Named for lead tenant Arrow Electronics, the structure is situated on 2.54 acres at 6340 International Parkway and contains three tenants with lease terms of eight to 10 years, Keith Fisher, Stream vice president, tells GlobeSt.com. Other tenants are Crocker Construction Co. and Ball Industries, the Taco Bell franchise owner for the Dallas-Ft. Worth metroplex.
The single-story office building, positioned in a high-traffic suburban stretch, was built just for the Melville, NY-based Arrow Electronics, a Fortune 500 company that houses four divisions in the structure. Arrow Electronics caters to the semiconductor industry and also maintains an Austin location in its 225 sales and 23 distribution center networks.
Fisher says Stream was looking at refinancing the Arrow build-to-suit when Orion came on the radar screen as a possible buyer. He won't talk sales price, but did say "it was an attractive enough price to keep us from refinancing." Fisher and Mark DeMattia of Keystone Strategies USA LP arranged the building sale. The private Dallas-based IP Partners LP is the seller of record.
Orion's principal Joseph W. Dingman isn't talking about the acquisition. According to Orion's Web site, the fledgling company, which is backed by German investors, owns a postal facility and vehicle maintenance structure in Houston, with the balance of the 19-property portfolio lying in the DFW region. Orion's DFW mix includes a restaurant ground lease, retail, corporate training facility, office-warehouses and six multifamily complexes totaling 1,287 units. Dingman did tell GlobeSt.com that he buys when he sees something that he likes and he has eyes "on a couple more properties.
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