Regions Southwest | Dallas
Dec 18, 2007
By: Eugene Gilligan, Senior Hotel Editor
The Mindlin Cos. has acquired the 196,000-square-foot, 13-story Woodview office tower in Dallas from TA Realty for an undisclosed price.
The firm will undertake a comprehensive upgrade to building systems, and said it will undertake an aggressive management and leasing program of the property (pictured), which is now 48 percent occupied.
“We see Dallas as a growth market, and not overly dependent on the oil industry,” said Bradley Mindlin, principal of The Mindlin Cos. Nationwide investors are increasingly attracted to Dallas, but office buildings there are still selling at significantly lower rates than New York or Los Angeles properties, he said.
Some fundamental steps will be taken to boost the building’s occupancy, including the addition of onsite leasing personnel, which it did not have under previous ownership. And since the building is on an elevation and near U.S. 35E, a major thoroughfare, Mindlin said he sees the opportunity to place banners on the building advertising office space.
Woodview is only about a three minute drive from the Love Field airport, and Mindlin said that proximity will be important in the future. Due to the 2006 repeal of the Wright Amendment, which restricted air traffic at Love Field, air travelers have a growing number of flight options there. In addition, Love Field is Southwest Airlines’ main hub in Dallas-Fort Worth. Mindlin said he soon wants to capitalize on this proximity by initiating a car service from the building to Love Field.
Darby Real Estate Services, a Mindlin subsidiary, will perform onsite leasing and building management functions. Scot Farber and Tom Strohbehn of Grubb & Ellis Co. represented both parties in the sale transaction. Kirk Malmrose of TriSail Capital Corp., a division of Bank of America, provided financing, with loan brokerage services performed by Brian Eisner of George Elkins Mortgage Banking.
By: Eugene Gilligan, Senior Hotel Editor
The Mindlin Cos. has acquired the 196,000-square-foot, 13-story Woodview office tower in Dallas from TA Realty for an undisclosed price. The firm will undertake a comprehensive upgrade to building systems, and said it will undertake an aggressive management and leasing program of the property (pictured), which is now 48 percent occupied.
“We see Dallas as a growth market, and not overly dependent on the oil industry,” said Bradley Mindlin, principal of The Mindlin Cos. Nationwide investors are increasingly attracted to Dallas, but office buildings there are still selling at significantly lower rates than New York or Los Angeles properties, he said.
Some fundamental steps will be taken to boost the building’s occupancy, including the addition of onsite leasing personnel, which it did not have under previous ownership. And since the building is on an elevation and near U.S. 35E, a major thoroughfare, Mindlin said he sees the opportunity to place banners on the building advertising office space.
Woodview is only about a three minute drive from the Love Field airport, and Mindlin said that proximity will be important in the future. Due to the 2006 repeal of the Wright Amendment, which restricted air traffic at Love Field, air travelers have a growing number of flight options there. In addition, Love Field is Southwest Airlines’ main hub in Dallas-Fort Worth. Mindlin said he soon wants to capitalize on this proximity by initiating a car service from the building to Love Field.
Darby Real Estate Services, a Mindlin subsidiary, will perform onsite leasing and building management functions. Scot Farber and Tom Strohbehn of Grubb & Ellis Co. represented both parties in the sale transaction. Kirk Malmrose of TriSail Capital Corp., a division of Bank of America, provided financing, with loan brokerage services performed by Brian Eisner of George Elkins Mortgage Banking.
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