Investment Firm Enters New Submarket with Purchase of Two Class A Assets.
February 9, 2022 – DALLAS, TX – Kennington Commercial, a real estate investment and management firm located in Dallas, Texas, announces the acquisition of Waters Ridge Tech II and Waters Ridge Tech III, a pair of Class A office/flex properties in Lewisville, Texas. The assets include a combined 108,433 square feet of rentable space.
The properties were part of a four-building portfolio located in the thriving Waters Ridge submarket, one of the preferred submarkets for corporate tenancy in the northern Dallas suburbs. Tom Strohbehn and Scot Farber of Younger Partners represented the seller, Libitzky Property Companies, which specializes in the acquisition and operation of large industrial and office projects in eight states. Financing was provided by Charlie Robinson of Northmarq with the lender Genworth Life Insurance Company of New York.
“This was an opportunity to add a pair of assets with established tenants to our investment and property management portfolios,” says Clayton Kennington, principal with Kennington Commercial. “We are pleased to expand our footprint into the Waters Ridge submarket for the first time, a continuation of our strategy to increase the quality of properties within our legacy portfolio.”
Kennington Commercial recently sold a nine-building industrial portfolio of Class B assets in Addison and Carrollton, Texas. Waters Ridge Tech Center II, built in 2001 and located at 1965 Lakepoint Drive, is a 33,346 square foot office/flex building currently leased by two long-term tenants. Waters Ridge Tech Center III, built in 2002 at 1825 Lakeway Drive, currently has five long-term tenants occupying 70,016 square feet of the 75,087 square foot office/flex facility. The properties are situated near the intersection of SH 121 and I-35 just south of Lake Lewisville.
Laura Dobbs Verden