Dallas-Fort Worth Market Update: More Square Footage Traded
Office sales across the Metroplex saw a 368 percent rise year-over-year in June, according to CommercialEdge.
Dallas-Fort Worth saw an increase in traded office space in June, CommercialEdge data shows. Nine properties totaling 1,199,443 square feet changed hands across the Metroplex, a 30 percent uptick month-over-month. The growth was as high as 368 percent year-over-year, as only 256,582 square feet had sold in the metro in June 2020.
The bulk of transactions, totaling 747,290 square feet, involved Class B/C properties; only two Class A/A+ assets changed hands in June. Investors focused on suburban properties, accounting for 1,125,681 square feet.
The largest sale in terms of square footage involved seven office buildings within Plano’s 2,665-acre Legacy Business Park. DRA Advisors acquired 119,075 square feet at Lincoln R&D in Legacy III and 255,636 square feet at Lincoln R&D in Legacy IV & V from Accesso Partners, in a portfolio transaction that closed in early June.
The largest single-asset deal involved a 240,153-square-foot office building in Farmers Branch. Larson Capital Management purchased the 10-story Granite Tower at the Centre from Buchanan Street Partners, which had owned the Class A property since 2014. The buyer took out a $36.3 million from Morgan Stanley to finance the acquisition.
CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here. We included properties of 25,000+ square feet in our research.
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