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157,350-SF Parkway IV Goes to GID Affiliate

PLANO, TX-Heady Investments sells the last of four class A office buildings in Parkway Centre to GID for its Windsor Business Park portfolio. Signs point to a $24-million trade.

By Connie Gore | Updated on October 22, 2008

PLANO, TX-Citing confidentiality clauses, dealmakers on both sides of the street are staying silent about the pass of the 157,350-sf Parkway Centre IV. The sale, though, has been confirmed by GlobeSt.com, with $24 million as the most likely price.

Collin Central Appraisal District has levied a $24-million assessment against the six-story office building, built in 2006 on 6.4 acres at 2701 Dallas Pkwy. Market sources say the asset’s 96% occupancy and age would fetch in the $150 per sf range, give or take $10 per sf to $15 per sf. With the two sources closely aligned, it’s a fairly good bet that General Investment & Development Cos. of Boston shelled out $24 million or close to it for the latest piece for its Windsor Business Park portfolio, which picked up a 110,400-sf two-building portfolio in Houston’s Bammel Business Park in September and Barton Oaks Plaza I in Austin in June.

The sale means Heady Investments, a Dallas-based developer, has now sold the last of its four buildings in Parkway Centre since work began in 1997. The park fronts the Dallas North Tollway and is tucked between the Shops of Willow Bend and Legacy Office Park. A Holliday Fenoglio Fowler LP team in Dallas sold the class A real estate.

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