DALLAS — AREA Property Partners has sold a Dallas office tower for $64.4 million. Northpark Central is a 491,803-square-foot office tower located at the intersection of North Central Expressway and Northwest Highway. The property was constructed in 1984 and was 91 percent leased at the time of closing.
According to the press releases, the buyer was an undisclo pension fund, which made the acquisition on behalf of one of its value enhancement investment funds. Local reports are claiming the buyer to be Cornerstone Real Estate Advisers, an investment subsidiary of Massachusetts Mutual Life Insurance Company. The reports go on to say that Cornerstone has tapped Transwestern to lease and manage the property.
Jones Lang LaSalle's Dallas office arranged the sale on behalf of AREA. The brokerage team included Evan Stone, John Alvarado and Jack Crews.
“Northpark Central's superior location, premium quality and numerous property amenities were strong draws for tenants seeking a best-in-class office environmental in the north Dallas market,” said Steven Wolf, partner and head of portfolio management and U.S. Value Enhancement Funds for AREA, in a statement. “Our diligent asset management and leasing efforts were successful in stabilizing the property and positioning it for sale to investors seeking predictable, stable income returns.”
— Coleman Wood