The Deal Sheet
One of Billingsley Co’s first office acquisitions in Dallas—the 255k SF Gramercy Center—was sold to CapRidge Partners for $31M. So we can only assume Lucy Billingsley's resolutions included making some deals. (Commendable, considering we've already broken and forgotten ours.)
The building was sold in partnership with Stockbridge Real Estate. Billingsley SVP of investments and build-to-suits Marijke Lantz tells us Billingsley "made several immediate, impactful changes in the interior space to apply the Billingsley Co ‘stamp.’" (We imagine it must look like a giant, cattle branding iron.) At the same time, it was able capture a large tenant: Wingspan Portfolio Advisors took down the entire south building.
The two-building property (at 18451 and 18581 North Dallas Pkwy, on a 20-acre site in Dallas’ Upper Tollway submarket) was developed in 1999 and extensively renovated in 2012. The buildings were 79% occupied at closing. A portion of the loan proceeds will be used for targeted upgrades to the building’s exteriors as well as funding TIs and leasing costs to stabilize the asset. With strong in-place cash flow and minimal near-term rollover, CapRidge plans to stabilize the property by leveraging the upper Tollway market strength and the improving economy of the Metroplex, says Mesa West’s Jason Bressler, who originated the financing. The financing was brokered by HFF’s Andy Scott and Jim Curtin.