Search
 

Lincoln Property Closes '07 With Class AA Buy

DALLAS-In an all-cash close, Lincoln takes the 282,950-sf 10000 North Central from a Means Knaus-led JV. The trophy's 55% occupancy and location were the dealmakers.

By Connie Gore | Updated on December 28, 2007

DALLAS-With pockets deep enough for an all-cash, year-end closing, Lincoln Property Co. is now holding the deed to the 282,950-sf, class AA 10000 North Central. Location and 55% occupancy were its chief selling points.

“We just think that submarket’s getting stronger and stronger. This is the better asset in that market,” says David Pettle, executive vice president for Dallas-based Lincoln. “And the purchase price relative to the replacement cost, we got a good deal.” He tells GlobeSt.com that the 15-story building would cost $250 per sf to duplicate in today’s market. The polished-granite tower has a four-story underground parking garage and two-story royal mahogany lobby. Dallas Central Appraisal District has a $21.85-million assessment levied against the 2.1-acre asset.

A partnership, led by Houston-based Means Knaus Partners, put the asset on the market in late September–without an ask. John Alvarado, managing director of Jones Lang LaSalle led the sales team, which included managing directors Jack Crews and Evan Stone and analyst Seth Bame.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.