DALLAS-KBS Realty Advisors has acquired the 164,011-square-foot Highland Park Place for $31.3 million. The Newport Beach, CA-based buyer struck a deal with Heitman Capital Management LLC of Chicago for the class A, 17-story office tower and an adjoined seven-level parking garage.

The property is located at 4514 Cole Avenue in Uptown's Knox-Henderson District and is also within the Knox Street Public Improvement District. CBRE's Gary Carr, John Alvarado and Eric Mackey arranged the transaction on behalf of the seller, Heitman. Details of the sale, including price and terms, were not disclosed.

“Highland Park Place presented investors with an exceptional opportunity to establish a presence in Dallas' coveted Uptown submarket, which contains a limited supply of class A office properties,” says Carr, vice chairman of CBRE. “This offering checked all of the boxes with respect to what investors are looking for today – a stable, in-place cash flow coupled with compelling upside potential.”

With an occupancy rate of approximately 83.6% at the time of sale, the current tenant mix comprises legal services, professional and business services, energy and healthcare. Major tenants include the Law Office of Frank Branson and the corporate headquarters for Dickey's Barbecue Pit.