Acram Group today announced that it has acquired Spectrum Center for $114.3 million, or approximately $185 per square foot, from Granite Properties. The transaction is a joint venture between Acram Group and Oak Hill Advisors (“OHA”). The 614,000 square foot Class A office building consisting of two 12-story towers is located in North Dallas’ Lower Tollway submarket.
With this acquisition, Acram Group, which owns and manages more than 4 million square feet of real estate assets and a 1.5 million square foot development pipeline across the United States, continues to strategically expand its presence in Texas. Acram Group now owns and manages over 1.0 million square feet in Dallas. The recent addition of Britton Wells, formerly of Invesco, as chief investment officer in its Dallas office illustrates Acram Group’s commitment to expanding its portfolio across Texas and Colorado.
Matt Cassin, Acram Group Managing Director, commented: “This property presents a very promising investment opportunity with an attractive cost base, a highly visible location at the corner of Dallas North Tollway and Beltline Road, and great physical attributes that offer the opportunity to truly transform the property into one of the most sought after office properties on the lower turnpike. Our robust capital plan will include a large-scale interior and exterior reimagining of the Spectrum Center to include improvements to the lobby, new modern exterior spaces, and will provide an updated and improved development program for the property to meet the changing needs of today’s office tenant. Cassin added, “We’re really excited to partner with OHA on another transaction.”
Acquisition financing for this transaction was provided by Rialto Capital Management while a Dallas-based JLL Capital Markets, Americas team led by Jim Curtin and Ryan Pollack advised the buyer.
The seller, Granite Properties, was advised by Todd Savage of JLL Capital Markets, Americas.
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