CREA Investments, a privately held real estate investment firm, has picked up The Meridian and The Belvedere, two Class A office buildings totaling 241,539 square feet in Addison and Irving, Texas, for an undisclosed sum. The properties were sold by Fort Worth-based Klabzuba Realty and marketed by HFF; terms of the deal were not released, but HFF noted that they were sold free and clear of debt.
"These transactions represent successful round trips that generated attractive returns to our investors," said Klabzuba Realty Executive Vice President Clint Corn in a press release. "We remain committed to proactively recycling our capital into urban infill opportunities in major Texas markets."
The Meridian is located at 1425 Greenway Drive in the Las Colinas master-planned business and residential community immediately adjacent to DFW International Airport in Irving. The six-story property was 90% leased at the time of sale and features 100,359 square feet of space.
The Belvedere is located at 14881 Quorum Drive in the Far North Dallas market along the Dallas North Tollway, offering access to all of the city's commercial centers including DFW International Airport, Love Field, Legacy Business Park and Preston Center. The 141,180-square-foot, nine-story building is 79.8% leased.
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