The San Jose, CA-based Sanmina's local shop, positioned on 13.6 acres at 105 W. Bethany Rd., drew nine offers from the net-lease, single-tenant buying crowd, according to Cary Krier, senior vice president for Jones Lang LaSalle in Dallas. He estimates that replacement cost for the structure, which did its market run without an ask, would hover $80 per sf.

Krier says the JV's offer made the decision easy for the seller, New York City-based Istar Financial Inc. "There were others at the same spot, but Boulder and Orix were all-cash with no lending needed so we picked them," he tells GlobeSt.com. The Northbrook, IL-based Boulder and Orix of Chicago formed the fund in May 2007, targeting deals in the $6-million to $30-million range.

Krier says the transaction was straight-forward, closing without a hitch. The only problem that presented itself, he explains, is having a single-tenant building of its size in a small industrial corridor like Allen's. "If the tenant ever leaves you, that's your risk," he says. "Allen is a shallow industrial market. At some point, there is some roll-over risk. That's why it was a good win for the seller."