(Read more on the industrial market.)

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FORT WORTH-Halliburton Corp.'s former 340,869-sf office andwarehouse footprint in Carter Business Park has been sold afterroughly two years on the market to a long-time tenant who occupies69% of the space. The 10-building asset has changed hands forslightly less than $8 million or about $4 million less than theoriginal ask.

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Houston-based National Oilwell Varco Inc., a publicly tradedoilfield services' component manufacturer, had six years left on aninherited 10-year lease when it jumped into acquisition talks forthe 23.3-acre complex at 1010-1100 Everman Pkwy. in South FortWorth. "They knew both the strengths and the shortcomings of thereal estate," says John Brewer, senior vice president for Henry S.Miller Commercial in Dallas, who teamed with the firm's presidentof its investment division, Greg Trout, and Fort Worth-based NAIHuff Partners principal Walter Floyd to make the close.

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Brewer says the brokerage team for Cherokee Fund of Raleigh, NCapproached National Oilwell Varco after repeated evaluationspointed to it as the most likely buyer although it hadn't made anoffer. There were several offers during the long marketing run, but"at the end of the day we thought it made the most sense forNational Oilwell Varco to buy it," Brewer tells GlobeSt.com. "Theyagreed with us." He says negotiations produced a sale at a slightdiscount to the $8-million ask, with the contract going down on thedesk within one month and a closing three months after duediligence hurdles were cleared.

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"They're expanding and obviously the energy sector is doingquite well," Floyd says. "They needed that extra space." There is107,242 sf of empty office space for National Oilwell Varco'sexpansion plan.

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Brewer says Cherokee sold the complex in as-is condition andheld onto mineral rights for its Barnett Shale promise, which isproducing oil and gas leases of exorbitant sizes in most of TarrantCounty. The seller specializes in acquisition and remediation ordisposition of properties with environmental contamination.According to both brokers, Cherokee had done some work on the siteduring its hold, but there is more remediation to be done.

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Floyd, who held the original listing, says the site has been onthe market for sale or lease since Cherokee bought it about fiveyears ago from Halliburton. In March 2007, a local firm acquiredone of the complex's buildings, a 117,000-sf office at 8945Interstate 35W.

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