Adventus Realty Trust entered into an agreement with Fortis Property Group to acquire the 17-story Point at Las Colinas office tower in the Irving, TX neighborhood of Las Colinas. The Vancouver buyer indicated it would close on the 415,123-square-foot property at 300 E. Carpenter Fwy. in March. The buy is the Canadian investor’s first in Texas, and it is looking for additional properties in the Dallas area and other U.S. markets to grow its assets to more than $1 billion.

Point at Las Colinas, which has been on the market since fall 2019, is 96% occupied by tenants including Lehigh Hanson, Populus Financial Group and BMO Harris Bank. Adventus Realty indicated it would finance the purchase with a combination of bank debt and cash raised from sales of units in the real estate investment trust. The REIT is undertaking a private placement to raise proceeds of up to $30 million.

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