According to Mackey, the deal closed at a 5.6% cap rate, whichhe terms "very aggressive" for a 20-year-old stabilized property.Built in 1986, the property features an on-site deli, bankingfacilities, a pass card security system and a five-story, 552-spaceparking garage, along with 64 surface spaces. The building is 94%leased to a roster of credit-worthy tenants that includes GeneralMotors Acceptance Corp, Approach Resources Inc., Principal LifeInsurance, Bank One, Metropolitan Life Insurance Co. and ComputerScience Corp. The latter leases 80,000 sf, with a lease thatterminates in mid 2011.

Mackey says the property was on the market for about four weeksand attracted a great deal of attention from both local andnational investors. In the end, five bidders made effectivelyequivalent offers, but the CBRE broker tells GlobeSt.com thatTriple Net won the deal based on its ability to close sooner thanthe competitors. "Triple net was willing to shorten theirfeasibility period and close more quickly," he says. "The promiseof a quick closing gave it a decided edge."

Mackey pegs annual rents in the building at about $19 per sf."It's one of the buildings that leads the market in West FortWorth," he says. "There are probably a half dozen class A buildingsin the immediate area, and One Ridgmar is at the top even thoughit's older than some of the others."