The building is shared by Daistyek International and Micron Technology, which have leases good through 2008 and 2009, Bernadette Mussell, L&B's associate director of acquisitions, tells GlobeSt.com. The leases' shelf life coupled with incremental rent increases and the building's location sewed up the deal for the buyer. Mussell represented L&B and Mike Hardage, director of investment services for Dallas-based Trammell Crow Co., acted on behalf of his firm, the seller.
Trammell Crow delivered the 92,000-sf office building, positioned on the northeast corner of Central Expressway and Ridgemont Drive, in fourth quarter 2000. The 6.53-acre project started out on a spec basis, says Mussell.
L&B acquired the holding, which was never on the market, via an ongoing relationship with Trammell Crow, according to Mussell. She's not talking about the terms, but did say "I think if was a good deal for both the buyer and the seller."
Of particular interest to L&B is the location at 1025 S. Central Expressway in the vibrant Enterprise Business Park, which is outfitted with dual-feed, redundant fiber optics that made for a state-of-the-art building. Mussell says L&B intends "to take a look" at other available buildings in the Allen market. "It's an impressive area," she assesses.
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