Dallas’ Las Colinas area keeps getting hotter.
The Point at Las Colinas at 300 E. Carpenter Freeway in Irving becomes the latest property in the area to get snatched up by a major investor. The tower was bought by an undisclosed New York-based investor using $37 million in debt from UMB Bank, according to the Dallas Morning News.
Built in 1983, the 18-story tower is more than 400,000 square feet. The building is more than 90 percent leased with tenants like Lehigh Hanson, Populus Financial Group, BMO Harris Bank and Tenaska.
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“The Point at Las Colinas represents an excellent investment opportunity with immediate cash flow recognition in one of the market’s highest corporate demand locations,” said JLL, which marketed the office tower for sale.
The area has been hot for some time. Last month, Toll Brothers Apartment Living announced a $78 million upscale multifamily complex in the Las Colinas area next to the ExxonMobil corporate headquarters campus in Irving.
Last year, California-based investor Menlo Equities purchased the nearby four-building Royal Ridge office center on John Carpenter Freeway in Las Colinas. The buildings total more half- million square feet of space.
The Dallas-Fort Worth area finished right behind New York City in terms of investment property purchases in 2021 with almost $47 billion in properties sold.
[Dallas Morning News] – Maddy Sperling