Cushman & Wakefield represented Momentum Commercial Realty in the disposition of an 80-building office portfolio totaling more than 2.26 million square feet. The buildings are located across the Dallas-Fort Worth metropolitan area but are primarily concentrated in the Richardson, Plano, Addison, Garland, Quorum/Bent Tree and Allen, Texas, real estate submarkets.
Jud Clements, Robby Rieke, Taylor Starnes and Macki McKim of Cushman & Wakefield’s Industrial and Office Capital Markets Team represented the seller. The portfolio was sold to CIP Real Estate, a real estate investment and management company.
The portfolio buildings are located in some of the most centrally located infill submarkets in D-FW. The portfolio features 1.76 million square feet of light industrial across 61 buildings. The portfolio offered an opportunity to gain immediate scale in Dallas-Fort Worth, with the largest concentrations located in the Richardson, Plano and Metro Addison submarkets. The remainder of the portfolio consisted of office properties primarily located along the North Central Expressway and Dallas North Tollway corridors.
The portfolio was amassed by Momentum Commercial Realty’s Roy Greenberg and Bryan Lurie over a 25-year period. The portfolio was the totality of Momentum’s real estate holdings in the Dallas-Fort Worth metroplex.
The offering represented an opportunity to acquire a portfolio with near-total barriers to new competition, outstanding tenant retention, broad multi-tenant diversity and a strong current cash flow. Additionally, the portfolio offered incredible upside potential through below-market in-place rents, the lease-up of the existing vacancy and potential user sales over the hold period.