Acram Group announced today that it has acquired Spectrum Center for $114.3 million, or approximately $185 per square foot, from Granite Properties. The transaction is a joint venture between Acram Group and Oak Hill Advisors (“OHA”). The 614,000 square foot, Class A office building consisting of two 12-story towers is located in the Lower Tollway submarket of North Dallas.
With this acquisition, Acram Group, which owns and manages over 4 million square feet of real estate assets and a 1.5 million square foot development pipeline throughout the United States, continues to strategically expand its footprint in Texas. Acram Group now owns and manages over 1.0 million square feet in Dallas. The recent addition of Britton Wells, formerly of Invesco, as Director of Investments in its Dallas office, showcases Acram Group’s commitment to expanding its portfolio throughout Texas and Colorado.
Matt Cassin, Managing Principal of Acram Group, commented, “This property presents a very promising investment opportunity with an attractive cost basis, highly visible location at the corner of Dallas North Tollway and Beltline Road, and great physical attributes that provide the ability to truly transform the property into one of the lower tollway’s most desirable office properties. Our robust capital plan will include a large-scale indoor and outdoor re-imaging of Spectrum Center to include lobby upgrades, new modern outdoor spaces and provide an updated and enhanced amenity program for the property to cater to the changing needs of today’s office tenant.” Cassin added, “We are truly excited to be partnering with OHA on another transaction.”
The acquisition financing on this transaction was provided by Rialto Capital Management while a Dallas based JLL Capital Markets, Americas team led by Jim Curtin and Ryan Pollack advised the buyer.
The seller, Granite Properties, was advised by Todd Savage of JLL Capital Markets, Americas.