New York-based real estate firm Acram Group bought the Spectrum Center in North Dallas through a joint venture with Oak Hill Advisors, also based in New York.
Granite Properties sold the center, which comprises 614,000 square feet of Class A office space among two 12-story towers, to the New York groups for $114.3 million, the Dallas Business Journal reported. The property is in Addison, directly north of Dallas.
This sale adds to a growing list of office properties in the Dallas-Fort Worth metro area that have changed hands in recent months. Investors appear to remain bullish on the metro’s office market, which recorded an uptick in leasing activity in the fourth quarter, according to a Jones Lang LaSalle report.
Acram Group owns and manages more than 1 million square feet in the Dallas-Fort Worth metro area and over 4 million square feet throughout the U.S., DBJ reported. The group also has 1.5 million square feet planned across the country.
“This property presents a very promising investment opportunity with an attractive cost basis, highly visible location at the corner of Dallas North Tollway and Beltline Road, and great physical attributes,” Matt Cassin, Managing Principal of Acram Group, said in a release.
Cassin said in a statement that Acram Group plans to renovate the office buildings, including outdoor spaces and amenities to meet the changing needs of tenants.
Rialto Capital Management provided the financing in the deal, DBJ reported.
Jim Curtin and Ryan Pollack of the JLL Capital Markets, Americas team represented the buyer.
Todd Savage of JLL Capital Markets represented the seller.
[Dallas Business Journal] — Kathryn Hardison