The distribution center at 4038 Rock Quarry Rd. is the lastpiece of aportfolio sale by the Denver-based REIT. Conor Feeney,associate for CB Richard Ellis in Dallas, tells GlobeSt.com TAtopped five other institutional investors vying for the realestate, which is leased to Central Garden & Pet Co. of Dallasand International Truck & Engine Corp. of Warrenville, IL. Thelocal company has a lease running until 2017 for 120,000 sf of thebuilding while the Illinois engine company controls 360,000 sfuntil 2015.

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Feeney, CBRE's point man for the sale, says the deal took fourmonths to reach the closing table because the seller had it in across-collateralized loan and had to substitute another propertyinto the pool in order to carve out Pinnacle C. TA Associates laidcash on the table, "stepping up the pricing" to score the win in aone-off transaction for a separate account client, according toFeeney.

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The building was developed in 2001 by Atlanta-based IDI Inc.,which sold it to DCT in December 2003. The building, designed with30-foot clear height and 53 dock doors, sits on a 22.7-acre tractin the Interstate 30-fronting industrial park.

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Josh McArtor, CBRE's first vice president, says the PinnaclePark corridor has matured into an institutional submarket in thepast decade. Not only is it close-in to Downtown Dallas, but DesMoines-based Principal Real Estate Investors' underwriting of a newinterstate interchange, with future reimbursement from the city,has been instrumental in hiking interest as has the steadilygrowing retail additions by several developers.

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CBRE vice chairman Jack Fraker, McArtor and Feeney initially hadmarketed the DCT properties as a package, but split it up midstreamin the campaign. Hines paid $42.8 million for 643,429 sf in twobuildings at 4050 and 4055 Corporate Dr. in Grapevine, TX. "As welike to say around here, the sum of the parts was greater than thewhole," McArtor says.

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