Newport Beach-based Buchanan Street Partners announced that it had purchased Tollway Plaza, a two-building, eight-story office complex in Dallas, Texas, for an undisclosed amount. Buchanan was self-represented in the deal, while HFF's Dallas investment sales team represented the seller, CBRE Global Investors. The buildings were expected to fetch almost $230 per square foot; CBRE originally acquired the property in 2012 from Equity Office Properties Trust, price also undisclosed.
"We are actively buying all types of office product in the Dallas region," said Matt Haugen, assistant vice president at Buchanan Street Partners, in a press release. "Given the sustainable job growth in the region and lack of available development pads, we anticipate an increase in rents in the area over the next few years as vacancies tighten."
Located at 15950 and 16000 North Dallas Parkway, Tollway Plaza consists of two, eight-story buildings totaling 370,073 square feet. Centrally located in the Dallas North Tollway submarket,Tollway Plaza was 95% leased at the time of sale, with major tenants including Travis Wolff, LLP, Axxess Technology Solutions, HQ Global and Stewart Title.
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