Real Capital Solutions buys Dallas office building for $26M

LOUISVILLE — Real estate investment firm Real Capital Solutions Inc., based in Louisville, has continued its office-space acquisition spree with the purchase of another Dallas office building.

Real Capital has acquired Walnut Glen for $26.1 million. The building is an 18-story, 464,289-square-foot class A office building located at 8144 Walnut Hill Lane along North Central Expressway in Dallas.

“Walnut Glen checks every box for us — scale, location and a clear path to value creation,” Adam Abeln, chief acquisitions officer for Real Capital Solutions, said in a written statement. “It’s a well-located building where smart capital and active management can drive long-term value. Dallas remains one of the most resilient and attractive office markets in the country and this acquisition reflects our long-term conviction in the market.”

Walnut Glen is 74.24% leased, the company said. “The purchase price is a 64.25% discount to the property’s most recent sale of $73 million in 2016, allowing RCS to invest capital into a comprehensive improvement and leasing program aimed at strengthening long-term performance and positioning the property competitively within the Central Expressway corridor.” 

The purchase is part of the company’s strategy to invest in the nation’s office market with plans to spend $2 billion over two or three years. In June it spent $57.1 million on buildings in Virginia. Last month, it completed a purchase in Cincinnati, Ohio, valued at $59 million.

The Dallas deal is Real Capital’s second in that city. The firm bought Tower at Park Lane for $66 million last year.  

Cushman & Wakefield has been retained for the leasing and property management of Walnut Glen.  JLL’s Jonathan Napper was the investment sales broker. 

During Real Capital Solutions’ 40 years of operations, it has purchased and managed more than 400 real estate assets, totaling approximately $5.1 billion in acquisition value. It currently owns about 80 properties with more than $2.7 billion of assets under management.

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