The office park is 94% leased with a tenant roster that includes TDS, Humana, Capitol Indemnity Corp., West Bend Mutual and Smith and Gesteland. Timothy Carey, president of Greenway Properties, says the time was right for his company to sell. "The synergy between the portfolio characteristics and the dynamic institutional investment and capital markets has created the opportune time to complete our exit strategy," Carey says.

Terrance Wall, president of T. Wall Properties, agrees that the time was right; the purchase puts his company "three years ahead of schedule" on its track to becoming a $500-million company. To help fund this acquisition, the company completed a fourth-equity offering at $5 million, which added 48 new investors. The total number of investors today stands at 198. "We also opened a 12% note offering in December, and raised $6.2 million in just two weeks," Wall adds. The additional capital is now being deployed in various acquisitions and development opportunities, he says.

As part of the transaction, T. Wall Properties will acquire two land parcels at Greenway Center later this year, including a 5.75-acre site located in front of the Marriott Convention Center and Hotel at Greenway Boulevard and US Highway 12. The company will also take hold of a 4.8-acre site at Market Street and Aspen Commons. T. Wall executives say the future development of the land and the expansion of existing buildings will add up to 575,000 sf.