As reported in Dallas Business Journal by Ryan Salchert
Boston-based Albany Road Real Estate Partners has bought two 12-story office buildings by Dallas’ Love Field.
Though no purchase price was given, the 448,000-square-foot Mockingbird Towers were last assessed for $13 million by the Dallas Central Appraisal District. The office towers were sold by Dallas-based Caddo Holdings, which had owned them since 2015. Caddo had completed $6 million worth of renovations on the property before selling it.
TXRE Properties will be leasing Mockingbird Towers on behalf of Albany Road. The new owners plan on updating common areas, restrooms and will start 25,000 square feet of move-in ready spec suites ranging from 2,500 to 7,000 square feet, said TXRE’s Kolby Dickerson. Located at 1341 W. Mockingbird Lane, the property was built in 1970.
Albany Road owns office, industrial and retail properties in 11 states, including more buildings in Texas. Aside from a flex property in San Antonio, the company also owns the 168,200-square-foot Hillcrest Tower in Dallas and a 412,520- square-foot office portfolio in Arlington.
Correction/Clarification – An earlier version of this story said Caddo Holdings still owns five other properties in Dallas. The company no longer owns those properties.