The class A property, appraised at nearly $36.8 million, is located at 8333 Douglas Ave. The 253,712-sf high-rise is 96.6% leased. Guaranty Federal Bank is the lead tenant.
Although the Dallas Central Appraisal District lists the building owner as an L&B Realty entity, Invesco Realty Advisors says it took over the responsibility for the asset in mid-2001 and the owner is now SERBO 8333 Douglas Inc.
Joseph Hevey Jr. of Holliday Fenoglio Fowler LP's Dallas office arranged the adjustable rate, three-year loan through lender Aegon.
The 27-year-old structure was renovated in 1996. Situated in North Dallas, 8333 Douglas is, like its immediate neighbors, considered one of the more prestigious addresses in the metroplex. With the class A address comes ready accessibility to the freeway, high-end retail, upscale restaurants and affluent multi- and single-family developments.
The office tower is running far above the average occupancy in its submarket, according to Cushman & Wakefield of Texas Inc.'s first-quarter office stats. Overall vacancy in Preston Center is riding at just 8.1% and is one of the few submarkets that can claim its rate dropped from first quarter 2001. Of course, so did the average rent, going from $24.53 per sf to $23.10 per sf.
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