Search
 

JV Acquires Asset at Price Below Cost to Build

DALLAS—Recently purchased by Crescent and Long Wharf, International Plaza III has a strong roster of tenants and is in the Galleria Dallas submarket with amenities that fit the upscale market.

By Lisa Brown | lisabrown | | Updated on August 11, 2016
International Plaza International Plaza was renovated in 2012 and additional updates are planned.
DALLAS— International Plaza III is a 13-story class-A office building located at 14241 Dallas North Tollway near the Galleria Dallas retail area. The building also is near Beltline Road amenities such as luxury apartments and a diverse collection of dining and entertainment options. In a joint venture, Fort Worth-based Crescent Real Estate LLC and Boston-based Long Wharf Real Estate Partners LLC purchased the 354,182-square-foot office tower for an undisclosed price. Crescent will manage the property and the JV has engaged Cawley Partners to lease the building. Cawley Partners was the original developer of International Plaza in early 2000 and has more than 30 years of experience in developing and leasing properties. This transaction was an additional limited market acquisition that Crescent recently secured. Crescent purchased the Hotel Crescent Court at the end of June in an off-market deal. “Once again, we were able to take advantage of our relationships in the commercial real estate market to find and acquire a very high quality asset significantly below what it would cost to build today,” said Crescent chairman John Goff . “We are excited to expand our investment portfolio in Dallas, a market we know well. Dallas continues to be a strong overall commercial real estate market with a number of compelling submarkets. We like IP III’s location in one of Dallas’ most dynamic submarkets.”   Major tenants include three well-known companies, Excentus (which runs the Fuel Rewards network), Wells Fargo Foothills and BKD LLP . International Plaza III, which is one of three buildings at International Plaza, includes a fitness center, conference center, full-service café, park and koi pond. The office building was renovated in 2012, and Crescent and Long Wharf plan additional updates to the structure, including the conference center and corridors, as well as building several “ready-to-go” spec suites. Long Wharf managing director Philip Murphy added, “We are extremely pleased to add a second Dallas investment to our shared portfolio with Crescent. They are a best-in-class partner with exceptional market knowledge and resources. The IP III acquisition offers a great opportunity to participate in a strengthening submarket which is central to all of Dallas. We are excited to work with the existing high-quality tenants while also attracting new companies to this great asset.” Crescent used the recently established GP Invitation Fund I to purchase International Plaza III and has used the fund to close four investments. Crescent currently is negotiating several deals and continues targeting investments in all real estate property types, primarily focused on properties in US markets. Goff tells GlobeSt.com: “International Plaza III is a high-quality commercial real estate asset, has a strong core group of customers and is in the dynamic Galleria Dallas submarket. IP III’s amenities fit the upscale Galleria Dallas market with a park area and koi pond, fitness center, full-service café and conference center.”  

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?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.