Merit Office Divests of Dallas Holding

DALLAS-Merit Office Portfolio LP has sold off a 100,000-sf office building known as the Plaza at Riverbend to a first-time buyer. The firm has also put a portfolio of other area properties on the market.

Bill Graham, with Sperry Van Ness in Dallas, tells GlobeSt.com the Riverbend property, located just off Interstate 35 at 1221 Riverbend Dr., drew about 10 offers. A high bid by Chicago-based Junior Shu won the keys to the two-story building. Graham, who declined to reveal the sale price on the building, says the property, which is set on 5.81 acres and 71% leased to Silverleaf Resorts, was on the market for $2.2 million.

Silverleaf a developer of timeshare units which has its headquarters in the building, has five years remaining on its lease and is the property’s only tenant. Dave Brackney of LJ Partners represented the buyer.