DALLAS – February 23, 2015 – CBRE Capital Markets announces the sale of Canal Centre, a highly visible Class A office property located within Las Colinas’ dynamic Urban Center. Canal Centre is comprised of a recently redeveloped, 10-story office building with 238,051 rentable square feet and a six-story parking garage.
“Canal Centre offered investors a favorable balance of long-term, in-place leases and multiple compelling opportunities for future income growth,” said Mackey, Senior Vice President of CBRE. “Its location within a steadily improving submarket is also advantageous as Class A occupancy and rents within Las Colinas continue to trend upwards.”
Canal Centre is strategically positioned at the heart of the Urban Center within Las Colinas, a master-planned community that is highly regarded for its progressive business climate and superior infrastructure. As the third-largest employment center in North Texas, Las Colinas is home to 8,500 businesses, including 50 Fortune 500 companies, five Fortune 500 global headquarters and roughly 100 multi-national companies.
The long-term performance of this submarket will be bolstered by its desirability among regional, national and international companies, which are drawn to the area by its proximity to DFW Airport, abundance of quality housing, and wealth of amenities. With the sustained demand for a Las Colinas address among businesses and residents, this submarket continues to experience one of its most significant development cycles with projects that are either under construction or in the planning stages totaling more than $6 billion.
With the acquisition of Canal Centre, Libitzky Property Companies and its Texas affiliate, Sunwest Real Estate Group, now own and operate nine properties encompassing 1.1 million square feet in the Dallas area. Given the continued strength of the DFW office market and the great success they have had, Libitzky and Sunwest intend to continue to increase their portfolio here.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.