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HPI, Bandera Partner on 3-Building Deal in Preston Center
A partnership of Austin-based HPI Real Estate Services & Investments and Dallas-based Bandera Ventures has acquired a three-building, 398,970-square-foot portfolio in Dallas’ Preston Center, the Dallas Business Journal reported. It’s reportedly the market’s first major acquisition of the second quarter.
The purchase price wasn’t disclosed. However, the properties were last assessed at more than $105 million, the Business Journal reported.
The seller was Houston-based Lionstone Investments on behalf of the Oregon Public Employee Retirement System, represented by JLL. PGIM Real Estate provided acquisition financing.
Included in the sale were the 16-story, 255,000-square-foot 8333 Douglas Ave. and the 140,000-square-foot 8343 Douglas Ave, along with a BBVA bank branch. The first of the two office towers is 75% leased, while the second is 80% leased.
HPI will manage and lease the assets. The new ownership plans to immediately amenitize and renovate the properties to better attract tenants, according to the Business Journal.
Photo: 8333 Douglas Ave., courtesy of Cresa.
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- ◦Financing
- ◦Sale/Acquisition
