El Segundo, California-based Stanton Road Capital has added to its local portfolio with the purchase of Esters 114 Business Center in Irving, according to a press release.
The two-building, 176,700-square-foot office park is located at 7501 and 7651 Esters Blvd., right next to Dallas Fort Worth International Airport. The property was sold by Seattle-based Washington Capital Management, which had owned it since 2019. Though terms of the deal were not disclosed, the buyer did take out a $16.9 million loan from Forethought Life Insurance Company to make the purchase, according to Dallas County property records.
The property was 91 percent leased at the time of sale. Chris Murphy, Robert Hill, Gary Carr and John Alvarado of Newmark represented the seller in the deal.
“We’ve viewed Dallas as strong, long-term opportunity for quite some time. The favorable business climate continues to generate inbound corporate relocations which will benefit suburban assets,” said Tim Ronan Jr., founder and managing partner of Stanton Road Capital, in a prepared statement.
This is the sixth acquisition for SRC in North Texas since 2014. Before this purchase, the company's most recent local acquisition was in Richardson at 1125 E. Campbell Road. The four-story, 205,817-square-foot property was bought in April 2019 and was recently renovated. About 175,000 square feet within the building is available contiguously right now. Clint Madison and John Fancher of Cushman & Wakefield are leasing both 1125 E. Campbell Road and Esters 114 Business Center.
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