An Austin investor has snapped up American Airlines’ former headquarters at the south end of DFW International Airport.
The more than 1 million-square-foot office complex has been up for grabs since last year when the Fort Worth-based airline moved its operations to new digs on the west side of State Highway 360.
Austin-based Capital Commercial Investments Inc. bought the 40-acre campus on Amon Carter Boulevard south of Airport Freeway. The buildings date to the 1980s.
Capital Commercial owns office and industrial buildings in several Texas markets.
Paul D. Agarwal, founder of the investment firm, said Capital Commercial was attracted to the former American Airlines campus because of its quality and potential.
“One of the reasons we purchased the property is there seems to be a shortage of large, continuous blocks of office space,” Agarwal said. “We have a few large tenants in mind for the spaces that are available.”
The company is working on redevelopment plans for the property, which has offices, parking garages and land for additional construction.
Houston-based Boxer Property provided funding for the purchase through Mortgage Broker Churchill Capital.
Commercial property firm Transwestern marketed the office campus for sale.
Capital Commercial’s other acquisitions in North Texas include the former Bank of America building at 6400 Legacy Drive near the Dallas North Tollway in Plano. The five-story, 231,479-square-foot office building is just across the street from the $3 billion Legacy West development.
Capital Commercial also owns the 505 Millennium office complex in Allen and the Dallas Communications Complex in Las Colinas.
The private real estate investment firm has been in business since 1992 and has done more than $1 billion in investment deals.
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