Dallas Office Trio Changes Hands
Billingsley Co. has sold International Business Park 8, 9 and 10, a three-asset, 304,099-square-foot office portfolio in Carrollton, Texas, a Dallas submarket. Newmark represented the seller.
The buildings were 79 percent leased to multiple credit-quality tenants at the time of closing, with a five-year average occupancy rate of 85 percent.
The properties are part of International Business Park, Billingsley’s 300-acre mixed-use campus that comprises 13 office buildings totaling more than 1.7 million square feet, 174,000 square feet of retail space and 940 residential units.
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All three two-story buildings came online in 2001. The 103,916-square-foot property at 4100 Midway Road has floorplates averaging 52,000 square feet and an outdoor grilling and seating area. The other two assets, the 100,378-square-foot 4100 International Parkway and the 99,804-square-foot 4120 International Parkway, feature floorplans averaging 51,000 square feet.
The building trio is along the Dallas North Tollway and some 17 miles from the DFW International Airport. Downtown Dallas is less than 21 miles southeast.
Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr represented the seller.
Office sales activity in DFW remains strong
The Dallas-Fort Worth market ranked fourth nationally in terms of office investment volume, reaching roughly $1.1 billion year-to-date as of September, according to the latest CommercialEdge office report. However, assets in the metro traded for $128 per square foot on average, well below the $171 national figure.
In September, Shorenstein acquired International Plaza 15, a 388,000-square-foot office tower in Dallas. Taconic Capital sold the 15-story asset in a JLL-brokered deal.
More recently, the tallest building in Fort Worth, Texas, changed hands. Pinnacle Bank Texas sold the 1.1 million-square-foot, 40-story Burnett Plaza several months after having purchased it at a foreclosure auction for $12.3 million.
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