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Holt Buys 21 Buildings With $50M Loan Help

DALLAS-Holt Lunsford Commercial acquires the 21-building Riverbend portfolio with assistance from GE Real Estate.

By Amy Wolff Sorter | Updated on October 23, 2007

DALLAS-A Dallas company has purchased the 1.15-million-sf Riverbend portfolio, buying the 21-building asset with help from a $49.7-million loan. The new owner will put some capital investment into deferred maintenance and repositioning of the portfolio, which has an average age of 27 years.

Situated in three different submarkets, Riverbend appealed to buyer Holt Lunsford Commercial because of an upside in the rent, which prompted the acquisition from TA Associates Inc. from Boston. The rent upside also appealed to the lender GE Real Estate, according to Lance Wright, the company’s regional director.

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