| Europe,
U.S. investors buy tower ARLINGTON
-- The planned Cowboys stadium may be
good for property values.
A group of international investors has
bought the eight-story Skymark Tower at
Interstate 30 and North Cooper Street,
expecting that the nearby stadium and
other institutions will increase occupancy
and lease rates.
The new owners are London-based Strategic
Real Estate Advisors, on behalf of three
investors from Florida, Switzerland and
London, according to deed records. They
purchased the building from U.S. Office
Holdings, said Brad Thornburg, director
of capital markets in Cushman & Wakefield's
Addison office. U.S. Office Holdings is
a partnership of Georgia-based Blue Capital
Investments, according to public documents.
"Their approach is they are looking
for best-in-class properties that are
perceived as the top two or three buildings
in its market," Thornburg said.
The new owners were particularly impressed
with the building's proximity to the University
of Texas at Arlington, Ameriquest Field
in Arlington and the Cowboys stadium under
construction.
The purchase price was $12.35 million,
according to Strategic Real Estate Advisors,
which will continue to manage the property.
The London company expects rental growth
with the property "as Arlington expands
as a major hub for sports and entertainment,"
Managing Director Jeremy Gates said in
a statement.
"In addition, opportunities for
future retail development exist on vacant
land acquired as part of the transaction,"
Gates said.
"It's a unique architectural design,"
Cherry said. "Everybody knows it
-- the pyramid at Cooper and I-30."
|
