BENTLEYFORBES COMPLETES APPROXIMATELY $50
MILLION ACQUISITION OF PARK CENTER OFFICE BUILDING IN DALLAS SUBMARKET
OF PLANO
Five-Story, 236,000-Square-Foot Suburban Class A Office Building is 100-Percent
Leased to 26 Tenants; Acquisition Adds Seventh Building to Company’s
Metroplex Portfolio DALLAS (Dec. 23, 2005) – BentleyForbes, a national commercial real estate investment and operating company, completed the approximately $50 million acquisition of Park Center, a 236,000-square-foot Class A office building in the North Dallas submarket of Plano, TX, announced David W. Cobb, the company’s president and CEO. The acquisition marks the seventh property added to the Dallas Metroplex portfolio of BentleyForbes, which also includes other holdings in the Preston Center, Arlington and North Dallas submarkets. The company owns and operates commercial real estate assets on the national level, with properties located across the nation in major MSAs and submarkets that include Washington D.C., Los Angeles, Dallas, Sacramento and Indianapolis. "BentleyForbes has established a strong market position throughout the Dallas Metroplex, focusing on the acquisition of signature assets in the region’s best submarkets," said Cobb. "The company has been very selective in its choice of assets and has invested in both multi-tenant and single tenant properties during 2005, with six total buildings acquired during the year in the Class A office category. Park Center is an extremely well constructed office building featuring high quality finishes and a strong tenant base. BentleyForbes is pleased to make this solid addition to our regional portfolio." BentleyForbes acquired the building from North American Properties. Eastdil Realty Company represented the seller in the transaction. BentleyForbes has assigned leasing and property management responsibilities for Park Center to CAPSTAR Commercial Real Estate Services. "Park Center is just another example of the ‘focus
on quality’ BentleyForbes is achieving as an active investor
across the nation," said C. Frederick Wehba II, vice chairman and
co-founder of privately-held BentleyForbes. "When we founded the
company in 1993, we focused more on single-tenant transactions and
emphasized the credit rating of that company over the residual real
estate value of the physical asset. Since 2000, the company has focused
on diversifying its portfolio to include a heightened focus on the
value of the actual real estate assets, and started including multi-tenant
assets located in top MSA or regional submarkets in our investment
strategies. Since that time we have been emphasizing signature, Class
A trophy properties as acquisition targets. " |
