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Caddo Makes a Splash

Dallas-Ft. Worth
Caddo Makes a Splash
Caddo Holdings acquired its first  building—the Wells Fargo Tower in Lakewood—since forming in August 2009. It plans to pour more than $2M into improvements, principal Dustin Schilling tells us—then pour a cup of coffee at the Legal Grounds across the street.
 
Tim Slaughter, Stacey Davis and Dustin Schilling
Dustin, right, with Tim Slaughter and Caddo managing principal Stacey Davis at the Wells Fargo site at the juncture of Gaston and Abrams. He tells us plans include updating the landscaping, signage, and finishes. The Class B, 174k SF property was built in the late '70s, and Caddo acquired it for an undisclosed price from a NY seller that owned it since '07. Cohen Financial's Justin Engler arranged financing. Caddo is pursuing value-add office buildings like this one in Dallas, Houston, San Antonio, and Austin, Dustin says. Because of zoning and land constraints, he says new office buildings going up in the area is unlikely, making this a great long-term hold.
Wells Fargo Tower in Lakewood
The building is 63% occupied. The upgrades will help the building better fit the market and demographics for its East Dallas neighborhood near White  Rock Lake and the Arboretum, Dustin says. “This building sits right in the center of the Lakewood retail, and the income numbers are comparable to a Preston Center demographic with a lot of business owners living here.” He'll oversee leasing and plans to pursue smaller companies and area professionals. Stacey is developing strategies to better integrate the building into the surrounding neighborhoods. Block party, anyone?