Office portfolio in Irving, TX bought by Brookwood Financial Partners for $54.5m

Brookwood Financial Partners has acquired the MacArthur portfolio in the Las Colinas submarket of Irving, TX. for $54.5 million. The 488,287 sqf Portfolio is comprised of one Class A and two Class B multi-tenant office buildings which are currently 95.4 percent leased. Brookwood plans to invest approximately $8.7 million to upgrade the assets by adding a new café, conference center and fitness facility, remodeling the building lobbies, and constructing an additional parking lot adjacent to the three buildings.

“What attracted us to the portfolio was the opportunity to create immediate value by leasing the vacancy to be created by the departure of One Source from MacArthur I,” said stated Thomas W. Brown, Brookwood’s President and Director of Real Estate Acquisitions. “The continued improving market coupled with the significant improvements we will be making to the portfolio, and the increased parking ratios, should allow us to achieve higher rental rates from new tenants.”