However, class A asset ownership is not exactly what PNL is in business for. "PNL was established during the RTC days to purchase distressed loans. That's their expertise," explains Jones Lang LaSalle managing director John Alvarado, who is leading the team that is marketing the asset on Throckmorton St.
"Between 2005 and 2008, business really wasn't that fruitful for them, because everything was going well," Alvarado tells GlobeSt.com. As a result, PNL bought the asset because it provided a good value-add opportunity, as Radio Shack was about to depart.
Then the market fell apart. "Distressed loans have made a comeback, and PNL feels it's the right time to redeploy capital into that area of their business," Alvarado explains. There is no definite deadline for offers at this time.
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