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Transpacific Gets Schwab BTS for Nearly $16M

COPPELL, TX-In its third off-market deal this year in the metroplex, Transpacific Development pays about $15.5 million for Charles Schwab's 115,000-sf flex office building.

By Connie Gore | Updated on December 05, 2007

[IMGCAP(1)]COPPELL, TX-Transpacific Development Co., marking its second off-market purchase in 45 days in the metroplex, has snapped up a 115,000-sf flex office building with Charles Schwab & Co. Inc. as the long-time single tenant. The buyer has laid down roughly $15.5 million for the 7.1-acre development.

“It’s fully leased and in good shape. It’s a nice property with a good tenant who will pay the rent for a long time,” says Thomas Irish, president of Transpacific Development in Torrance, CA. The newest purchase, 217 Wrangler Dr. sits just a half mile southeast of Transpacific’s earlier off-market buy, the 463,200-sf, two-building campus at 500 and 510 Airline Dr., which was completed in 1995 as MJDesigns headquarters and distribution center.

“It was just coincidence. We had dealt with both sellers before,” Irish tells GlobeSt.com. “In each case, we were able to buy off market from two sellers, just a couple of weeks apart and both in Coppell.” The purchases and one made earlier this year in AllianceTexas pushes the company’s 2007 investment in the metroplex to roughly $60 million and 1.8 million sf, according to Irish. “I’d be happy to double or triple our assets there in the next couple of years,” he says.

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