Blackstone to Acquire Solana in Westlake Texas

Blackstone Group LP (BX) acquired the Solana corporate park near Dallas for $180 million in a bet on growth in the area’s office market, according to a person with knowledge of the investment.

Blackstone plans to spend about $110 million to renovate and lease up the half-empty property, said the person, who asked not to be identified because the deal is private. The seller was a bondholder group represented by CWCapital Asset Management LLC, which foreclosed after developer Robert Maguire defaulted on $395 million of debt in 2009, the person said.

http://www.bloomberg.com/news/2014-09-03/blackstone-said-to-acquire-office-park-for-180-million.html

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About Cliff Bogart

Commercial Real Estate Broker, Commercial RE Instructor, CCIM Instructor, runner, triathlete, movie geek, father and husband.
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