A Dallas-based real estate investment firm recently acquired a large office campus in Las Colinas.
Wolverine Interests purchased the 467,000-foot property from a New York-based Brookfield Properties division. Newmark Group led negotiations while Vertex Bank financed the sale.
Wolverine Interests also worked with Toronto-based investment manager Peakhill Equity Partners.
The Riverside Commons is a 13-acre, four-building office campus located off State Highway 114 and Riverside Drive in Irving.
Originally built adjacent to Lake Carolyn in 1985 and 1986, the buildings have undergone several renovations. Today the property is more than 90% leased.
Jim Leslie, managing principal for Wolverine Interests, confirmed the purchase of The Riverside Commons and said the new owners are in charge of making any necessary renovation.
Leslie explained, “We have always held the Las Colinas area in high regard, and this gives us another property there. This property has been a staple for the area and we plan to continue with its success.”
Wolverine Interests is quite familiar with the Las Colinas property market. The Dallas-based investor owns multiple office properties across the metroplex, including the Carpenter Freeway buildings and the Carpenter Corporate Center office park.
As Texas continues to become an epicenter for business, the Dallas Fort-Worth region is no stranger to the development of office facilities. The area has recently seen a massive surge in business parks and corporate campus purchases.
In June, a more than 400,000-square-foot building at 1925 W. John Carpenter Freeway was purchased by Washington, D.C.-based Northridge Capital LLC.
Other significant purchases this year include the 250,000-square-foot office property at 6555 Sierra Drive, bought by IRA Capital from Irvine, California, and the Point at Las Colinas, an 18-story building with more than 400,000 square feet of office space at 300 E. Carpenter Freeway.