Mindlin closed the all-cash deal right before Thanksgiving, inking it three weeks ahead of schedule. Grubb & Ellis Co. senior vice president Scot Farber and Tom Strohbehn in Dallas brokered the sale from Boston-based TA Associates Inc. TriSail Capital Corp., a Los Angeles-based division of Bank of America, provided 18-month financing for the acquisition and renovation. TriSail's Kirk Malmrose and Brian Eisner of George Elkins Mortgage Banking, also in Los Angeles, packaged the loan. Mindlin's not discussing financials, but Dallas County has the asset and the adjacent extra 3.3-acre tract assessed at $6.97 million.

Mindlin says the going-in plan is to hold the asset "four or five years," building in time to fix, lease and stabilize. The 13-story building's top floor and the one below it represent the largest contiguous block of open space--31,062 sf.

Mindlin says leasing will start from the bottom up, reserving the top two floors for full-floor users, deals that could nail top-of-the-building signs visible from Interstate 35E. Other amenities include a 6:1,000 parking ratio due to the extra land, which is paved and lined for surface parking, and a plan to add an airport shuttle for tenants.

As for the brokers' incentives, Woodview Tower will become part of Darby's "lease and set sail" giveaway raffle and second-place chances for private parties and dinners at leading metroplex restaurants. "If there's a true showing, you'll get your name in the till," Mindlin says. "And if it's a true showing, we'll beat anybody else's deal. We're also offering free rent on a deal-by-deal basis." The opening quotes are $14.50 per sf to $15.50 per sf gross.

Instant Insights /

Mindlin Plans Makeover for 195,587-SF New Buy

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