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Investor snaps up 2-tower Park Central complex from Dallas' Gaedeke Group
March 8, 2017
Senior Reporter - Dallas Business Journal
A two-tower office complex near North Central Expressway and LBJ Freeway in Dallas' Park Central neighborhood has sold to a North Texas investor, who also owns a neighboring office building.
Mark Jordan — founder of Richardson-based JP Realty Partners — has acquired Banner Place at 12660 and 12770 Coit Road in Dallas from Dallas-based Gaedeke Group, which acquired an Uptown office tower along McKinney Avenue in a record-setting deal in September.
Terms of the acquisition were undisclosed. The two, 12-story office towers were collectively valued at more than $18 million, according to the Dallas Central Appraisal District.
The deal is part of a trend of rising occupancy and rental rates seen along LBJ Freeway upon completion of an expansion to widen the roadway, said Creighton Stark, an executive vice president at Colliers International.
"There are opportunities for investors to strengthen their portfolios by focusing on these infill properties," he said.
Stark and Chris Boyd, who is also of Colliers International, represented Gaedeke Group in the deal.
This is JP Realty Partners' second acquisition in the Park Central neighborhood. The firm also owns the neighboring North Central Plaza III, which it purchased in 2012.
JP Realty's plans for the property were not immediately available Wednesday.
At the time of the deal, the complex was 70 percent occupied.
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