Acquisition Marks Fourth in Dallas Market;
Company Sees Opportunity to Reposition Property Amidst Local Growth
Newport Beach, Calif. and Dallas (May 16, 2016) – Buchanan Street Partners announces the acquisition of Bluffview Towers, a 196,356-square-foot office property adjacent to Dallas Love Field Airport. Buchanan Street purchased the two-building property for an undisclosed amount from Commercial Developments International (CDI), marking it the company’s fourth acquisition in the Greater Dallas area in the last 16 months.
According to Buchanan Street, Dallas Love Field experienced an 87-percent increase in passenger traffic year-over-year in September. This increased activity followed the October 2014 expiration of the Wright Amendment, a 1979 federal law that limited long‑haul flights out of the airport.
“We have noticed a significant change in the area surrounding Love Field. The surge in traffic and business at the airport was a major factor in the buildings’ purchase,” said Matt Haugen, vice president at Buchanan Street Partners. “We anticipate local expansion as corporations view this area as a more preferred location, both for daily commutes and accessibility to the airport for business travel.”
Bluffview Towers is located at 3860 and 3890 West Northwest Highway nearby the affluent Bluffview and Preston Hollow neighborhoods. The property features an Embassy Suites hotel on site, which was not included in the purchase, and is within three miles of Preston Center, an 800,000-square-foot retail and dining center. Bluffview Towers is currently 82 percent occupied with several long-term tenants. Buchanan Street has plans for lobby improvements and tenant common area upgrades to bring the project up to Class A standards.
“The property has instrinsic value given the current tenants and projected growth around Love Field. By implementing insitutional quality upgrades and leveraging the location, we plan to reposition this property to elevate its standing in the market,” said Haugen.
Jack Crews, Evan Stone and Lauren Zimmer of JLL represented CDI in the transaction, while Buchanan Street represented itself.
Buchanan Street also recently purchased several other buildings in the Greater Dallas area that are poised for growth as a result of postitive absorption and infrastructure improvements. The properties include Tollway Plaza, a prominent two-building property in Addison, Richardson Office Center I & II in Far North Dallas and Granite Tower in Northwest Dallas along LBJ Freeway.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested and structured approximately $17 billion of capital in a broad range of equity and debt real estate investments throughout the United States. A highly skilled team has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing principal preservation. For more information: www.www.buchananstreet.com.