12404 Park Central, a 239,000-square-foot office building near North Central Expressway and LBJ Freeway, was recently purchased by Red River Asset Management L.L.C., a New York-based investor.
The four-story property was sold by Oaktree Capital for $15.4 million. Red River financed the property with a loan from American National Insurance Co.
Built in 1987 as the headquarters for Steak and Ale, the Park Central building was 89 percent leased at the time of the sale. Its tenant list includes brands like Greatwide Logistics, Mercer HR Services and MEplusYOU, a company that extended its 74,000-square-foot lease through 2020.
The new owner plans to spend big to renovate the building’s atrium. New plans include a 3,000-gallon fresh-water aquarium with tropical fish and a four-story-tall plant wall. Red River will use Dallas-based Merriman Associates Architects to design the atrium project, according to the Dallas Business Journal.
In November 2012, the investor also bought a five-building office complex in Irving, according to the Dallas Business Journal. Imperial Square, a 129,000-square-foot office property, was 68 percent leased at the time of the sale.
“We like deals that have hair on them, or something the large institutional players won’t go for that usually takes more effort to understand,” said Bruce Stern, a Red River principal told the Dallas publication. He added that his company is interested in buying more property in North Texas.
Photo of the 12404 Park Central office building courtesy of Red River Asset Management.
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