Quadrant Investment Properties has purchased its third office building in the Uptown/Turtle Creek submarket. QIP acquired Park Creek Place, a 13-story, 112k SF office building at 3625 North Hall St. QIP will "cross-amenitize" with its adjacent property, The Centrum. QIP acquired The Centrum, which is undergoing a $25M renovation, in December 2014.
Park Creek Place is 90% leased and includes anchor tenants Moroch & Associates and CCRD. This is the eighth acquisition for QIP and the third in the Uptown/Turtle Creek submarket.
QIP will renovate Park Creek Place's lobby and upgrade amenities, exterior landscaping and spec suites. Park Creek Place tenants will have access to The Centrum's 6k SF fitness center and 8k SF amenity area with a conference room, lounge and deck.
QIP targets value-add office and industrial opportunities in Texas and the southwestern US. Transwestern's Kim Brooks, Fletcher Cordell and Nathan Durham will lease the project. Cushman & Wakefield's Beth Lambert and Diego Arroyave repped the seller and procured the financing for the asset.
