DALLAS–Codina Partners has sold Crestview Office Tower in Irving, TX for $34.5 million. The property, located at 105 Decker Ct., was purchased by CapRidge Partners Fund I. The sale closed on Friday.
Armando Codina, chairman of Florida-based Codina Partners, says this sale is indicative of how the Dallas market is maturing.
“The transaction is very much in line with current local and national market trends. There has been a steady strengthening of some commercial markets, with a few areas like Dallas and the Dallas submarkets experiencing rapid growth that is likely to continue,” Codina tells GlobeSt.com. “Crestview Towers was sold at 75% replacement value, giving us a strong return on our investment while providing the buyer with an asset that still has significant upside.”
The 12-story, 262,962-square-foot building is adjacent to the Las Colinas Urban Center. The building is 88% occupied with tenants that include Huntington Hospitality Group, Bristol-Myers Squibb and Heartland Automotive.
Codina Partners purchased the property in March 2012 for $21.4 million, which was 30% of replacement value, Codina tell GlobeSt.com. Before buying the building it underwent a multimillion-dollar renovation.
Codina tells GlobeSt.com a lot has changed in the last few years. “In 2012, there were almost no institutional investors looking at Dallas. Having traveled to Dallas on a regular basis since 1995 as a former member of the AMR Corporation’s board of directors, I understood and liked the Texas markets for many reasons; including the state’s job creation initiatives and overall regulatory environment. Not surprisingly, first steady, then rapid job growth jump-started the recovery of Dallas’ commercial markets.”
At the same time Codina purchased Crestview Office Tower, the company also purchased the 222,000-square-foot Waterway Tower. Codina isn’t targeting any other Dallas assets at the moment, but Codina says he does wish they had purchased more properties in 2012.