Equastone executive vice president Clint Harrington and chief investment officer Jeffrey Schindler won't discuss how much they paid, but did confirm that it was "substantially below" the Dallas County assessment for the class B trio at 5710, 5720 and 5728 LBJ Freeway in North Dallas. The off-market deal went full circle in less than 60 days, including a loan assumption.

"It came about real quickly. We had it tied up in a couple days," Schindler says. "The reason we assumed the loan is because it had a significant prepayment penalty." They say the reality is the deeds passed at well below half of the replacement cost.

The Equastone executives tell GlobeSt.com that they've mapped out a two-year hold, with significant upgrades underwriting the push for stabilization. Bernard Deaton, managing partner of locally based Bradford Cos., who had been hired in January by the seller, has been retained by the San Diego-based buyer.