CBRE Negotiates Sale-Leaseback of Office Building in Lemmon Avenue Retail District
15 5 2018
CBRE announces the sale of 4525 Lemmon Avenue, a 29,150-square-foot office building located in the Uptown/Turtle Creek submarket. Windward Partners VII purchased the asset for an undisclosed price.
Pastoral Counseling Center will lease back its current space of 10,456 sq. ft. at 4525 Lemmon Avenue and all other tenants will remain in their current spaces.
The three-story property is adjacent to the Highland Park neighborhood with direct access to both the Dallas North Tollway and the Dallas Central Business District. There are over 150 food establishments, 12 grocery stores and 28 banks within a 2-mile radius of the asset.
“This property is an excellent value-add opportunity due to its prime location between the Highland Park and historical Perry Heights neighborhoods,” said David Glasscock, Senior Vice President, CBRE.
“This acquisition reflects a good example of a value-add, core targeted acquisition program of Oxford Capital Partners,” said Harrison Horowitz with Oxford Capital Partners.
The property was 90 percent occupied at the time of sale with tenants including Dallas Yoga Center and Guaranteed Fitness.
Mr. Glasscock with CBRE in Dallas represented Pastoral Counseling Center. Rand Horowitz with SHOP Companies and Mr. Horowitz with Oxford Capital Partners represented Windward Partners in both the sale and lease negotiations.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.