X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Jarvis Properties has increased its commercial portfolio with the purchase of three class B buildings in North Dallas.

The all-cash deal closed at well north of $1 million, Tom Lynn, president of corporate services at Robert Lynn Co. in Dallas, tells GlobeSt.com. Jarvis acquired the buildings from a Dallas-based private investor. The closing was sealed at a double-digit cap rate. “It was under the radar screen, and it happened very quickly,” says Lynn, the buyer’s broker. “That’s unusual. The properties were not being actively marketed.”

Lynn characterized North Dallas as one of the tighter submarkets in the region, boasting very low vacancy rates among commercial offerings. The 20,000-sf, single-story buildings were fully leased with one tenant apiece at closing. Two buildings are located along Gardenbrook Road and Towerwood Street in Carrollton while a third is along Merrill Road in Dallas. The price per sf hovered in the upper-$30 range.

The early-1980s’ structures feature a 15% office finish, standard for that submarket, Lynn adds. The buildings are presently used for service and light manufacturing. Debra Spears, director of property management at Dallas-based Jackson-Shaw Co., represented the seller.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.