hit the streets

But as time and the market played out, the buyer pocketed the properties for less than their replacement cost, which is slightly more than $50 per sf in today's world. "We definitely purchased these buildings below replacement cost," Ron Carey, regional vice president in Texas for Itasca, IL-based ML Realty, tells GlobeSt.com, citing the 100% occupancy as icing on the cake. And, it went down as all cash.

The San Francisco-based Rreef was churning the eight-building portfolio of a separate account with the sale. At the helm of the marketing was Jones Lang LaSalle managing directors Jack Crews and Evan Stone, senior vice president Cary Krier and senior associate Seth Bame.

The portfolio win is ML Realty's largest one-stop buy since it opened its Dallas doors in October 2005. The leased-up buildings and sizes from 100,000 sf to 200,000 sf or slightly more "were really all in our sweet spot," Carey says. "It's a good solid meat and potatoes deal."