DALLAS, May 2, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Forest Green Office/Medical Complex, a four-building, 173,790-square-foot office complex in Dallas.
“The asset was previously listed by multiple top brokerage firms, but Marcus & Millichap was the broker that was able to complete the sale,” says Ron Hebert, first vice president investments in Marcus & Millichap’s Dallas office. “We marketed the property extensively through the firm’s unique nationwide platform for accessing private capital and received multiple offers, including the winning bid from a private equity syndicate.”
Hebert and Michael Lawrence, senior managing director investments in the firm’s Newport Beach office, represented the seller, a California-based investment group.
“The property will provide new ownership with diversified, stable cash flow and the opportunity to enhance value in an improving submarket,” adds Lawrence.
Located at 11882, 11884, 11886 and 11910 Greenville Ave. in Dallas, the complex is approximately one-half mile from Interstate 635, the LBJ Freeway, approximately 1.5 miles from Interstate 75, the North Central Expressway, and one mile from the LBJ/Central Dallas Area Rapid Transit light rail station. The area surrounding the property is a mix of established shopping centers, exclusive residential neighborhoods such as Lake Highlands, well-known companies like Texas Instruments, and redevelopment projects.
Built in 1985, the Forest Green Office/Medical Complex consists of a six-story, 100,538- square-foot office tower, two one-story garden office buildings that total approximately 45,137 square feet, and a 28,115-square-foot flex/office building. The complex was 82 percent occupied at the time of the sale.
Tim Speck, first vice president and district manager in Marcus & Millichap’s Dallas office, is the firm’s broker of record in Texas.