"These assets we, along with our partners, have decided to taketo market because we think the value has been created and the timehas come to sell," Bill Deyo, principal of Atlanta-based GoddardInvestment, tells GlobeSt.com. Goddard owns an additional onemillion sf or slightly more in Dallas, but the listed propertiesare the only ones that Deyo says will be up for sale this year.

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A June 6 call for offers is set for the 232,541-sf Crossings Iat 5429 LBJ Frwy. and the 296,587-sf Crossings II at 5501 LBJFrwy., the only class B in the stack. The class A Crossings I isassessed at $24.4 million and the class B is $19.2 million. JonesLang LaSalle managing directors John C. Alvarado, Jack Crews andEvan Stone along with senior associate Seth Bame are heading up thesales campaign.

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The 273,080-sf Saint Paul Place at 750 N. Saint Paul St. in theDallas CBD is being marketed by CB Richard Ellis' executivemanaging directors Gary Carr and Russell Ingrum. The 22-storybuilding is assessed at $27.3 million.

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The Pyramids of Park Lane is a two-building medical officecomplex assessed at $39.3 million. The asset stack is the145,543-sf north tower at 9101 N. Central Expressway and 150,000-sfsouth tower at 9201 N. Central Expressway. Holliday FenogolioFowler LP's Andrew Levy, Todd Savage, John Bourret and Kelsey Roophold the listing.

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The value-add components are a mix of vacancy, submarketimprovements and in-place tenant names like Baylor Health CareSystem. Crossings I is 82% leased; Crossings II, 15%. St. PaulPlace is 50.2% leased and the Pyramids are 98% occupied.

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Deyo says there is no pressure to sell any of the assets so itboils down to offers living up to the sellers' expectations."There's always the possibility" that a building could be pulled,he says "if we decided the price we had hoped to achieve was notavailable."

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But as Alvarado points out, 80% of institutional capital hasbeen allocated for value-add strategies. [IMGCAP(2)]The Crossings"represents the best value-add investment opportunity in all ofDallas, certainly along the lower tollway," he says. "The number ofoffers in the market has decreased significantly from last year.That's a reflection of uncertainty in the marketplace, but there isequity looking for investment."

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Dallas continues to hold its place in the investment limelight,with several other class A and AA buildings penciled to changehands in June. As a pricing barometer, class AA buildings have beenfetching north of $200 per sf.

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In a case study glimpse of Goddard's strategy, Alvarado says theCrossings were bought four years ago, with the lion's share of the$5 million in renovation capital going into the 10-story, class Abuilding, which was 25% leased when it was bought. The 12-storyCrossings I just landed a 25,070-sf lease fromthe Republic Group in recent weeks. The sweet spot is they don'thave to go as a pair.

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"With the lack of attractive investment opportunities in themarketplace, Goddard realized they could capitalize on selling theupside to a future owner," Alvarado explains. "The leases that arein place are rolling to significantly higher rents, meaning thereis vast upside to this." To date, institutional investors andprivate buyers, mostly from California and New York City, have beensizing up the deal. If all goes as planned, the Crossings will besold by the end of summer.

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"I think there's been a lot of interest," Deyo says, extendingthe assessment to all his "for sale" properties. "We've seeninterest from institutional and private buyers."

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