DALLAS-KBS Realty Advisors has acquiredthe 164,011-square-foot Highland Park Place for $31.3 million. TheNewport Beach, CA-based buyer struck a deal with Heitman CapitalManagement LLC of Chicago for the class A, 17-story officetower and an adjoined seven-level parking garage.

The property is located at 4514 Cole Avenue inUptown's Knox-Henderson District and is alsowithin the Knox Street Public Improvement District. CBRE'sGary Carr, John Alvarado and EricMackey arranged the transaction on behalf of the seller,Heitman. Details of the sale, including price and terms, were notdisclosed.

“Highland Park Place presented investors with an exceptionalopportunity to establish a presence in Dallas' coveted Uptownsubmarket, which contains a limited supply of class A officeproperties,” says Carr, vice chairman of CBRE. “This offeringchecked all of the boxes with respect to what investors are lookingfor today – a stable, in-place cash flow coupled with compellingupside potential.”

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.