The buyer is Teachers Insurance and Annuity Association. The Cushman and Wakefield of Texas Inc. team of Jack Fraker, Randy Baird and Angelina Wright has acted on the Panattoni-Hillwood joint venture's behalf.

The sale encompasses the 600,680-sf Waters Ridge I and 415,000-sf Waters Ridge II, located at 1800 and 1801 Waters Ridge Dr., respectively, in Lewisville. Waters Ridge III, a 675,594-sf structure finished last year, at 1873 Waters Ridge Dr. also is part of the pact. The Arlington holding is the 201,600-sf Coaster Co. of America Building at 2101 Design Rd.

It is the first of the joint venture's holdings to come to market. The status of the remaining properties in the portfolio could not be determined by press time. But an inside source says the disposition won't be extending to properties in Mesquite, Great Southwest and Pinnacle Park, which remain key development sites. Those properties are being developed under the umbrella of Hillwood Investment Properties, headed up by Tal Hicks who had overseen the joint venture.