A Florida-based investor has purchased an Irving business park.
Savlan Capital acquired Commerce Park, a 179,049 square foot multi-tenant industrial project near Dallas/Fort Worth International Airport in Irving.
The 13.3-acre campus near State Highway 114 is almost 90 percent leased. The new owners plan to spend about $1.25 million upgrading the property, which was built in 1984.
“Commerce Park represents a great opportunity to acquire a property in the DFW Airport market, arguably the strongest industrial and job-creating market in the country, with great income and significantly below replacement cost,” Savlan Capital’s chief executive officer Zusha Tenenbaum said in a statement. “The asset aligns perfectly with Savlan Capital’s long term goals of acquiring stabilized, multi-tenant business parks that produce above-market cash flow and a strong projected value-add component while minimizing risk.”
The investor said it bought the property at 60 percent below replacement value. Terms of the purchase were not disclosed.
The Irving acquisition is the fourth purchase Savlan Capital has made in the past 12 months.
Director of acquisitions Yossi Edelkopf said renovations to Commerce Park will begin after the first of the year.
“We plan to target the common areas, the exterior of the buildings, new signage, landscaping improvements and re-do the parking lots,” he said. “Savlan Capital will continue to look to identify and acquire similar properties to Commerce Park to our portfolio in order to provide the yield, return and mitigated risk to our investors.”
The investor owns multi-tenant business parks, apartments and medical offices and is looking to buy more properties in Texas and the Southeast.