Tuesday, August 12, 2008

Prime Income Asset Management purchases two North Dallas properties

By Pegasus News wire

DALLAS — Prime Income Asset Management, a Dallas-based advisory and management company to real estate and energy sector companies worldwide, officially announced that it closed on the Stanford Corporate Centre, a 13-story, 274,684-square-foot office building and land and the adjoining 63,000-square-foot Telos Fitness Center building and land, located in the Far North Dallas office corridor.

Photo not provided by Clear Channel, Prime Income Asset Mgmt

The Clear Channel tower, pictured, might be in line for a slight makeover

The acquisition of the Stanford Corporate Centre and Telos Fitness Center buildings and land, finalized in July 2008, gives Prime control of 20-acres of prime real estate on which it plans to build office towers, hotels and condominiums. Dallas-based NexBank syndicated a $26 million loan to fund the acquisition, and Morgan Stanley Real Estate was the seller.

Among Stanford Corporate Centre's largest tenants is AMFM Operating, Inc. (Clear Channel) and EnCana Oil & Gas, Inc., who encompass over half of the property's rentable square feet. CRC Insurance Services, Inc. and Premier Business Centers are among the tenant mix. Prime affiliate, Regis Property Management, LLC will manage the day to day operation of the building.

Also known as the Clear Channel building, Stanford Corporate Centre is located in Farmers Branch in the heart of the Dallas/Forth Worth Metroplex. It is located along the southern edge of the North Dallas Tollway, across from the Galleria shopping center and the Westin hotel, just north of the LBJ Freeway. Its neighbor to the north is the 15-story, 412,000-square-foot Centura Tower, which Prime also owns. The area where the buildings are located offers access to the City's premier commercial, residential, shopping, dining and entertainment centers. Stanford Corporate Centre, which includes a four-level parking structure with 1,005 parking spaces that are free to tenants, is currently 98% leased.

Source: Prime Income Asset Management

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