"The pricing was right," Jason Mattox, executive vice president for Behringer Harvard, tells GlobeSt.com. And though he can't discuss the sale price, he did say the acquisition cost fell below the federal reporting level. The asset is assessed at roughly $77 per sf, driving local sources to believe the deal closed in the neighborhood of $90 per sf due to underlying dynamics.

According to Holliday Fenoglio Fowler's marketing brochure, Dallas-based Dean Foods' lease for the 66,364-sf back-office building at 14760 Trinity Blvd. is good until September 2014. The Alpharetta, GA-based Radiant's hospitality division is in place until June 2016 in the 66,682-sf sister at 14770 Trinity Blvd. "These are an attractive set of tenants in a good market and a good fit with the portfolio," Mattox says. In keeping with the buying fund's strategy, the hold is eight to 12 years.

The complex was developed in 1999 on 15.29 acres in the heart of the 1,300-acre CentrePort, just south of the Dallas/Fort Worth International Airport. Dallas-based Invesco Real Estate had HFF's senior managing director Andrew Levy and director Todd Savage steering the sale of a asset that it bought in January 2003. The core asset was on the market free and clear of debt.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.