New Investment Fund Snaps Up North Dallas Office Campus

A Dallas property investment fund has made its first acquisition with the purchase of North Dallas office campus.Reserve Capital Partners just acquired the Hidden Grove office campus at 12404 Park Central Drive near Forest Lane.The 240,000-square-foot office campus surrounds a lake and wooded area just west of U.S. Highway 75.Reserve Capital bought the property from Red River Asset Management, which had owned the buildings for four years."It was originally built as the headquarters for Steak & Ale Restaurants in the 1980s," said Reserve Capital's Brant Landry. "We started a private equity fund that closed about 90 days ago and this is our first purchase."Landry said Reserve Capital plans to purchase about $300 million in industrial, office and self-storage buildings.He said one of the tenants in the Hidden Grove building has moved out, which gives the new owner and opportunity to remodel and marketing the building to other tenants."We have a value add fund," Landry said. "We are going to rent that space and do some improvements."It's a great location and that whole area is booming."Landry said the office campus is next door to the White Rock Trail and has outdoor areas for the business tenants."It's a very unique office building - thee are not many like it in North Texas."John Alvarado at CBRE brokered the sale of the building with Nora Hogan at Transwestern.Landry said the Reserve Capital fund is already lining up other acquisitions."We have two other deals under contract - one in Florida and another building in Dallas," he said. "We've made offers on office buildings in San Antonio."Landry founded the investment company with partners Clint Riley and Greg Seitz.  Continue reading...