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Doug Agarwal Of Capital Commercial Investments Acquires Office Building From C. Brent Smith For $23M

Property Image
SOLD
$23,000,000

Texas

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Office315,000 SF
Sold 10/25/2024
the dealdetailscomps
Property Image
SOLD

Doug Agarwal Of Capital Commercial Investments Acquires Office Building From C. Brent Smith For $23M

750 West John W Carpenter Freeway

See Similar Deals
Office315,000 SF
Sold 10/25/2024
the dealdetailscomps

Summary

TEXAS
Asset Type:Office
Price Per Square Foot:$73
Total Square Footage:315,000 SF
Transaction Type:Sale

The property involved in the transaction is an office asset located at 750 West John Carpenter Freeway in Irving. It has a total square footage of 315,000 and was sold for $23,000,000, reflecting a price per square foot of $73.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $23,000,000
  • Square Footage: 315,000
  • Address: 750 West John Carpenter Freeway
  • Market: Irving
  • Buyer: Doug Agarwal - Capital Commercial Investments
  • Seller: C. Brent Smith - Piedmont Office Realty Trust
  • Price Per Square Foot: $73

Doug Agarwal represents Capital Commercial Investments, while C. Brent Smith represents Piedmont Office Realty Trust in this transaction. The buyer aims to enhance the value of the property, which has seen a significant reduction in its purchase price since 2016. The property currently has 46% occupancy, including CVS Health as a tenant.

Details

SOLD
IMAGE: Doug Agarwal & C. Brent Smith DATE: 10/25/2024 ADDRESS: 750 West John Carpenter Freeway MARKET: Irving ASSET TYPE: Office BUYER: Doug Agarwal - Capital Commercial Investments SELLER: C. Brent Smith - Piedmont Office Realty Trust SALE PRICE: $23,000,000 SF: 315,000 ~ PPSF: $73 NOTE: Piedmont Office Realty Trust sold its 315,000-square-foot Irving office building, formerly the CVS Health Tower, for $23 million — less than half of its 2016 purchase price of $49.6 million — to Capital Commercial Investments (CCI) in a value-add acquisition. Despite $800,000 in upgrades and 46% occupancy, including CVS Health, CCI sees potential in the distressed asset market, aiming to capitalize on future growth in Dallas' office demand amid high vacancy rates.

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