DALLAS—CBRE Global Investors has added a new class A office property to its portfolio. The Los Angeles-based firm made the purchase on behalf of its CBRE Strategic Partners US Value 6. The property in question is Signature Place I and II, a two-building asset in the Far North Dallas submarket. Neither the purchase price nor the seller’s identity were disclosed.
The property totals 437,363 square feet in an eight-story and an 11-story building, along with an adjacent four-level parking garage. The 77% leased asset sits at 14755 and 14785 Preston Road.
To address current vacancies and near-term rollover risk, the CBRE’s Strategic Partners US team has planned a capital improvement program to reposition and improve the property. Plans call for adding the Strategic Partners’ 5-Star Worldwide amenity suite, addressing deferred capital improvements, and completing cosmetic improvements to the lobbies and tenant corridors. The team also plans to work with a CBRE leasing team to market the property, with a focus on smaller tenants, who are the primary tenants at the property and within the competitive set.
“Signature Place is a perfect fit with our fund’s strategy of acquiring high-quality assets that are underperforming and repositioning them,” says Vance Maddocks, president of Strategic Partners US. “We anticipate that as fundamentals continue to improve, capital will shift to ‘Next Tier’ markets, like Dallas, which is expected to see significant improvement in absorption and rental growth rates over the next five years.”