Dallas nets two major commercial deals

It's been a busy year for Dallas commercial real estate.

A couple of major commercial real estate deals were recently announced in the Dallas area.

While one property is changing hands for the second time in a year, another is going up as the first speculative office building in a Dallas County city in more than a decade.

Fobare Commercial, a company based in Dallas, is set to back a 153,000-square-foot building in Richardson, Texas. The building will reside at 1125 Alma Road and is the first office building in the city in more than 10 years, according to the Dallas Business Journal.

The building has been called the Collins Center, and the executive vice president of the Richardson Economic Development Partnership, John Jacobs, told the Dallas Business Journal the center has started looking for potential tenants.

"I have every expectation this building will lease up quickly, there's been an increasing demand from tenants wanting more than the traditional office space," Jacobs said. "That will move this building to the front of the line."

The Richardson Economic Development Partnership is home to eight parking spaces per 1,000 square feet. That's a lot of parking for a building of that nature, which makes it a prime spot for any office that puts a premium on traffic or has a high volume of employees.

Working in the Texas heat, the building will allow each tenant to control its own air-conditioning system. The system would accommodate businesses with extended hours.

Rick Currey and Chris Doggett of Fobare Commercial are working with the Richardson Economic Development Partnership to lease the Collins Center.

Quick profits on Dallas office space
Fourteen months after Brookfield Asset Management purchased more than 600,000 square feet of a suburban Dallas office complex, the management company has agreed to sell the Class A property to GI Partners.

Called the Regent Commons, Brookfield spent nearly $73 million on the three-building property in the summer of 2012. The buildings sit on 52 acres of land.

Brookfield hasn't disclosed the sales figures for its deal with GI Partners, but according to Community Property Executive, turning a quick profit was always the goal.

"There was strong investor appetite for this property from a broad range of investors due to the quality of the asset and the credit strength of the tenants," Michael Rotchford, an executive vice president with Cushman & Wakefield, said of the marketing and sale of Regent Commons.

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