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47K-SF Office Sells in Off-Market Transaction
Embrey interests acquired a 47,423-square-foot office building at 17120 Dallas Pkwy. in Dallas from Loomis Agency and Carbon Cos. The buyers acquired the asset as part of a 1031 exchange, after recently selling Park Creek Place in Dallas. The sellers will continue occupying the building as tenants.
Beth Lambert and Diego Arroyave with Cushman & Wakefield represented the seller in the off-market transaction, and also secured a 10-year acquisition loan through a life insurance company. Bryan Marquis represented the buyer. Keith Heil with Vista Property Co. has been retained to lease the building, which is 70% occupied.
“The primary goal was to ensure a competitive process and maximize execution,” Lambert said. “But right behind that was finding the right landlord, as the sellers will be long-term occupants in the building. In this case, both objectives were achieved.”
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