Ricchi Group Acquires 200000 SF Property At 8777 N Stemmons Fwy From Optima Stemmons LLC
8777 N Stemmons Fwy, Dallas, TX, 75...
Building Size
200,000 SF
Asset Type
Office
Closing
Nov 20, 2023
About this deal
AI
Optima Business Park, located at 8777 N. Stemmons Freeway in Dallas, TX, is a 200,000-square-foot office park comprised of an eight-story building constructed in 1976 and a five-story building added in 1985. The property was previously the headquarters of cosmetics firm Mary Kay.
Summary of transaction details:
- Property Type: Office Park
- Transaction Amount: Not disclosed
- Address: 8777 N Stemmons Fwy, Dallas, TX
- Market: Dallas
- Buyer: Ricchi Group
- Seller: Optima Stemmons LLC
- Buyer's Representative: Len Wood - American Group LLC
- Seller's Representative: Jay Lucas - Cushman & Wakefield
Len Wood represented Ricchi Group in the acquisition of the property, while Jay Lucas acted on behalf of Optima Stemmons LLC as the selling representative. This transaction highlights the involvement of local investment firms in the Dallas market.
Dallas Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93