California investor buys two LBJ Freeway towers in latest Dallas buy

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

Stanton Road Capital has purchased and offered a number of workplace properties in Dallas-Fort Worth.

The two-tower Element workplace buildings on LBJ Freeway in North Dallas are the corporate’s largest acquisition but. Recently renovated, the silver glass high-rises have 670,000 sq. toes of area and are dwelling to corporations together with ClubCorp, now often known as Invited.

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

The buildings are about 70% leased and had been marketed on the market by Newmark Group.

“We’ve been tracking the Element towers for a long time — pre-COVID even,” Ronan mentioned. “ClubCorp has downsized but extended its lease on a long-term basis.”

Other tenants embrace JDC Healthcare and SCA Promotions.

Terms of the sale weren’t disclosed. The 15-story and 17-story towers are valued for property taxes at greater than $65 million.

Ronan mentioned the brand new house owners plan upgrades to the high-rises to convey in new tenants.

In the east tower, “we will be doing a full lobby renovation and adding an outdoor feature where people can work and have lunch,” he mentioned. “We are doing a full renovation and upgrade on” the health facility.

Stanton Road’s final main buy in North Texas was the Esters 114 Business Center in Irving, close to DFW International Airport.

The investor additionally acquired and renovated the 1125 E. Campbell Road workplace constructing in Richardson, which was beforehand occupied by AT&T.

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

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

Stanton Road additionally has massive workplace holdings in Salt Lake City and Chicago.

Along with places of work, the corporate additionally invests in single-family dwelling rental communities, flats, industrial and retail.

Last 12 months, Stanton Road offered one of many largest workplace buildings alongside Dallas’ Stemmons Freeway hall — the 20-story Trinity Towers. The workplace high-rise was bought by Milwaukee-based Hammes Partners.

North Texas workplace gross sales have surged in latest months, with greater than $1 billion in purchases in the primary quarter.