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KanAm Grabs Denbury Twin to Secure Campus

PLANO, TX-KanAm buys the 102,600-sf Denbury Park II within 15 months of getting the first deed. A 10-year lease underwrites the win, costing more than $200 per sf to pin down.

By Connie Gore | Updated on June 17, 2008

PLANO, TX-With 15 months invested into the play, KanAm Grund has taken full control of Denbury Resources Inc.’s class A headquarters complex in Legacy Business Park. The 102,600-sf Denbury Park II, like its twin, is fully leased to the oil and gas company for another 10 years.

Todd W. Savage, managing director for Holliday Fenoglio Fowler LP in Dallas, tells GlobeSt.com that the German fund was the highest bidder in the select group of buyers jockeying for Denbury Park II at 5160 Tennyson Pkwy. He says KanAm also was the logical choice since it had bought Denbury Park I at 5100 Tennyson Park in February 2007 from Sandler Southwest of Dallas.

KanAm wrested Denbury Park II from its developer, Koll Development Co. A confidentiality clause bars Savage from discussing the price although sources have confirmed that it traded for north of $200 per sf. Collin County has the 5.1-acre Denbury Park II assessed at $15.68 million or roughly $153 per sf. In contrast, the 7.5-acre Denbury Park I is assessed at $21.17 million or nearly $207 per sf, which most likely accurately reflects its 2007 sale price.

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