AREA Property Partners sold the Northpark Central office building in Dallas, TX for $64.4 million last week according to a Dallas Morning News article. Cornerstone Real Estate Advisors purchased the 491,083 square foot office building at 8750 N. Central Expressway; Transwestern was selected to lease and manage the property. AREA originally purchased the property through one of its funds from Connecticut General Life in 1996 for $53.8 million.
The 20-story mirrored-glass office tower is roughly 90% leased with major tenants including The Richards Group, Gilsa Products and CF & Co. The building was awarded an Energy Star label in 1999, 2002, 2003 and 2009 for its operating efficiency. The sale also included a six-story, 700-space parking garage that is directly adjacent to the property according to a CoStar report.
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