IRVING, TX-Spire Realty Group LP has acquired 500 E. JohnCarpenter Freeway, a class A office building, from CB Richard EllisInvestors in an all-cash transaction. The purchase price was notdisclosed.

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Previously occupied by Verizon, the property consists of 202,879rentable square feet and an adjacent 3.2 acres. CBRE Investorsacquired the property in 2007.

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Located at the intersection of Highway 114 and Rochelle Drive inLas Colinas, the building has been 100% empty since Verizon vacatedit in early 2008.

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The building is certainly financially distressed given thatthere is no income,” says Jon Ruff, senior vice president of SpireRealty. “But from a physical standpoint, I have not seen any otherbuildings in the market in such good condition.”

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Currently, the 1980s-era property is undergoing extensiverenovations. CBRE Investors had also begun construction on afitness facility inclusive of locker rooms with full wetfacilities, a multi-purpose conference center and a full servicerestaurant facility. The new owner plans to complete thoseimprovements and address exterior landscaping among other things,Ruff says.

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Ruff tells GlobeSt. the seller had previously spent almost $9million replacing all of the building systems including elevator,HVAC and electrical. “Its systems have been completely replaced –it’s essentially a new building,” he says. “Our purchase pricewas less than the value of the improvements alone.”

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Peloton Commercial Real Estate is the official leasing firm for500 E. John Carpenter Freeway, which features a five-level,600-vehicle parking garage that is connected via sky bridge. Theasking rate for the building is $19.50 per square foot pluselectric.

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Spire Realty’s Dallas/Fort Worth portfolio consists of threeoffice buildings and approximately 12 acres. The John Carpenterbuilding is the company’s second acquisition this year.

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In February, it acquired the 390,000-square-foot Chase Tower indowntown Austin, TX. It reportedly paid $72 million for the21-story building. In total, the firm owns roughly 3 million squarefeet of commercial real estate.

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