DALLAS—HFF has closed the sale of 2626 Cole, a 120,599-square-foot, Class A office building in Dallas' Uptown/Turtle Creek submarket on behalf of an institutional advisor for an undisclosed amount. HFF also worked on behalf of the buyer, Florida-based Beacon Investment Properties, to arrange a $14.5 million acquisition loan through Morgan Stanley Mortgage Capital, Inc.
The property is situated on 1.44 acres along Cole Avenue in Uptown Dallas, east of Cedar Springs Road. The nine-story, Class A property is 96 percent leased to tenants such as Leadership Network, Neopolitan, TPF Gas and Red Car.
Beacon Investment Properties, LLC is a Florida-based real estate investment manager and operator concentrating primarily on core-plus and value-add office properties in large MSAs in Texas and the eastern seaboard of the United States. Beacon has six million square feet under management and has sponsored five close-end investment funds, as well as separate accounts with life insurance companies.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
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