A Florida-based investor has purchased an Irving business park. Savlan Capital acquired Commerce Park, a 179,049 square foot multi-tenant industrial project near Dallas/Fort Worth International Airport in Irving.

The 13.3-acre campus near State Highway 114 is almost 90 percent leased. The new owners plan to spend about $1.25 million upgrading the property, which was built in 1984.

"Commerce Park represents a great opportunity to acquire a property in the DFW Airport market, arguably the strongest industrial and job-creating market in the country, with great income and significantly below replacement cost," Savlan Capital's chief executive officer Zusha Tenenbaum said in a statement. "The asset aligns perfectly with Savlan Capital's long term goals of acquiring stabilized, multi-tenant business parks that produce above-market cash flow and a strong projected value-add component while minimizing risk."

The investor said it bought the property at 60 percent below replacement value. Terms of the purchase were not disclosed.

The Irving acquisition is the fourth purchase Savlan Capital has made in the past 12 months.

Director of acquisitions Yossi Edelkopf said renovations to Commerce Park will begin after the first of the year.

"We plan to target the common areas, the exterior of the buildings, new signage, landscaping improvements and re-do the parking lots," he said. "Savlan Capital will continue to look to identify and acquire similar properties to Commerce Park to our portfolio in order to provide the yield, return and mitigated risk to our investors."

The investor owns multi-tenant business parks, apartments and medical offices and is looking to buy more properties in Texas and the Southeast.

Presented by Dallas Morning News, December 22, 2017

IISD feature  

 Featured investor

Irving ISD is the public PreK-12 school district of choice for 35,000+ students in Irving, Texas.

Learn More >>

Irving Supports Local

Irving Supports Local

A comprehensive local business directory for residents, visitors and other businesses to connect.

Learn More >>

Irving, Texas,

By the numbers

The most diverse u.s. zip code, 5 Fortune 500 headquarters

Learn More

Irving-Las Colinas Chamber of Commerce
5201 N. O'Connor Boulevard
Suite 100
Irving, TX 75039

214.217.8484 phone
214.389.2513 fax

Facebook circle white transparent Twitter circle white transparentLinkedIn circle white transparentInstagram circle white transparent

© 2017 Irving-Las Colinas Chamber of Commerce
All Rights Reserved. All Logos and Brands used under
license from their respective owners

logo accreditedlogo hiring heroes2017 Gold Ribbon
TTagLR Gen OrigOnWht