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A partnership consisting of GlenStar and Singerman Real Estate acquired The Terrace at Solana, a 1.1M SF office campus in suburban Westlake.
The partnership nabbed an eight-building office campus at 1500 Solana Blvd., as well as a neighboring 20-acre office development site and the Larry North-operated Solana Fitness Club nearby. The purchase includes six 125K SF five-story buildings, a three-story 129K SF property and a 309K SF six-story building.
Developer GlenStar doubled its Dallas portfolio through this acquisition, while this is SRE's first deal in DFW.
The joint venture’s substantial investment in the Tarrant County community of Westlake comes at a time when Dallas-Fort Worth remains an attractive hub for corporate relocation activity.
“The overall leasing velocity Dallas has experienced over the last several years, including at the Terrace properties specifically, was attractive,” SRE principal Kiley Stevenson said in a statement. “We believe in the long-term growth of the immediate area and are excited about the investment. To be working with a high-caliber firm like GlenStar on what will be a major renovation is especially exciting.”
GlenStar and Singerman plan to inject capital into the office campus to ensure its remains a high-value asset in the marketplace. That includes adding a conference center, a café, a fitness center, a tenant lounge, a patio and an entertainment space within Building 7.
The Terrace at Solana is part of the 233-acre Solana master-planned development in Westlake.
JLL will continue to handle leasing activity for the office development.
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