A newly formed partnership between Dallas-based Wolverine Interests and Toronto-based Peakhill Equity Partners, the equity platform of Peakhill Capital for various real estate in the United States and Canada, is buying a six-building office campus in Irving, Texas, in a deal that paves the way for future deals between the pair.
The partnership’s first joint venture purchase of Riverside Commons, a six-building office campus totaling more than 468,000 square feet, is in the Las Colinas Urban Center, which has become a magnet for office and mixed-use space, luring major employers, including Caterpillar’s global headquarters and Wells Fargo’s proposed major $200 million employment hub.
Terms of the deal were not disclosed. The seller was Brookfield Properties, according to CoStar data.
The purchase of the sprawling office campus totals about 18 acres, including a 4.7-acre tract earmarked for future development. The recently renovated office campus is more than 90% leased, with structured parking and amenities, including a conference center, a fitness center with locker rooms and a cafe.
This deal marks the first of what is expected to be many more deals for the venture, said Jim Leslie, managing principal of Wolverine Interests.
“We plan to do many more things together,” Leslie said in a statement. “We have always held the Las Colinas area in high regard, and this gives us another property there. This property has been a staple for the area, and we plan to continue with its success.”
Jonah Belkin, managing director of Peakhill Equity Partners, said the venture was an opportunity to invest in “a great asset in one of the top employment centers in the country” with one of the most experienced operators in the Dallas area.
Irving is known for being home to the headquarters of more Fortune 500 companies per capita than any other place in the country. Including Caterpillar’s recent move, the city is home to the global headquarters of nine Fortune 500 companies, including McKesson Corp., Kimberly-Clark and Fluor. Riverside Commons is located within 2 miles of Williams Square, a property housing Caterpillar and in the center of the Las Colinas Urban Center.
The walkability of the urban center, coupled with proximity to Dallas-Fort Worth International Airport, has led to this part of the region being popular with corporate tenants, according to CoStar’s market analysts.