The Deal: In a much-anticipated transaction, a fund affiliated with Los Angeles-based CBRE Global Investors has closed on the Galleria Towers — a three-building, Class A office complex in North Dallas.
Location: 13355, 13455 and 13155 Noel Road adjacent to the Galleria Mall
Square Feet: 1.4 million
Seller: Gary Carr, Robert Hill, John Alvarado, and Eric Mackey of CBRE represented the seller, California-based Cannon Commercial Inc., which purchased the property for more than $300 million in 2008.
Background: CBRE Strategic Partners U.S. Value 7 LP, which has more than $1.3 billion in equity commitments, acquired the property. The deal was estimated at more than $300 million, according to real estate sources. The fund plans to immediately begin a multimillion-dollar renovation to lure office tenants. Once Dallas-based FedEx Office leaves about 200,000 square feet within Three Galleria Tower this month, the complex will be 60 percent occupied.