DALLAS – CBRE’s Capital Markets Office Investment Group announces the sale of Canal Centre, a Class A office property in Las Colinas’ Urban Center. Canal Centre is comprised of a recently redeveloped, 10-story office building with 238,051 rentable square feet and a six-story parking garage.
“Canal Centre offered investors a favorable balance of long-term, in-place leases and multiple compelling opportunities for future income growth,” said Mackey, Senior Vice President of CBRE. “Its location within a steadily improving submarket is also advantageous as Class A occupancy and rents within Las Colinas continue to trend upwards.”
Canal Centre is strategically positioned at the heart of the Urban Center within Las Colinas. As the third-largest employment center in North Texas, Las Colinas is home to 8,500 businesses, including 50 Fortune 500 companies, five Fortune 500 global headquarters and 100 multi-national companies.
With the acquisition of Canal Centre, Libitzky Property Companies and its Texas affiliate, Sunwest Real Estate Group, now own and operate nine properties encompassing 1.1 million square feet in the Dallas area. Given the continued strength of the DFW office market and the great success they have had, Libitzky and Sunwest intend to continue to increase their portfolio here.