Blackwatch Partners, Dallas, a yoiung commercial real estate investment firm, has purchased two Uptown Dallas office buildings, according to the Dallas Business Journal. Terms were not disclosed.
One Lee Park at 3033 Lee Pkwy., and Oakwood Tower at 3626 Hall St., the two properties purchased, total 118,400 square feet and are roughly 75 percent occupied, said sources quoted by the Business Journal.
The buildings were marketed for about two months.
“The seller (World Class Capital) felt it was a good opportunity to cash out and make some money,” said Creighton Stark of Colliers International, which brokered the sale. “They were driven like any other investor.”
The Uptown submarket currently enjoys an 89 percent average occupancy rate and an average rent per square foot of more than $28.
In the past two years, 13 buildings have sold in Uptown Dallas, Stark said. Stark and a partner at Colliers have brokered about half of those transactions.
For more on this story visit the Dallas Business Journal.