Colony's inroad is an 88%-leased, two-building complex at 4965 and 4975 Preston Park Rd. that was turned over after an extensive renovation and three-year hold by the Los Angeles-based investment group, Russell Ingrum, senior executive for CB Richard Ellis Inc.'s sales group in Dallas, tells GlobeSt.com. "They had added their value," Ingrum says, "and it was time to move on."
Ingrum says the competition was stiff for Preston Park Financial Center, which did a one-month run on the market. Colony "was the best bid," he says, citing an all-cash takedown for a 20-year-old complex on 7.5 acres. "It was pretty straight forward. There were no real problems and no tenant issues." He and CBRE colleague Gary Carr brokered the sale.
Preston Park Financial Center's lead tenant is Well Fargo Bank. The lease roll is "pretty stabilized," Ingrum says. "Over the next three to five years, there isn't much roll." According to Ingrum, Colony kept Capstar Commercial Real Estates Services in place to lease and manage the eight-story buildings, which bear a quoted rental rate of $21 per sf plus electric.
The new buyer in town, though, apparently has satisfied its "office" need. "They told us they're not interested in any more office, but might look at other asset classes," Ingrum says.
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