KBS Capital Advisors has closed on its acquisiton of 3811 Turtle Creek, a 296,000-square-foot, Class AA office tower in Dallas’ Uptown area. HFF marketed the asset on behalf of the seller, MetLife Real Estate Investors. The purchase price was not disclosed. HFF’s debt placement team also secured a seven-year, 3.55 percent, fixed-rate acquisition financing on behalf of the new owner through a life insurance company.
Built in 1985, 3811 Turtle Creek is situated on a 5.03-acre site at the intersection of Turtle Creek Boulevard and Blackburn Street adjacent to the Turtle Creek Village mixed-use development currently under construction. This location is within blocks of West Village and the Katy Trail, and is close to Highland Park, one of the most affluent residential areas in the state of Texas.
The 21-story, recently-renovated property features a fitness center, and parking within an adjacent 899-space garage. Tenants at the 81 percent leased center include Eagle Materials, Inc.; Prosperity Bank; Estes Okon Thorne & Carr; and Gables Residential.
“This property not only provides all the key building blocks that tenants look for today, but it is also well located within a Dallas’s prime submarket and very close to Highland Park, one of the most affluent neighborhoods in Texas,” said KBS Central Regional President Ken Robertson.
Adjacent to 3811 Turtle Creek is Turtle Creek Village, a mixed use project that is currently undergoing a multi-million dollar redevelopment which is anticipated to further draw demand and tenancy at the property.
“We see a great opportunity to both revamp the property’s lobby, common areas and amenities and to capitalize on the evolving area dynamics with the renovation happening at Turtle Creek Village,” said KBS Dallas Asset Manager, Ryan McManigal.
KBS plans to spend more than $2 million in lobby and common area renovations.