Buyer Cohen Asset Management, through its Eastern Industrial Capital LLC, got the deed to 2115 Beltline and kept the property team, Dallas-based TIG Real Estate Services, which brokered the sale for the Des Moines-headquartered seller. Tom C. Smolik, TIG senior vice president, tells GlobeSt.com that he is working two proposals to fill the 195,000-sf balance in a building that once had Dallas-based Shippers Warehouse as its lead. The logistics provider has since tied itself to 1.1 million sf in leases in the last two years at Hillwood-owned locations.

Smolik, who's not disclosing the selling price, did say "it was an attractive price to both parties." The Dallas Central Appraisal District placed a 2002 assessment of close to $7.5 million on the 15.9-acre development. Built in 1975, the class B building has a two-story front, with 40,000 sf of office space.

The property is just 45% occupied, with PrimeSource Building Products Inc. holding a 10-year lease for 160,000 sf that it uses as a headquarters and primary distribution site for its main customer, Home Depot. The wholesaler has 40 locations in its US distribution network.

Smolik says the transaction was "a back-door sale" that drove a trade two years after Principal bought it. According to Smolik, Principal parted with the property because it was "an opportune time" for the turnover. Start to finish, the transaction took about six months to reach the closing table. Principal Global Financial is the life insurance company's adviser.

Smolik says there's an abundance of capital chasing Dallas-Fort Worth industrial product. "The disconnect in the market is that rents are down, but prices haven't followed," he explains.

Information was not available about Cohen Asset Management's 1031 Exchange. The asset management group is funded by high net-worth individuals, institutional investors and domestic business entities. It owns about 15 million sf in 14 states, several of which are in North Texas under the ownership of the Greater Dallas Industrial Capital LP.