Investment Firm Enters New Asset Class with Purchase
May 25, 2022 – DALLAS, TX – Kennington Commercial, a real estate investment and management firm located in Dallas, Texas, announces the acquisition of 17110 North Dallas Parkway, a Class B+ office property in Dallas. The 57,000 square foot 2-story building is 79% leased, anchored by a strong base of medical and professional services occupancy.
The office building, located on the north access road adjacent to the Dallas North Tollway within the Bent Tree and Preston Trails areas of North Dallas, complements Kennington Commercial’s portfolio that includes a strategic variety of high end industrial, retail and office/flex assets. Tom Strohbehn and Scot Farber of Younger Partners represented the seller, Gutow Company, a commercial real estate development and investment company also based in Dallas.
“This acquisition was the final phase of a 1031 exchange and was the diversification we were looking for to add to our portfolio,” says Clayton Kennington, principal with Kennington Commercial, which has been active in the market, recently selling an eleven-building industrial portfolio in Addison and Carrollton, Texas and acquiring two office/flex properties in the Waters Ridge/Lewisville submarket. “We are pleased to offer an office option that will receive similar upgrades to the rest of our portfolio, improving this asset to the Kennington Commercial standard our tenants expect.”
Kennington Commercial was recently awarded a Community Revitalization Award by the Richardson City Council for renovation work done on the Campbell Creative Center property within its portfolio and manages each of its owned properties with white-glove service. This transaction is a return to acquisition of an asset in the city of Dallas for the Kennington family, which sold its last Dallas investment asset almost 25 years ago.
Laura Dobbs Verden