California investor IRA Capital has acquired the latest Las Colinas office.
The almost 250,000-square-foot campus at 6555 Sierra Drive currently serves as the corporate headquarters for utility firm Vistra Corp. Vistra, a retail electricity and power generation company, has fully leased the campus through 2035, according to the Dallas Business Journal.
IRA acquired the complex from a joint venture that included New York-based Lexington Realty Trust. Commercial property firm Jones Lang LaSalle marketed the Vistra office buildings for sale.
The most recent assessment of the three-story building just off the Bush Turnpike was $26,926,470, according to property tax records. The almost 10 acre lot on its own was estimated to be worth more than $8 million.
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IRA hopes to make $1.5 billion in new investments for 2022.
Founded in 2010, the real estate and venture capital firm has more than 7 million square feet of property in 30 states. Though the company’s portfolio includes office, retail, medical and multifamily properties, it has recently zeroed in on healthcare real estate with approximately 70 percent of its 2022 capital allocation going towards medical office, life science, and seniors housing.
IRA already sold off $620 million of their healthcare portfolio to Nuveen Real Estate last August. Since then, the firm has acquired approximately $1 billion in new commercial real estate investments– 60 percent of which was in medical facilities. Its latest purchase was two 80-unit luxury assisted-living facilities in the bay area that went for a combined $106.5 million.
Las Colinas, a mixed-use planned community development between Dallas and Fort Worth, has been a focus of corporate and business relocation. The region has been popularized as an affluent urban hub complete with luxury hotels, golf courses and private country clubs.