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

About Cliff Bogart

Commercial Real Estate Broker, Commercial RE Instructor, CCIM Instructor, runner, triathlete, movie geek, father and husband.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s