A Dallas investor has snapped up two office and industrial buildings in a Lewisville business park.
The Waters Ridge Tech II and III buildings contain over 100,000 square feet of retail space and are located near Interstate 35E.
Investor Kennington Commercial purchased the buildings from Libitzky Property. Terms of the sale were not disclosed.
“This was an opportunity to add a pair of assets with established tenants to our investment and property management portfolios,” Clayton Kennington, director of Kennington Commercial, said in a statement. “We are delighted to expand our footprint in the Waters Ridge submarket for the first time, continuing our strategy to improve the quality of properties in our legacy portfolio.”
Both buildings were built in 2001 and 2002.
Tom Strohbehn and Scot Farber of Younger Partners brokered the sale. And Northmarq’s Charlie Robinson arranged financing for the purchase with Genworth Life Insurance Co. of New York.
The purchase follows Kennington Commercial’s recent sale of an industrial portfolio of nine buildings in Addison and Carrollton.
Kennington Commercial has over 1 million square feet of space in 40 Dallas-area industrial, office and retail properties.