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Off-Market Play Nabs 172,500-SF Duo

IRVING, TX-After six months of bargaining, Richland Investments places the convincing all-cash offer to pry the fully leased Royal Freeport and Royal Jetstar from their owner's hands.

By Connie Gore | Updated on September 10, 2008

IRVING, TX-In an off-market deal, Houston-based Richland Investments Inc. has scooped up a pair of fully leased flex industrial buildings, totaling 172,500 sf, in the Freeport/Coppell submarket. Class A assets with comparable built-in dynamics would fetch north of $100 per sf on the open market.

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.

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