second one this week

Based in Shreveport, LA and Dallas, Sealy has acquired business parks in Addison and Carrollton, bisected by a primary artery, Belt Line Road. The 11-building package sits on 44.5 acres, with Marsh Lane, Realty Road, Business Avenue and Venture Court on its other sides. The two parks, with 45 tenants, are 69% leased, with an in-place NOI of $2.14 million, according to the marketing flyer. UBS Realty Investors LLC of Hartford, CT is the seller.

Sealy's immediate upside lies in the lease-up, but the long-term gain is the redevelopment opportunity from owning a large infill tract with a proposed Dallas Area Rapid Transit light-rail station at its back, Jack Fraker, vice chairman of CB Richard Ellis, acknowledges to GlobeSt.com. About 61% of the buildings were built after 1980 and the balance delivered after 1990. The deal's sweet spot is a 5.4-acre empty tract at the hard corner of Marsh and Belt Line.

[IMGCAP(2)]Sealy was up against 11 other bidders for both business parks, winning the nod because its all-cash offer didn't require any financing contingencies as some others did, according to Fraker. The just-bought buildings are a mix of dock-high, front- and rear-load designs with 5% to 20% office finish-outs to smaller office-showroom structures with 25% to 50% office finish-outs.