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Austin investment firm buys Las Colinas office building
07:58 AM CST on Thursday, December 24, 2009
An Austin investor has purchased an office building in Las Colinas. Capital Commercial Investments Inc. bought the 100 E. Royal Lane property from a mortgage servicing firm that had it for several years.
The 13-year-old commercial complex is about 58 percent leased, according Eric Mackey of CB Richard Ellis.
"The buyer's play with the purchase is to lease the building up and add value," said Mackey, who worked on the sale with CB Richard Ellis brokers Gary Carr and Russell Ingrum.
The building is next to the Studios at Las Colinas complex and is leased to multiple tenants.
Seller Orix Capital Markets acquired the property through foreclosure. Terms of the current sale were not disclosed.
Mackey said Capital Commercial paid cash for the property. "They already own several other projects in the Dallas area," he said.
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