Innovatus Capital Partners Grabs Dallas Office
The firm purchased the asset from Heady Investments, financing the acquisition with a $24.5 million mortgage from Citizens Financial Group.
By Jeff Hamann
Frisco Bridges Place
Innovatus Capital Partners has acquired Frisco Bridges Place, a 163,923-square-foot office asset in the Dallas area’s booming Platinum Corridor North submarket. The buyer financed the purchase with a $24.5 million loan held by Citizens Bank, according to Yardi Matrix. The seller, Heady Investments, developed the building between 2014 and 2016.
Located at 2600 Dallas Parkway in Frisco, the building rises six stories alongside the Dallas North Tollway, about a 5-minute walk from the 1.6 million-square-foot Stonebriar Centre shopping mall. Nearly 7.5 million square feet of Class A office space is located within a mile of Frisco Bridges Place, per Yardi Matrix data.
The asset is 93 percent leased to a mix of 23 tenants, including Strasburger, FPX, Sigma Flow and CornerStone Staffing. The new owner plans to upgrade the property’s amenities, which include a fitness center and café. A 740-stall multi-level parking structure serves the building’s tenants, with additional covered surface parking available.
“Far North Dallas has established itself as a clear leader in job growth and creation in the burgeoning Dallas-Fort Worth region,” said Bradley Seiden, managing director of real estate for Innovatus, in a prepared statement. “Acquiring a high-caliber asset like Frisco Bridges Place in a flourishing suburban market exemplifies our strategic focus.”
Innovatus has appointed Lincoln Property Co. to oversee property management and leasing for the asset.
Image courtesy of Yardi Matrix
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