Yesterday's $14M Closing Passes 125,000 SF

IRVING, TX-A first-time buyer in North Texas has tucked away the win for a 125,000-sf class A-minus office building at the gateway to Dallas/Fort Worth International Airport. The deed changed hands yesterday for $14.1 million or $115 per sf.

“The key thing about this deal is the price per sf. It would cost well over $250 per sf to replace today,” Ted Gibbons, president of Investment Realty Advisors Inc. in Bellevue, WA, tells GlobeSt.com about the acquisition of 8505 Freeport Pkwy. The six-story building is 95% leased, with 80% of the office space as the North America headquarters for Hanson Aggregates Inc., with nine years left on its Las Colinas submarket lease.

Gibbons says the buyer is a private investor from South Florida. The seller is a limited partnership with Naples, FL and Minneapolis ties, which had the NAI Welsh team of Bob Pounds, Tim Prinsen and Betsy Budge in the Twin Cities region marketing the 8.3-acre property.