The buyer has filed away deeds to a 50,087-sf building at 15490 N. Dallas Pkwy. and a 25,000-sf structure at 15450 N. Dallas Pkwy. The duo sits at the intersection of Arapaho Road and the freeway, where comparable assets would draw $11.5 million to $12 million at the closing table.
"It's a nice piece of land with two nice size buildings. The local investor liked the potential of the property, not only the in-place, but the redevelopment potential," Thomas E. Clarke, managing director of Transwestern Dallas, tells GlobeSt.com.
The structures were build-to-suit projects in 1993 for the national retail chains. "There is substantial time left on their leases," Clarke says. "That's what the buyer saw--the value in the real estate and leases that are under market."
The seller wanted to update its portfolio and reallocate funds, according to Clarke. Before marketing could begin, he says "this buyer stepped up and said he'd do a short-term close." Clarke and Transwestern senior associate Lindsay A. Allen took the deal across the finish line in 15 days for National Triple Net REIT, which had owned the two build-to-suits for several years.
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