The 22-year-old structures are located at the intersection of Loop 12 and Texas 183, just east of Texas Stadium. Bridgestone's lease has two years before it expires, according to Randy Baird, a senior director for Cushman & Wakefield of Texas Inc.
RREEF had acquired the property 18 months ago from AEW Investment Management of Boston. "It was bought as part of a larger portfolio, with the intention of reselling it shortly after the acquisition... which we did," Baird told GlobeSt.com. The sale represents an ongoing portfolio-mixing strategy that RREEF has been employing for its clients, he explains.
The single-story, tiltwall-constructed buildings--2100, 2150 and 2200 Century Circle--are positioned in a 25-year-old industrial park. "They are functional buildings in a close-in location that is in high demand by tenants," says Baird.
A three-member team from Cushman & Wakefield has represented RREEF in the sale, with Tomlinson Leis being represented by an in-house trustee.
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