"There's some significant cash flow coming out of them," John Alvarado, senior vice president of investment sales for Dallas-based Trammell Crow Co., tells GlobeSt.com. The call for offers on the three class A buildings and one class B, totaling 511,444 sf, will be made at the end of this month. The plan is to close the deal by the end of the year.

The New York City investment giant is running the show although locally based Macfarlan Real Estate Investment Services has a vested interest in the portfolio, which has hit the market "free-and-clear." The lone Dallas property is 10100 N. Central Expressway, a 92,294-sf, class B structure built in 1982 and renovated in 1992. The building is 75% leased, but has enough deals pending to push it into the high 80% range, Alvarado says. Double Diamond Inc. is the lead tenant, with a 30,000-sf headquarters office.

Also up for grabs are the 145,323-sf Brookhollow II at 2221 E. Lamar Blvd. in Arlington and 118,181-sf Brookhollow Riverside at 2505 State Highway 360 in Grand Prairie. Brookhollow II, built in 1986, is a 77%-leased, class A building with WPAB/KSCS stations in the lead slot with 35,000 sf. Brookhollow Riverside, also a class A, is a 21-year-old asset with an 87% occupancy. Its lead tenant is the Redwood City, CA-based Check Point Software Technology Inc., which occupies a 31,075 sf.

The third class A building is Centennial Towers at 505 E. Huntland Dr. in Austin. The 155,646-sf building, constructed in 1984, is 82% leased to a mix of small office users.

"It works well as a portfolio, but we are prepared to split them up," says Alvarado, who's teaming with Jack Minter, head of TCC's investment sales group for the sale. "I think as a portfolio, they would be a better fit for an institutional buyer, but private buyers are more likely to be the candidates if they're sold separately."

Instant Insights /

GlobeSt.com EXCLUSIVE: Morgan Stanley Shopping Texas Office Portfolio

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