HFF closes sale of Class A mixed-use development in Dallas, TX

 DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of Broadstone Parkway, (bottom left photo) a 331,473-square-foot, Class A mixed-use property in Dallas, Texas.

HFF managing director Roberto Casas (top left photo)  and senior managing director Bill Miller (middle right photo)  led the investment sales team exclusively on behalf of the seller, Bank of America. USAA Real Estate Company purchased the bank-owned property for an undisclosed price.

Completed in 2008, Broadstone Parkway has 333 residential units plus 40,070 square feet of retail space.

The residential units are 93.4% leased and are available in 10 different layouts averaging 875 square feet each.

Residents have access to community amenities including a fitness center, resort-style pool, movie lounge, internet café, outdoor grills and on-site garage parking.

The retail component is 42.4% leased. Broadstone Parkway is situated on a 7.4-acre site at 5005 Galleria Drive, adjacent to the LBJ Freeway and The Tollway interchange across from the Galleria Dallas.

“Due to the quality of the asset and location, Broadstone Parkway received a tremendous amount of interest during the marketing period. This is one of the first Class A bank-owned multi-housing deals of significance to hit the market which helped fuel investor interest,” said Casas.

USAA Real Estate Company, with over $5 billion of assets, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors.

 In addition, the company provides investment vehicles for domestic and foreign investors. The USAA portfolio consists of office, industrial, retail and hotel properties with annual volume transactions exceeding $3 billion.

USAA Real Estate Company is a subsidiary of USAA, which has served military families since 1922 and has become one of America’s leading financial services companies.

For more information about USAA Real Estate Company, visit http://www.usrealco.com/.


Contacts:

Bill Miller, HFF Senior Managing Director, (214) 265-0880bmiller@hfflp.com
Roberto Casas, HFF Managing Director, (214) 265-0880 rcasas@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500krmurphy@hfflp.com