Monday, June 17, 2024 Jun 17, 2024
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Commercial Real Estate

Real Estate Veterans Buy Three Preston Center Office Buildings

HPI and Bandera Ventures partner on acquisition in coveted market.

Austin-based HPI Real Estate Services & Investments has once again teamed up with Dallas-based Bandera Ventures. Following a $20 million upgrade to the iconic 45-story Ross Tower, the duo has purchased three buildings in one of Dallas’ popular office address; Preston Center.

The acquisition is one of the largest recent office trades in North Dallas.

The portfolio includes:

  • 8333 Douglas Ave., a 16-story, 255,000 square-foot Class A office building that is 75 percent leased with BBVA being its largest tenant.
  • 8343 Douglas Ave, a 140,000 square-foot Class A office building, which is 80 percent leased with JLL being its largest tenant.
  • 8303 Douglas Ave., a 3,970 square-foot bank branch, currently occupied by BBVA.

The three-building portfolio was last assessed at more than $105 million by the Dallas Central Appraisal District.

“We are thrilled to once again partner with Bandera Ventures on these phenomenal assets in a bulls-eye location,” says John Hardaway, HPI Dallas partner. “The previous owner did a good job, and we plan to turn the dial by continuing where they left off.”

HPI will manage and lease the assets. The company operates more than a dozen Dallas-Fort commercial properties.

Replicating a successful leasing strategy at Ross Tower, HPI plans to immediately amenitize and renovate the assets to attract tenants better. White Rock Coffee, an independent and award-winning coffeehouse, will occupy part of the ground floor lobby space at 8333 Douglas Ave.

Hunter Lee, who will lead the leasing and marketing for HPI, says the company has a lot of confidence in the purchase and believe in it for the long-term.

“We are excited to renovate and add valuable amenities to the buildings and begin marketing them to tenants that want to capitalize on the walkability of one of the best neighborhoods in Dallas,” he said.

Houston-based Lionstone Investments sold the portfolio on behalf of the Oregon Public Employee Retirement System. JLL represented the seller.