DALLAS-The remainder of the 278,166-square-foot Mercantile Quaker Portfolio has been sold, with a local investor buying the final three buildings of the industrial collection. William B. Jordan acquired the three buildings, totaling 142,401 square feet, out of foreclosure, with plans to spruce and lease them up.

 The entire seven-building portfolio, located on Top Line Drive in the Brookhollow/North Trinity industrial submarket, was on the market for awhile, first for lease, then for sale. The local seller hired Colliers Owership Advisory Group (COAG) about a year ago to sell the buildings, which were constructed in the 1960s and 1970s.

“We first took all seven buildings to market and the response was strong, but the price at which people would buy the portfolio was low,” comments Matt Thompson with locally based Colliers International’s Ownership Advisory Group , who teamed with colleagues Phil Rosenfeld and Allen Gump to market the asset. The advisory group sold four vacant buildings from the portfolio to separate users earlier this year. Then the team returned to the three buildings, which are 84% leased and “we went back to investors who had shown interest in the properties before,” Thompson tells GlobeSt.com.

The second time around yielded offers. Rosenfeld says William Jordan ended up with the buildings because he owns similar product in the area.

“Mr. Jordan is the type of owner who will build a relationship with the tenants in those buildings,” Rosenfeld comments, adding that some roll is anticipated within the next three years. “Unless the tenants need more space, the new ownership will be able to keep them there,” he adds. There is a single vacancy remaining in the portfolio that Jordan will work to fill, while capital investments in new roofs and other upgrades will also be made.

“This is an asset that has been on the market for awhile; one that a lot of brokers and investors knew about,” Thompson says adding that, during its time on the market the portfolio was largely undermanaged. But now, with four buildings in the hands of users and the remaining three in the portfolio of an ownership that understands industrial property, “undermanaged” is history.

“To have an investor with the right resources be able to buy the remaining buildings, to do TIs, to get it leased up and properly maintain the buildings from roofs to parking lots will end up being good for the buildings themselves and the market,” Thompson comments.