Syd Hurley, principal of Direct Development, tells GlobeSt.com that "one of the key factors that this deal stayed together" was a locked-in rate with a spread that closed at 4.44%. The buy side knew the 44,000-sf Bed, Bath & Beyond lease was up for renewal, but didn't know the retailer was "quietly looking at other alternatives in the marketplace" and close to signing a pact to relocate the top-performing store after a 10-year run at the class A center with a high barrier to entry location at Collin Creek Mall.

"We were caught off guard," Hurley says. "We were very surprised to learn they had the intent to go out."

With 36 hours to go before the original closing, Hurley and partner, David Watson, called an emergency meeting with the seller, an affiliate of Dallas-based Invesco Realty Advisors, and lender, GE Capital of Horsham, PA to work out a new plan. The Sunday afternoon meeting ended with a reprieve of 10 business days on the interest rate lock. And, Hurley says, "making a transaction that they couldn't say 'no' to."

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