Confidentiality agreements prevented release of the actual sales price release, but comparable properties in the area have traded for between $85,000 and $105,000 per door. The Tarrant County Appraisal District pegs the class A asset's value at $24 million. Meanwhile, the cap rate on the in-place numbers for the property at 3033 W. Bardin Rd. was slightly above 7%.
Seller representative and CB Richard Ellis executive vice president G. Craig LaFollette says the Columbus, GA-based Flourney Development is a merchant builder with an MO of construction, lease-up and then selling. As for the Deerfield, IL buyer, "they know the area. They own a lot of properties in Dallas and Austin," says Houston-based LaFollette.
LaFollette shared marketing duties with CBRE's Houston brokers J. Todd Stewart, executive vice president; M. Todd Marix, senior vice president; Tre T. Banks, vice president and associate Christopher D. Curry. CBRE Dallas office executive vice presidents Mark J. Stymiest, William J. Baxter Jr. and Dirk Goris were also in on the transaction.
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