DALLAS-A Dallas company has purchased the 1.15-million-sf Riverbend portfolio, buying the 21-building asset with help from a $49.7-million loan. The new owner will put some capital investment into deferred maintenance and repositioning of the portfolio, which has an average age of 27 years.
Situated in three different submarkets, Riverbend appealed to buyer Holt Lunsford Commercial because of an upside in the rent, which prompted the acquisition from TA Associates Inc. from Boston. The rent upside also appealed to the lender GE Real Estate, according to Lance Wright, the company's regional director.
“It's why we provided dollars for the tenant improvements,” Wright comments. “There's roll, and a lot of tenants. We want Holt to spend some money to keep them there.” Wright tells GlobeSt.com that the year-one roll is approximately 15%, year two is 20%, while the third year will see a 17% roll.
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