In the current COVID climate, Colliers’ Cody Payne says private sector investors are still active and looking to buy, adding that low interest rates have activated many investors from a wide variety of areas.
DALLAS—White Rock Tower, a class-B office building, recently sold to a private capital investor for an undisclosed price. The seller was also a private investor.
“This building is a very heavy tenant-based building, more than most for the square footage with over 70 suites in the building, so very management intensive,” Cody Payne, senior vice president, capital markets group of Colliers International, tells GlobeSt.com. “We generated over 10 offers on the building and had it under contract very quickly.”
The tower was completed in 1981 and features a total of 72,551 square feet. The six-story glass office building has undergone numerous renovations during the past five years including new finishes in the lobby and updated elevators. It features an executive suite component, reserved covered parking and 24-hour key card access, eight camera surveillance system, and on-site security with three security patrols each evening.
White Rock Tower is located at 6510 Abrams Rd. in the White Rock submarket and Vickery Meadow neighborhood. The asset is situated off Northwest Highway and Skillman Road with proximity to Lakewood, White Rock Lake, Lake Highlands and University Park neighborhoods, east of Central expressway, north of Northwest Highway and south of the Abrams-Skillman intersection.
In the current COVID climate, Payne says there is notable activity from investors.
“The private sector is still active and looking to buy. With interest rates being low, this has activated certain investors from all over to look at buying,” Payne tells GlobeSt.com. “The hurdle that some face is finding a bank that has the time to lend because so many are covered up with SBA loans, but we know of several local banks that are still able to make these loans for investment buildings. Many owners have pulled listings off the market for the time being which has created an inventory shortage in the marketplace and so our biggest hurdle is finding good accessible inventory.”
He says while rent relief is a hot topic, in reality, it has not been as much of a factor in at least two sectors of the DFW market.
“Many owners that we talked to out here are working with some tenants on rent relief but it’s not as bad as many people think, especially in the office/industrial sector,” Payne tells GlobeSt.com.