A German Family Office represented by International Capital purchased the flex complex “Gateway South”, consisting of two buildings in a business park close to Dallas Ft. Worth International Airport in Irving.
The property is located in Irving’s “Las Colinas” district, a 12,100 acre master-planned development, which first had been developed in the 1970s. The area has upscale residential and retail areas, as we well as office, industrial and business parks. Because of its outstanding connection to the highway network of the DFW Metroplex and its central location between Fort Worth and Dallas, local businesses can draw from a workforce of approx. 3.3M people, who can reach their Las Colinas workplace in less than 50 Minutes.
The property is fully leased to 10 tenants in the construction, IT, telecommunication, marketing, media, and light manufacturing industries. The office finish-out varies from tenant to tenant from as little as 25% to as high as 90%.
The transaction closed two months after going under contract. The investor financed parts of the purchase price via a bank loan which was arranged by IC as well. IC will act as the property manager for the client.
This is the second transaction completed with the support of IC by the German Family Office within the last 24 months in the Dallas area.
Martina Crevecoeur, CCIM, International Capital’s Senior Vice President of Acquisitions/Dispositions represented the Family Office in the transaction.