DALLAS Bradford Property Co. Inc., forming a new investment partnership, has acquired Citymark Office Tower, a 218,926-sf class A property in Dallas' prestigious Uptown submarket.
The 3.7-acre Citymark at 3100 McKinnon is the only class A office tower with direct access to the Katy Trail on its northern property line. The just-bought property neighbors many of Uptown's most desirable retail, restaurants, condominium towers and hotels.
The buyer of record is 3100 McKinnon LP, which also includes the notable Dallas real estate firms of Thomas Title and Escrow and The Presidium Group. The buyer was represented by Richmond Collinsworth, vice president of office services for Dallas-based Bradford. The seller is Hines Real Estate Investment Trust Inc.
"For the uncompromising tenant, the theme of the day is work, live, play. Citymark certainly delivers on the active lifestyle requirements of demanding tenancy," says Kevin J. Santaularia, president and CEO of Bradford. "Of note, with the property strategically located at Dallas North Tollway and Wolf Street, as the congestion in Uptown continues to degrade with additional new construction and density, Citymark is the clear leader for tenants who need an Uptown location and the ability to get in and out of the Dallas core to other parts of the Metroplex." The asset includes a four-level parking garage and a half-acre development site near the entrance to the Dallas North Tollway.
The 11-story tower was 74% leased at sale time. The notable tenant mix includes Balfour Beatty Construction, Hospice Plus, Home Team Pest Defense, The Real Estate Council and Smith Seckman Reid Inc. Citymark will be leased and managed by Bradford Commercial Real Estate Services.
"Citymark offers a unique amenity package for future and ongoing tenancy due to its unmatched location. We will immediately begin implementing an extensive, multimillion-dollar repositioning and capital improvement program to further enhance this property," says Ed Pachecano, Bradford's executive vice president and office managing partner.
Immediate plans call for upgrading the class A project's fitness center, improving Katy Trail access and adding new outdoor space for events on the plaza deck. Bradford will create a park-like setting that will be located four stories above the Katy Trail with southern corridor views to The Azure, the new Bleu Ciel high-rise condominium complex, and Victory Park. Gensler, a global design and architecture firm, has been tapped to oversee the repositioning.
April 23, 2015