the seller.
“Dallas continues to represent SRC’s largest investment market. We believe the continued trend toward corporate relocations to DFW will drive overall absorption of office space in this market,” said Tim Ronan Jr., founder and managing partner of SRC.
The off-market acquisition represents SRC’s seventh office investment in Dallas since mid-2014 and its 13th investment in Texas since 2014.
The Element Towers complex is highly visible from the LBJ Freeway within the recently transformed I-635 corridor, making the property an ideal location for businesses with a national and international presence.
SRC plans to invest significant post-acquisition capital, including updates to both lobbies and elevators. The complex is spread over 6.74 acres with surface parking at a ratio of 3.1/1,000. It is currently 70 percent leased. Current tenants headquartered at Element Towers include ClubCorp, a leading owner-operator of private golf, country and business clubs across North America; Elara Caring, one of the largest home-based care providers in the U.S.; and Master Halco, a leading manufacturer and distributor of fencing products.