Miramar's real estate arm, DM Properties Ltd., is the seller of record of 1251 Forum Way South. The class A industrial building sold for close to an 8.5% cap rate, according to David Barber, a former Fort Worth broker who relocated and is now with NAI Austin.
Barber tells GlobeSt.com that the asset went on the market one year ago as a 10-year sale-leaseback for Miramar's headquarters and production hub, passing through one fallen-out contract and the usual back-up offer run before Cobalt's Lewis D. Friedland came on the scene. "There were two offers in front of him. It appeared we needed to get an all-cash buyer," Barber points out. "Cobalt didn't have any lending hurdles that everyone else was having." Dallas-based Cobalt is working a fund with $410 million of equity, with USAA Real Estate Co. of San Antonio as its primary backer.
Miramar's office/warehouse is parked on 13 acres. The listing included an additional 18 acres, which subsequently were severed so the sale could proceed after Cobalt passed on the land, according to Barber. Todd Hubbard with NAI Robert Lynn has the land listing.
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