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Chicago Investor Sells 171,000-SF Building

FORT WORTH-Wind Realty Partners sells One Ridgmar Centre to Triple Net Properties LLC. The property sells at a 5.6% cap rate.

By John McCloud | Updated on August 27, 2007

FORT WORTH-Chicago-based Wind Realty Partners has sold One Ridgmar Centre, a 21-year-old office building in the West Fort Worth market, to Triple Net Properties LLC, a wholly owned subsidiary of NNN Realty Advisors Inc. of Santa Ana, CA. The price for the 10-story, 171,000-sf building was not released, but Eric Mackey, a first vice president in the Dallas office of CB Richard Ellis, says the price was at the top of market.

According to Mackey, the deal closed at a 5.6% cap rate, which he terms “very aggressive” for a 20-year-old stabilized property. Built in 1986, the property features an on-site deli, banking facilities, a pass card security system and a five-story, 552-space parking garage, along with 64 surface spaces. The building is 94% leased to a roster of credit-worthy tenants that includes General Motors Acceptance Corp, Approach Resources Inc., Principal Life Insurance, Bank One, Metropolitan Life Insurance Co. and Computer Science Corp. The latter leases 80,000 sf, with a lease that terminates in mid 2011.

Mackey says the property was on the market for about four weeks and attracted a great deal of attention from both local and national investors. In the end, five bidders made effectively equivalent offers, but the CBRE broker tells GlobeSt.com that Triple Net won the deal based on its ability to close sooner than the competitors. “Triple net was willing to shorten their feasibility period and close more quickly,” he says. “The promise of a quick closing gave it a decided edge.”

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