The all-cash deal netted the 90,000-sf Royal Freeport Tech Center at 4040 W. Royal Lane and 80,500-sf Royal Jetstar Tech Center at 4343 W. Royal Lane. The 11-tenant package has no lease rollover until 2012, says John Bowles, owner of Dallas-based John Bowles Co., who teamed with his managing director Ed Pachecano to negotiate the pass. Castletop Capital of Austin is the seller.

Pachecano says Richland was sizing up a retail center that Bowles had in its "for sale" stack when its in-house broker Michelle Kirsch asked if there was anything else, setting the plan in motion. Richland, a recognized long-term holder, owns a similar-type building in the same submarket.

Bowles tells GlobeSt.com that the last vacancy in the buildings, developed in 1999 on 10.6 acres, had just been filled when Richland, with pre-qualified financing, placed its initial offer. He adds that Castletop and Richland spent six months negotiating the price for the first offer ever to surface for the assets since they bought them a few years ago. The developer was CMC Commercial Realty Group of Dallas.