July 11, 2018
Innovatus Capital Partners Announces Acquisition of Frisco Bridges Place in Far North Dallas
Property Located Along Premier “$5 Billion Mile” Stretch of Dallas North Tollway
Purchase Marks the Third Property Investment by Innovatus Capital Partners, LLC
New York – July 11, 2018 – Innovatus Capital Partners, LLC (“Innovatus” or the “Firm”), an independent adviser and portfolio management firm with approximately $1.6 billion in assets under management, today announced it has acquired Frisco Bridges Place (the “Property”), a 163,923 square-foot office building in Frisco, TX.
Located in the premier Far North Dallas submarket, the Property is situated along the “$5 Billion Mile” stretch of the Dallas North Tollway, home to a number of corporate and regional headquarters, as well as multi-use residential, retail, hotel and entertainment developments. Currently 93 percent-leased to 23 tenants, the six-story, Class A office building at 2600 North Dallas Parkway features structured parking, frontage and direct access to the Dallas North Tollway. The Firm plans to implement operational efficiency initiatives to reduce the Property’s overall costs, while providing enhancements to its amenity space, including planned upgrades to the on-site fitness center and café. Lincoln Property Company has assumed the leasing and property management services for the Property.
The Frisco Bridges transaction is the third commercial real estate investment for Innovatus, with the three properties currently valued in excess of $140.0 million. The Firm intends to expand its real estate holdings over the next 24 months to exceed $1.0 billion, with a continued focus on Class A suburban office and other high-quality real estate opportunities supported by population growth, strong real estate trends and positive economic outlooks.
“Far North Dallas has established itself as a clear leader in job growth and creation in the burgeoning Dallas Fort Worth region,” said Bradley Seiden, Managing Director - Real Estate - suburban office and multi-family. “Acquiring a high-caliber asset like Frisco Bridges Place in a flourishing suburban market exemplifies our strategic focus. We look forward to leveraging our team’s comprehensive financial and operational expertise to drive improvements for our tenants and significant returns for our investors.”
Today, Dallas boasts the sixth-largest economy in the United States and has the largest concentration of corporate headquarters in the country with more than 10,000.
About Innovatus Capital Partners, LLC
Innovatus adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. The firm has a dedicated team of real estate investment professionals with deep experience in commercial real estate acquisitions, recapitalizations and asset management across core-plus and opportunistic real estate investments amongst all property types including office, retail, hotel, medical, industrial and warehouse. Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases. Further information can be found at innovatuscp.com.
About Lincoln Property Company
Lincoln Property Company is one of the largest and most diversified real estate companies in the United States, offering a comprehensive suite of value-added services for its clients, including asset and property management, construction management, development and build-to-suit services, investments / acquisitions, and landlord representation. Lincoln is highly regarded within the real estate community and among its clientele: investors, lenders, tenants, and owners of commercial real estate. Additionally, its experienced team and ownership mentality uniquely position Lincoln as one of the most trusted real
estate partners among institutional real estate investors. Lincoln's commercial group has developed more than 130 million square feet of commercial space and currently manages over 170 million square feet of space across the United States.
CONTACT
Jonathan Keehner / Julie Oakes / Kate Clark
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
joakes@joelefrank.com