Gross' Fleming Loop Partners acquired 34-acre footprint from the New York City-based MetroNexus, a subsidiary of the Morgan Stanley Dean Witter investment firm, and Macfarlan Real Estate Investment Management of Dallas. Industry sources say it is one of the largest flex industrial transactions this year, but the sale price and other details about the deal weren't available by publication time. MetroNexus and Macfarlan paid $21 million five years ago for the 2525 Minimax Dr. property.
MetroNexus and Macfarlan retooled the structure for telecom use, but the market tanked and the majority of space sat vacant. Gross says the building will be converted into residential use.
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