ITW Mortgage Investments III Inc., a Dallas-area fund managed by GE Capital Realty Group, has sold the Isom Road property as part of the fund's dissolution. "They are gradually phasing out their fund," says Bill Tourtellotte, a vice president with GMH Capital Partners in Newtown Square, PA. Tourtellotte, who represented the seller in the transaction, tells GlobeSt.com that it was simply time for the asset to be sold.
Built in 1980, the office/warehouse sits on 10.6 acres at 919-81 Isom Rd. It was 85% leased at the time of the sale. The building was listed as an un-priced offering.
Tourtellotte says interest was received from local, regional and national players on the property. "It just so happened that someone from the home state ended up prevailing," he adds.
Earlier in the week, representatives from Weingarten, during the company's Q3 earnings call, had said that the remainder of the year would be focused on closing more acquisitions. Weingarten could not be reached by publication time for further comment.
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