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1031 Exchange Buyer Gets 200,612-SF Office Deed

NORTH RICHLAND HILLS, TX-Bradbury Pointe of Greater Los Angeles inks a one-off deal for an 85%-leased class B building with one tenant who's in place for the long haul.

By Connie Gore | Updated on January 04, 2008

NORTH RICHLAND HILLS, TX-A 1031 exchange investor from the Los Angeles area has scored the win for a 200,612-sf office building, besting nearly 10 others for the former outlet mall. The building’s lone tenant is Triad Financial Corp., which leases 85% of the class B office space for a call center.

The new owner of the 21.3-acre Richland Pointe at 5201 Rufe Snow Dr. is starting the play with a Huntington Beach, CA-headquartered tenant that has seven years left on its lease and the possibility of an expansion, according to Tim O. Terrell, executive vice president of Dallas-based Stream Realty Partners LP, tells GlobeSt.com. “Triad has leases rolling in the US that may necessitate an expansion in the future, but we’re not negotiating it yet,” he stresses.

What Terrell is doing, though, is actively marketing the space as he did before for the seller, Pretty MT LP of Dallas, which had owned Richland Pointe since 1999. The 25-year-old asset, sold on a free-and-clear basis, is assessed at $11.53 million by Tarrant County. All that Terrell can say about the financials is that it beat the assessment, but he’s not saying by how much. Buyer Bradbury Pointe LLC has hung a $13 per sf, triple net rate on the open space.

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