JV Buys Two North Central Expwy Buildings

DALLAS--A joint venture between Triten Real Estate Partners and Convexity Properties has purchased a two-building office portfolio totaling 270,499 square feet located at 6060 and 6080 North Central Expressway in Dallas, according to JLL Capital Markets. 

“With its central location to desirable neighborhoods, proximity to public transportation, the Katy Trail extension to the property and access to nearby landmarks, 6060 has the urban characteristics we look for in a long-term redevelopment play,” Scott Arnoldy, managing partner of Triten Real Estate Partners, says. “The property is well-positioned to be a mixed-use, class A lifestyle destination, and we're excited to be part of the investment.”

Managing directors Jack Crews and Evan Stone and vice president Lauren Zimmer sold the property to Triten and its Chicago-based investment partnership on behalf of the previous owner, Dallas-based Prescott Realty Group. Wells Fargo provided financing for the purchase post-closing.  

“The in-place Planned Development District provides potential future development or redevelopment with multifamily, office, retail, restaurants or medical facilities, to name a few,” Crews told GlobeSt.com.

“The buildings are located in an extremely dynamic area where significant redevelopment and investment is concentrated, between Mockingbird Lane and SMU Boulevard,” he adds. “Over the past eight months companies like Top Golf and Shackelford have announced relocations from Uptown to the North Central submarket, where rates are more reasonable but amenities remain abundant.” 

According to JLL second quarter research, office rates in the North Central Expressway submarket average $23.74 PSF plus utilities, compared to Uptown where average asking rates are $33.53 PSF.

6060 North Central Expressway is a boutique eight-story office property with 224,682 square feet of rentable square feet.  The property was constructed in 1972 and renovated in 2008. In addition, the portfolio includes 6080 North Central Expressway, with 45,817 square feet of rentable square feet on the first floor topped by three levels of parking. The structure offers an expansion opportunity that could potentially add 290 parking spaces.

At the time of the sale, the office property was 88 percent leased and the parking structure was 100 percent leased to Zenith Education Group.

Immediate plans for the property include a multi-million dollar renovation to the existing office building to bring it up to class AA standards. Longer term, Triten and Convexity intend to build a mixed-use lifestyle center that will focus on a live/work/play environment catering to the surrounding neighborhoods. Office leasing will be handled by Ben Davis at CBRE.