Bradford Companies sees potential in an outdated office building in Far North Dallas.
The Dallas-based firm, led by CEO Kevin Santaularia, purchased the 139,600-square-foot Bent Tree Green, at 17300 North Dallas Parkway, from Houston-based Silver Star Properties REIT, the Dallas Business Journal reported. The property overlooks the Bent Tree Country Club.
While the sale price was not disclosed, Harmony Bank provided a $9 million loan to help fund the acquisition. The loan amount comes to $64 per square foot. JLL marketed the site.
Bradford aims to invest $9.6 to renovate the property, which is just 60 percent leased. That’s considerably lower than the Dallas-Fort Worth average of about 79 percent, according to Cushman & Wakefield. The property is valued at $10.7 million, according to the Dallas Central Appraisal District.
“The building truly is under-leased and under-managed for that submarket,” Bradford’s Richmond Collinsworth told the outlet. “We are planning to restore the bar on Bent Tree Green’s image in the marketplace.”
As part of the overhaul, Bradford aims to establish an office within the building, catering to clients in North Dallas, Plano and Frisco. Renovation plan also call for the addition of a fitness center, outdoor tenant lounge, putting green and speculative suites. There will be upgrades to the energy management system, chillers, cooling towers and security features.
There have been minimal office sales in Dallas-Fort Worth since last year amid high interest rates, tough lending standards and stubborn remote-work trends that have driven up vacancies and caused property values to plummet. Some DFW office properties to change hands this year include the 211 North Ervay Street in downtown Dallas and 4200 Regent Boulevard in Irving.
Silver Star, meanwhile, has been on a selling spree to remedy its financial troubles since last year, when Hartman SPE, a Silver Star subsidiary, filed for bankruptcy. In DFW, the firm has sold the 170,000-square-foot Westway One in Irving, the 10-story North Central Plaza I in North Dallas and the 15-story Gateway Tower in North Dallas.
—Quinn Donoghue