Cliff Cutler of Cutler Commercial paid Randy Stolworthy of Phoenix more than $2 million for the 1980s-era project: a 10,000-sf building and a 13, 750-sf structure at 950 W. Southern Ave. Southern and Hardy received 12 offers and fell out of escrow before Cutler put it under contract, Bob Buckley, a senior vice president with Trammell Crow Co., tells GlobeSt.com. The TCC team included Steve Lindley and Tracy Cartledge.
Southern and Hardy is fully occupied until 2008 by medical service companies, Concentra Inc. of Addison, TX, and locally based Mediserve Information Systems. Cutler Commercial assumed a $950,000 loan from Lutheran Brotherhood of America to acquire Southern and Hardy. The loan, due in 2010, has an interest rate of nearly 8.2% and amortizes over 22 years.
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