Coldwell Banker Commercial Advisors DFW closed out 2017 with three office property sales, all income-producing investments within Arlington’s city limits.
The largest trade was Arlington Oaks Office Park at 301 Osler Dr., a 13-building asset totaling 95,232 square feet. The seller is One Oak Over the Line LLC, a single-purpose entity of locally based Hangover Opportunity Fund. The buyer is ReyCo Dallas Holdings LLC of El Paso, which is planning to open a law office in roughly 3,000 square feet of the 64 percent-leased property.
Arlington Oaks’ new ownership includes principals in the Reyes & Reyes firm, which also has offices in Austin, Dallas and Phoenix. Daniel Miller of Rubicon Representation was the buyer’s broker.
Arlington Oaks is situated on 12.4 acres off TX 360, close to the junction of Interstate 30 and President George Bush Turnpike (TX 161) as well as Texas General Hospital and General Motors’ assembly plant. The Hangover fund acquired the asset in May 2011, investing in exterior upgrades, mechanical systems and parking lots with 417 spaces for the “baker’s dozen” of single-story structures, occupied by a diverse mix of tenants.
“We had a few offers, but this buyer made it very clear they wanted this property. They were aggressive with the offer and closing time,” said Shane Benner, investment sales associate in CBC Advisors DFW’s Fort Worth office.
Arlington Oaks went under contract within 16 days of hitting the market. The deed changed hands 42 days later.
Benner also has sold two 90 percent-leased buildings in Governors Row Office Park in an off-market transaction with DaPra Family Holdings LLC of Coppell. The just-sold properties are a 7,709-square foot structure at 2003 E. Lamar Blvd. and 5,488-square foot building at 2017 E. Lamar Blvd.
Benner represented the sellers in the direct deal, which went full circle in 55 days. The larger structure was sold by Bardin Square Investors Ltd. and the other one by Gridiron Row Ltd., both entities of locally based SkyWalker Property Partners. CBC Advisors DFW will continue to lease and manage the DaPra new holdings.
“There is a lot of demand for income-producing investment product in the North Texas market because it is doing so well economically,” Benner says. “The challenge is always finding situations in which the bid and ask prices match.”