The new owner is starting the play with Greyhound's name on the lease at 15110 N. Dallas Pkwy. until 2012 and the bus lines in control of subleases for a 10,000-sf office to Bank of America, roof rights to AT&T Wireless and billboard rights to Viacom. The local partnership won the deal in a re-marketing after two other contracts fell out, Ronald Hebert, senior associate and director for Marcus & Millichap Real Estate Investment Services in Dallas, tells GlobeSt.com, adding the hurdle was financing.
"With the tenant dark, it changed the dynamics," Hebert explains. Although Greyhound's name is on the lease for a few more years, he says it's only lighting a 2,000-sf data center. Its headquarters operations moved in March to the Patriot Tower at 350 N. St. Paul St. in the Downtown Dallas.
It's the second time that Hebert, who brought the buyer to the table for this go-round, has sold the building. Matthew Kipp, a senior associate in Marcus & Millichap's Newport Beach, CA office, represented the seller, Dr. Herbert Tarlow of Anaheim, CA. "He wanted to sell because Greyhound was moving out," Hebert confirms.
Hebert says the six-story building, sporting a class A location, generated more than 20 offers in the two marketing rounds, with the Dallas partnership pocketing the win with the highest bid at the end of the day. The office building and three-story parking garage were developed in 1983 on a 2.66-acre tract at the northeast corner of Beltline Road and North Dallas Parkway.
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