News
DFW SALES PICKING UP
October 28, 2010
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| While reported transaction volume remained well below the DFW market’s historic average, trading has picked up in recent quarters, according to data from CoStar Group. Transaction volume through the first three quarters totaled $216M, far short of the $1.3B that the metro averaged annually from 2004–07, but still more than twice the $91M that was traded in 2009. The majority of deals were made by investors pouncing on discounted pricing. Toronto-based Brookfield Asset Management paid $16M for the vacant Two Addison Circle on the Dallas North Tollway. Wachovia foreclosed on the 200k SF building in October 2009, and foreclosure records show the original loan on the development totaled about $40M. Across the Metroplex, CBRE Investors purchased a four-office portfolio in Preston Center from Capri Commons for $180/SF, a 22% discount from the last time the properties sold in 2005, when BentleyForbes bought the buildings for $230/SF. Although trading is undoubtedly on the upswing, the degree of increased activity remains somewhat obscured by incomplete pricing data, CoStar says. Because Texas is a nondisclosure state, total sales volume may be understated. |
