"This was really the execution on a strategy," Jason Mattox, executive vice president for the Dallas-based seller, Behringer Harvard, tells GlobeSt.com. "We were pleased with the returns from the sale." Behringer Harvard REIT I Inc. acquired the six-story office building at 1255 Enclave Pkwy. in April 2004 for $28.6 million.
According to the Los Angeles-based buyer's SEC filing, the deal was funded with net proceeds from its IPO. The building, completed in 1999, is located in a deed-restricted business park and fully leased to SBM Atlantia Inc., a subsidiary of Netherlands-based SBM Offshore Inc.
Mattox says SBM, a supplier of oil and gas products and services, had "sufficient term on its lease" so a new one wasn't struck as part of the trade. "It's a great single-tenant asset," he says, "and a tenant that's involved in an industry that is on fire right now." Dan Miller and Martin Hogan with Holliday Fenoglio Fowler LP in Houston brokered the sale.
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