Three-Building Package Sells in North Dallas

DALLAS-Jarvis Properties has increased its commercial portfolio with the purchase of three class B buildings in North Dallas.

The all-cash deal closed at well north of $1 million, Tom Lynn, president of corporate services at Robert Lynn Co. in Dallas, tells GlobeSt.com. Jarvis acquired the buildings from a Dallas-based private investor. The closing was sealed at a double-digit cap rate. “It was under the radar screen, and it happened very quickly,” says Lynn, the buyer’s broker. “That’s unusual. The properties were not being actively marketed.”

Lynn characterized North Dallas as one of the tighter submarkets in the region, boasting very low vacancy rates among commercial offerings. The 20,000-sf, single-story buildings were fully leased with one tenant apiece at closing. Two buildings are located along Gardenbrook Road and Towerwood Street in Carrollton while a third is along Merrill Road in Dallas. The price per sf hovered in the upper-$30 range.

The early-1980s’ structures feature a 15% office finish, standard for that submarket, Lynn adds. The buildings are presently used for service and light manufacturing. Debra Spears, director of property management at Dallas-based Jackson-Shaw Co., represented the seller.