Reserve Capital Partners’ newest acquisition is an office property on a corner “surrounded by decision makers.”
The Dallas real estate equity fund announced this week it purchased Denari Office Park, made up of three buildings at 15150, 6009 and 6029 Preston Road, for an undisclosed price. The 111,286-square-foot complex is 70 percent leased with 20 tenants.
“The building appeals to a smaller tenant market,” said Greg Seitz, a partner with Reserve. “The reason we like the location is the surrounding demographic of decision makers around the building, and that’s who’s historically been in the building.”
The transaction is Reserve’s third in the last six months. It also owns Hidden Grove, a Dallas office park with tenants like Pollo Campero and Studio Movie Grill, as well as the GE Transportation Building in Melbourne, Florida.
Reserve is rebranding its newest holding as Preston Grove, and has hired Holt Lunsford to help lease the property’s remaining space, catering to small businesses and medical offices.
“We should offer a good value attraction for the location and B-plus offices in that location,” added Clint Riley, a partner with Reserve.
Southlake’s Trinity Private Equity Group partnered with Reserve to acquire the property and worked with the firm to purchase Hidden Grove. Ron Hebert, first vice president of investment with Marcus & Millichap represented the owner in the Preston Grove transaction.