DALLAS–Buchanan Street Partners has acquired Tollway Plaza, an office property located at 15950 and 16000 North Dallas Parkway in Dallas, its third purchase in the Greater Dallas area this year. Terms of the sale were not disclosed.
“Buchanan Street is bullish on the Dallas market,” Matt Haugen, assistant vice president at Buchanan Street Partners, told GlobeSt.com. “We are currently under contract with an additional asset in Dallas and plan to acquire two to three more office properties in the region over the next 12 months, in addition to other investments in markets across the West Coast.”
Tollway Plaza, centrally located in the Dallas North Tollway submarket, is a LEED-certified property that consists of two, eight-story buildings totaling 370,073 square feet. Onsite amenities include a modern fitness center, a large high-tech conference facility and café. Buchanan Street plans moderate upgrades to campus lobbies, elevators and restrooms to match the contemporary design of the property exteriors.
“Given the sustainable job growth in the region and lack of available development pads, we anticipate an increase in rents in the area over the next few years as vacancies tighten,” Haugen says. [GlobeSt]
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