Irvine, California-based Thompson National Properties has acquired the Oakwood Tower and One Lee Park West office buildings in Dallas, Texas. Financial terms of the deal were not disclosed. The properties – the firm’s first assets – were acquired though Thompson’s $250 million (€162 million) Bruin Fund.
The properties are located in the Uptown/Turtle Creek area of Dallas and comprise two Class B office buildings totaling approximately 118,370 square feet of leasable space. The properties are designed for smaller tenants ranging from 500 to 6,000 square feet.
The Dallas portfolio is a strategic buy for the value-add investor. According to Darryll Goodman, Thompson senior vice president, asset management, rents are 30 to 40 percent below market, providing “substantial opportunity for value creation.”
Thompson National Properties, which invests on behalf of high net-worth US and international institutional investors, was launched last month by former Grubb & Ellis chairman Anthony Thompson, who said the current market represented a “once in a lifetime opportunity. Buy into fear and sell into greed has never been more appropriate.” Jack Maurer is Thompson’s vice-chairman, partner and founding member, while former NFL American football quarterback Cade McNown is senior vice president of investor development.