DPF dips into Austin, ducks out of Dallas with buy and sale

AUSTIN, DALLAS – Dividend Capital Diversified Property Fund (DPF) has bought one Texas office property and sold another.

In Austin, DPF acquired Rialto I and II from Lincoln Property Co. for $37.3 million or approximately $240 per sf.

The 155,000-sf, two-story office portfolio is located at 7500 Rialto Blvd. within Southwest Austin’s Lantana Corporate Center.

It is 94 percent leased to 21 tenants and features a 205-space parking garage.

In Dallas, DPF sold Park Place on Turtle Creek to a third party for $46.6 million or approximately $263 per sf.

The 177,000-sf, 14-story office property was constructed in 1986 at 2911 Turtle Creek Blvd. in Uptown. Renovated in 2012, the Class A property is currently 87.5 percent leased to 27 tenants.

Including these transactions, DPF owns 25 office properties totaling approximately 5.1 million sf.