A 2-tower office campus near Stemmons Freeway has just sold – the second recent transaction in a business district that’s seeing a rebound.
The Mockingbird Towers contain 450,000 square feet of office space and are located west of Love Field and near the Medical District.
“Significant investment is occurring at Love Field and in the Medical District, and this investment has transformed the area over recent years,” said Tim Slaughter, president of Caddo Holdings, which bought the buildings through an affiliate.
The new owners plan to spend more than $7 million to upgrade the buildings, which were constructed in the 1970s.
A new fitness center and tenant lounge are part of the planned improvements.
With increased business at Love Field and a shortage of affordable office space in some areas of town, Caddo Holdings thinks there will be a market for the two buildings.
“During the near future, we believe demand for office space in and around Love Field and the Medical District will increase significantly,” said Justin Engler with Caddo Holdings.
LegacyTexas Bank provided the debt for the purchase that was arranged by DTZ.
Commercial real estate firm JLL will market the property to tenants.
Caddo Holdings was formed in 2009 by Engler, Slaughter and Dustin Schilling and has purchased a dozen office and industrial buildings with 1.7 million square feet.
Mockingbird Towers is the second large office sale in the Stemmons Freeway corridor.
JP Realty partners just acquired the largest office building along the freeway, the 20-story Trinity Towers at Stemmons and Inwood Road. The office block contains more than 630,000 square feet of space.
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