PLANO, TX—Marking its second DFW acquisition, Innovatus Capital Partners LLC recently acquired Park Center at 2400 N. Dallas Pkwy., a five-story class-A office building encompassing more than 236,000 square feet. Innovatus previously purchased Frisco Bridges, which lies approximately five miles north of Park Center.
Park Center is located on the Dallas North Tollway at Park Boulevard. The location provides access to the George H. Bush Turnpike (Highway 190) and the Sam Rayburn Tollway (Highway 121), and has ingress/egress from the Tollway and Parkwood Boulevard.
The property is minutes from retail and dining options including at The Shops at Willow Bend, Polo Town Crossing, Legacy West and The Shops at Legacy. Park Center includes an on-site deli, patio and outdoor seating, and ample on-site parking.
“The purchase of Park Center fits with our strategy to invest in strong growth markets across the United States, and further bolsters our footprint in a high demand and growing market. The property expands our well-located portfolio of US commercial office properties to 10 properties currently valued at approximately $600 million,” said Bradley Seiden, managing director of Innovatus.
The building is currently more than 95% leased to tenants including Learfield IMG College, a sports marketing company for intercollegiate athletics; QBE America, one of the largest insurers and reinsurers worldwide; Forescout Technologies, a leader in device visibility and control; and Capital Title of Texas, the largest independently owned title company in the country.
Lincoln Property Company of Dallas will provide property management and leasing services for the building.
“We are very pleased to provide leasing and management for Park Center, and to provide a quality class-A environment for our tenants,” said Andrew Jones, senior vice president of Lincoln Property Company Dallas. “The building has been well maintained over the years and we look forward to working with Innovatus to further maximize the property’s potential.”
There are a variety of upgrades planned for the building which will be made as steps to further maximize the property’s value, Seiden tells GlobeSt.com.
“We will look at an LED retrofit to lower costs, air quality through better filters and other means, add parking spots by maximizing site layout, make tenant improvements, and upgrade parking facilities with paint, security cameras and signage, along with upgrading the rear exterior patio area,” he points out.
Jonathan Napper and Katy Jane Halpin of Cushman & Wakefield represented the seller in the transaction.
“This sale marks the eighth US transaction that Lincoln has completed with Innovatus in just 20 months,” said Lincoln Property Company executive vice president Mark Dickenson. “We look forward to continuing our work with Innovatus and driving economic success in their targeted markets.”
Dallas-Fort Worth-Arlington had net migration of 641,751 between 2010 and 2018 or 10% of the metro’s 2010 population of 6.4 million, according to Business Insider.