A California-based investor has purchased seven office and industrial buildings in North Texas.

Entrada Partners acquired the properties totaling more than 508,000 square feet.

The buildings were constructed in the 1980s and include six offices and one industrial project.

The office buildings in the acquisition include the Counterpoint at Las Colinas at 8101 and 8113 Ridgepoint Drive and Sterling Tech Center at 7801, 7803 and 7805 Mesquite Bend Drive in Irving.

Two Dallas properties in the Dallas Tech Center on West Technology Boulevard and Westwood Business Park III at 1805 Royal Lane were purchased.

In Richardson Entrada Partners acquired the International Corporate Park II on International Boulevard. And the Valwood XII at 13701 Hutton Drive in Farmers Branch was purchased.

An industrial building, International Corporate Park III, at 900 Alpha Drive and 500 Industrial Drive in Richardson were also acquired.

Terms of the sale were not disclosed. Dallas-based Holliday Fenoglio Fowler L.P arranged the financing for the purchase with Bank of America Merrill Lynch.

“We are excited to expand our office, flex and industrial presence in the market in order to be part of the booming corporate tenant demand,” Entrada Partners founder, Reuben Berman said in a statement.

The buildings were purchased from a partnership managed by Dallas-based Cienda Partners.

“The selling partnership acquired the portfolio in December 2015 and the portfolio was 70 percent leased,” said Cienda Partners vice president Terese Everson. “We immediately hired a new property manager and leasing team, and spent approximately $2.5 million in capital to address leasing needs, building and equipment upgrades and deferred maintenance.

“We were able to increase occupancy to 80 percent.”

Entrada has been in business since 2005 and has offices in Los Angeles and San Antonio.

The investor is acquiring industrial and office properties in Dallas, San Antonio and Austin.

 

Presented by Dallas Morning News, August 17, 2017

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