HFF Secures $100M in Acquisition Financing for Tower at Cityplace
- Dec 02, 2013
HFF secured $100 million in financing for The Tower at Cityplace, a 42-story, 1.3 million-square-foot office building in Dallas’ Uptown Market.
Miami-based Parmenter Realty Partners acquired the Class A office tower from Dallas CPT Fee Owner L.P., as earlier reported by Commercial Property Executive.
Working on behalf of the borrower, HFF secured the loan for the purchase through GE Capital Real Estate. Loan proceeds were used to acquire the asset with a future funding component for leasing and capital expenditures.
Located at 2711 N. Haskell Ave., less than a mile north of downtown Dallas and visible from the North Central Expressway, The Tower at Cityplace was 69 percent leased at the time of the sale. Major tenants include Dean Foods, Lone Star/Hudson Advisors, AON Service Corp. and Headington Oil.
The property showcases amenities such as extensive dining options, a 35,000-square-foot Larry North Fitness Center and Spa, 55,000 square feet of meeting space, a 300-seat amphitheater, covered parking and direct access to the DART rail and McKinney Avenue Trolley service. Additionally, Parmenter Realty Partners plans to reposition the property, adding an urban mixed-use component to the Cityplace development that will eventually feature more than 600,000 square feet of restaurants, shops and residential dwellings.
The HFF team representing Parmenter was led by senior managing director John Brownlee and associate director Jim Curtin.
In other news, contract packaging and fulfillment company AmeriPac has leased 162,500 square feet of industrial space at 1011 N. 28th Ave. in Irving.
Cassidy Turley’s Blake Anderson and David Eseke negotiated the lease between AmeriPac and the landlord, Industrial Properties Texas, a subsidiary of GE Capital Real Estate, which was represented by Gregg Hamill.
In the past four years, AmeriPac has grown from a 10,000-square-foot warehouse in Grand Prairie to a 42,000-square-foot outfit in Fort Worth.
“When AmeriPac approached us, they required a space that could accommodate the company’s rapidly expanding business and needed a way to divest a 10-year lease obligation,” said Anderson, SIOR, managing director of Cassidy Turley’s industrial team, in a statement. “Our solution included multiple parties with interest in subleasing AmeriPac’s existing facility and simultaneously identifying and negotiating a new lease with a substantial amount of tenant improvements that met AmeriPac’s warehouse needs.”
The new facility is located just south of Lyndon B. Johnson Freeway and features 30-foot clear heights, an ESFR sprinkler system and 47 dock-high doors.
Photo credits: The Tower at Cityplace