The partnership, with $20 million in acquisition financing arranged by Holliday Fenoglio Fowler LP, has purchased Westech 360, a 180,000-sf building at 8911 Capital of Texas Highway. The building, which is 98% leased, was sold by WHMAB Real Estate Limited Partnership.
Mona Carlton of Holliday Fenoglio Fowler's Dallas office arranged the five-year, floating rate financing on behalf of the purchaser through Nationwide, a life insurance company lender.Carlton said the entire process took 20 days instead of the typical 45 to 60 days. "We had less than three weeks to arrange acquisition financing on this transaction," says Carlton.
Tenants at Westech 360, which was built in 1986, include Analog Devices, Liant Software, Mentor Graphics and Nextel Communications.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
