IRVING, TX-A limited liability company managed by Ventura, CA-based Fausset Neely Inc. has acquired two buildings in The Hills at Decker Court development for an undisclosed amount.
The buyer, FN Decker Court LLC, paid cash for the two class B office buildings located at 100 and 102 Decker Court. The LLC has more than 65 investors, according to Richard Fausset Jr., who serves as one of the managers of the LLC along with Richard Fausset and Jack Neely. It acquired the assets in an off-market transaction from GE, which had foreclosed on the properties.
Located in the Las Colinas submarket overlooking the Las Colinas Country Club, the 1980s-era properties total 100,000 square feet; each building is roughly 50,000 square feet. The assets were 50% occupied at closing.
Richard Fausset Jr. tells GlobeSt. that FN Decker Court LLC plans to invest as much as $1.3 million to upgrade the properties including mechanical systems and common areas. Lisa Swift with Dallas-based GSO Architects is handling the renovation, while Grubb & Ellis Co. has been awarded leasing and management of the properties.
A previous version of this story misidentified the buyer. The buyer is FN Decker Court LLC.
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