Walnut Glen | Dallas, TX
Posted on June 1, 2016
Dallas, TX | Value-Add Office Acquisition
|Address:||8144 Walnut Hill Lane, Dallas, TX 75231|
|Size:||464,289 SF on +/- 5.8 acres|
|Property Type:||Class A Office|
|Purchase Price:||$73.0M ($157 PSF)|
Walnut Glen Tower is a 464,289 sf Class A office tower located in the Central Expressway submarket of Dallas, Texas that was 83% leased at acquisition. This investment provides an opportunity to enjoy stable cash flows while creating value by significantly improving the cosmetic appearance of the building, leasing up the remaining vacancy and rolling existing rents to market. The location, just east of the high-end residential communities of Dallas also provides tenants easy access to an array of area amenities and an adjacent light-rail stop. Five companies have headquarters located in the property, and in-place tenants average nearly six years of remaining lease term.. We also believe this long-overlooked location is seeing a resurgence in its appeal due to its being adjacent to the Park Cities and its offer of a high-quality, lower-cost alternative to the significantly more expensive Uptown and Preston Center submarkets.