The seven buildings, developed between 1987 and 2007, are 88% leased. The 40.65-acre package came with an extra 7.15 acres of entitled development land.

Des Moines, IA-based Principal's portfolio, with its call in late February, drew about 15 offers, mostly from the institutional circle, according to Jack Fraker, vice chairman of CB Richard Ellis' top-ranked investment sales team. "Dallas remains one of the top markets in the country for institutional investors," he says. "They are buying properties at very favorable per sf prices compared to other parts of the country and with tangible rental rate growth."

Four buildings are fully leased: the 155,279-sf Valwood 32 at 1601 Wallace Dr., 108,000-sf Valwood 42 at 1640 Wallace Dr., 80,000-sf Valwood 41 at 1600 Wallace Dr. and 62,893-sf Valwood 28 at 1625 W. Crosby Rd. The remaining real estate is the 60,920-sf Valwood 29 at 1620 W. Crosby Rd., which is 72% leased; 159,987-sf Valwood 31 at 1505 Wallace Dr., 81% occupied; and 78,130-sf Valwood 36 at 1625 Wallace Dr., which is half filled.