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American National Sells Dallas Office Asset

4 months ago

The property was 73 percent leased at the time of closing. The post American National Sells Dallas Office Asset appeared first on Commercial Property Executive.

Churchill Tower recently underwent capital improvements. Image courtesy of CommercialEdge

TXRE Properties has acquired Churchill Tower, a 277,187-square-foot office building in Dallas. American National Insurance Co. was the previous owner, according to CommercialEdge data.

A JLL team worked on behalf of the seller, while an in-house team represented the buyer. The Class A mid-rise was 73 percent leased at the time of sale, with tenants including Carr, Riggs and Ingram, Borden and Relation and Level Four Advisory.

The asset previously traded in 2003, when the insurance company purchased it from Today Realty Advisors, CommercialEdge shows. Completed on some 3 acres 25 years ago, the property is still the newest office building in the Park Central submarket by approximately 12 years.

Churchill Tower rises 12 stories and was recently renovated. Amenities comprise a conference room, fitness center and café, as well as 19,000 square feet of first-floor retail space and more than 1,000 parking spaces. The building also boasts floorplates averaging 22,500 square feet and five passenger elevators.

The mid-rise is at 12400 Coit Road, some 10 miles northeast of downtown Dallas. The DFW International Airport is within 20 miles.

JLL Capital Markets Senior Managing Director Todd Savage, Director Ben Esterer, Associate Megan Babovec and Analyst Andrew Griffin worked on behalf of the seller. TXRE Properties Founding Partner Justin Smith and Vice President Kolby Dickerson represented themselves in the deal.

Strong sales activity in The Metroplex

The Metroplex’s office sales volume stood at $510 million year-to-date as of June—ranking sixth nationally—according to a recent CommercialEdge report. Assets in the metro traded for an average of $127, well behind the $172 national figure.

In March, Piedmont Office Realty Trust sold One Lincoln Park for $54 million. Triumph Financial acquired the 257.000-square-foot, Dallas asset for $210 per square foot and rebranded it as One Triumph Place.

A month earlier, Franklin Street Properties sold Collins Crossing, a 300,887-square-foot building in Richardson, Texas. Goldenrod Cos. and Reserve Capital Partners purchased the property.

The post American National Sells Dallas Office Asset appeared first on Commercial Property Executive.