Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PLANO, TX-AmeriVest Properties Inc. has bought the big sister in the Parkway Centre complex, spending $23.4 million for 152,600 sf of class A space and its second acquisition in four months in Dallas/Fort Worth.

The 87.9%-leased Parkway Centre III, built in 2000 at 2745 N. Dallas Parkway in Plano, is occupied by 23 tenants, of which slightly less than 19% of their leases expire next year. On the average, tenants occupy 5,750 sf. The seller is Brangus Ltd. of Dallas. Two years ago, AmeriVest paid $22 million for the 151,968-sf Parkway Centre II, now 93.3% leased with an average rent of $20.11 per sf.

The Denver-based AmeriVest’s newest buy comes with a first-year capitalization rate of about 8.4%. The sale closed with $5.5 million in cash and $15.2 million derived from a non-recourse, five-year loan at a 4.47% fixed-rate interest from a major insurance company, according to an AmeriVest press release issued this morning. The remaining $2.7 million satisfied a 1031 Exchange from the March sale of four Texas properties, primarily leased to Bank of America.

The six-story building, trading at $153 per sf for $4.4 million higher than its 2004 assessment, is north of the Shops of Willow Bend and south of Legacy Office Park. And like its other purchases, AmeriVest’s acquisition strategy is mortared in “an attractive going-in cap rate” and upside in the occupancy of class A office buildings in strong suburban submarkets.

In May, AmeriVest spent $16.8 million for the 114,598-sf Hackberry View in Las Colinas, offering small-size tenants class A office space in a favored corporate headquarters landing ground. The building, bought at 95.8% occupancy, is now fully leased, with the rent average standing at $20.81 per sf.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.