International Group Buys Las Colinas Office Building

An Irving office building has changed hands.The Canal Centre building at 400 E. Las Colinas Boulevard was purchased by an investment group that includes international funding.The 10-story, 237,894-square-foot office building is in the Las Colinas Urban Center - an area seeing a boom in apartment and retail construction.Canal Centre Investors LLC bought the building from a partnership of Libitzky Property Companies and Sunwest Real Estate Group, which had owned the property since 2015.CBRE's Eric Mackey, Gary Carr, John Alvarado, Evan Stone, Jared Chua and Robert Hill broker3ed the sale with Bruce Marshall from Sperry Van Ness.Equity for the purchase from Hong Kong and Honolulu was secured by YH Professionals. Terms of the deal were not disclosed."Canal Centre presented investors with a stable, in-place cash flow and near-term upside through below-market rents," Eric Mackey, Senior Vice President at CBRE, said in a statement "Its Urban Center location has become a vibrant live-work-play environment with exciting new developments such as the Irving Convention Center, Toyota Music Factory and Water Street."The building is 90 percent leased to tenants including Power Line Services, PeopleFluent, Parallon Workforce Management and Volkswagen.  Continue reading...