CBRE Investment Management Closes $66.3 Million Mortgage Loan for Dallas Office Campus
15 Nov 2021
A fund sponsored by CBRE Investment Management closed on a $66.3 million mortgage loan to facilitate Albany Road Real Estate Partners’ acquisition of a 366,000-square-foot office campus in Dallas. The floating rate loan has an initial term of three years and can extend up to an additional two years.
The Class A office and retail campus, known as The Plaza at Solana, spans three separate buildings in Dallas’ Southlake/Westlake submarket. The property includes approximately 345,000 square feet of office space and 21,000 square feet of neighborhood retail, which includes three restaurants and outdoor landscaped greenspace with mature trees and foliage.
“This loan provided our team with an opportunity to lend on a strong-performing office asset in a dynamic and evolving submarket at an attractive basis,”said Nick Ito, Managing Director for CBRE Investment Management.“Albany Road’s demonstrated experience in the market, focused capital improvement plan and strong local submarket fundamentals made this an exceptional investment for our platform. We look forward to financing additional transactions with both JLL and Albany Road Real Estate Partners.”
Cullen Aderhold of JLL arranged the loan on behalf of Albany Road Real Estate Partners.
“JLL did an outstanding job securing the financing for us and we are thrilled to be working with CBRE Investment Management on our acquisition of Solana. They were engaged from the beginning and quickly understood the project and the business plan,” said Merrick Egan, Managing Director for Albany Road.
The Plaza at Solana was recently renovated and was originally designed by award-winning architect Ricardo Legorreta.
Situated at 1301 Solana Boulevard, the property is easily accessible via Texas State Highway 114, which provides excellent access to the Dallas/Fort Worth International Airport and the Fort Worth Alliance Airport. In addition to the on-site retail, The Plaza at Solana also benefits from its proximity to major retail amenities just four miles away in Southlake, Texas.
CBRE Investment Management is a leading global real assets investment management firm with $133.1 billion in assets under management* as of September 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2020 revenue). CBRE has more than 100,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the assets under management, fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.