"We are extremely proud. This is the best real estate in all of Dallas," says Kam Mateen, president of the Los Angeles-based Cannon Commercial. "It is second to none." The deal closed yesterday afternoon, with titles rolling to the 468,750-sf, 25-story Galleria I at 13355 Noel Rd., 430,045-sf, 24-story Galleria II at 13455 Noel Rd. and 519,675-sf, 26-story Galleria III at 13155 Noel Rd. The deal included a 1.5-acre tract primed for development.
Mateen tells GlobeSt.com that $261 million in two loans were assumed. He says Chicago-based Transwestern's loan servicing division and Midland Loan Services Inc. of Overland Park, KS are the servicing agents for the 10-year notes, both of which have locked-in interest rates.
Mateen and his brother, Shervin, who is CEO of Cannon Commercial, put the Galleria landmark under contract in January. "With a transaction of this size, there's a lot of rules and regulations and that creates more paperwork," Cannon's president explains about the long road to the closing table. In addition, he says there was some renegotiation for the blended assumption before final documents were signed.
The Galleria buildings are 99% occupied, with minimal lease roll for two years. Mateen previously said the roster is filled with long-time tenants, some with 10 years left on their terms. Jones Lang LaSalle is remaining in charge of leasing. Cannon is taking the management reins from the seller, Brooklyn, NY-based Fortis Property Group. JLL managing directors John Alvarado, Jack Crews and Evan Stone brokered the deal.
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