May 13

Investcorp buys Dallas Uptown portfolio, One Allen Center in $105M deal

International real estate investment firm Investcorp’s U.S.-based real estate arm in New York, has bought a handful of properties in North Texas and South Florida in deals totaling about $105 million.

In Dallas, Investcorp has picked up an Uptown portfolio, which includes 3400 Carlisle St. and 2811 McKinney Ave., which sit in the vibrant neighborhood with about 10,000 apartments and a plethora of retailers and restaurants.

The two properties were purchased from Dallas-based Caddo Holdings, which had owned the low-rise office buildings for several years.

The firm also bought One Allen Center in Allen, a 150,000-square-foot, Class A office building that sits in the growing suburb of Dallas. The building was constructed in 2007.

The nation’s investment market is experiencing growth with significant capital flowing into the country, with gains in specific markets, such as Dallas and South Florida, said Herb Myers, the firm’s managing director of its real estate group.

The acquisitions are consistent with the firm’s approach to targeting high-quality assets with attractive yields, said Brian Kelley, a principal at Investcorp.

“The properties are all located in regions with solid, growing economies and we believe they are well positioned to add value for Investcorp,” Kelley said, in a written statement.

The three North Texas buildings, as well as the South Florida properties, that total more than 500,000 square feet has an average occupancy of about 95 percent.

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