Sold! $180M for Southlake's Solana Business ParkSold! $180M for Southlake's Solana Business Parkhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=31752014-09-04T07:24:00Z2014-09-04T06:55:00Z

SOUTHLAKE, WESTLAKE - Blackstone Group has purchased the 14-building Solana Business Park out of foreclosure for $180 million.

The deal also includes a 194-room Marriott hotel, a fitness club and some retail space, as well as 78 acres of undeveloped land, deed records show.

In all, the buildings totaled about 1.8 million sf, which were only about 50 percent occupied at the time of the sale. Tenants include Verizon, Wells Fargo, CoreLogic and First American.

The once-thriving 900-acre business park, known for its brightly colored architectural accents, was developed in 1989 by Los Angeles-based Maguire Partners and IBM Corp.

Developers defaulted on more than $390 million in debt on the project.

Dallas Morning News
Dallas-Fort Worth-Arlington
http://bizbeatblog.dallasnews.com/2014/09/blackstone-real-estate-takes-solana-campus-on-s-h-114.html/Read more at {Source}

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