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GlobeSt.com EXCLUSIVE: 471,552-SF Trio Passes to Principal

CARROLLTON, TX-Argent Property Co. sells three warehouse/distribution buildings in the Frankford Trade Center after regrouping from a major tenant loss. Principal Financial Group and a pension fund client are the buyers of the class A package.

By Connie Gore | Updated on October 23, 2003

CARROLLTON, TX-The Dallas-based Argent Property Co. has sold 471,552 sf of class A industrial product in the Frankford Trade Center to Principal Financial Group after taking a breather from the marketing to put a stabilization plan in place to offset the loss of Kmart as a tenant.

The three-building package in the Carrollton park came to market in the first quarter, with the closing finally taking place at the fourth quarter’s start. “Both parties agreed to take the necessary time to structure a stabilization program,” Jack Fraker, executive vice president in Dallas for CB Richard Ellis Inc., tells GlobeSt.com. The package’s occupancy was under 90% at sale time due to Kmart’s bankruptcy sidelining about 50,000 sf at 2801 Trade Center Dr.

Principal laid cash on the line for a two-year-old trio that came to market without an asking price. Fraker, mum about the size of the final check, did say “the pricing was in line with other recently constructed class A properties that sold in Dallas.” The trio carries a combined assessment value of $17.6 million, but it’s a safe bet in today’s race for new Dallas space that the package brought top dollar.

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