The partnership's leads are Greg Trout, president of the office and industrial divisions for Henry S. Miller Commercial in Dallas, and Sam Kartalis, the firm's president and COO. The property is a 1950s product at 7101-7125 Harry Hines Blvd., a 4 1/2-acre tract right on the edge of the city's hospital district.
The closing came with a lease in hand for 13,000 sf to take the building to 100% occupancy. The five-tenant building has a lease rollover of three years, Trout tells GlobeSt.com.
The purchase was sparked by the neighborhood's potential and the ability to pick up a hard corner at Harry Hines Boulevard and Empire Central, a four-lane street with direct ingress and egress to Stemmons Freeway, Trout says. "Unless something comes along," he says that they will sit tight, collect the rent and redevelop in three to five years. The only rehab, for now, will be the office area for the inbound tenant.
The buyer of record, Harry Hines VI LP, acquired the asset from Charter Holdings of Dallas. Pete Richardson of Henry S. Miller Commercial represented the partnership in the negotiations while Jeff Mercer of the Robert Lynn Co. in Dallas acted on the seller's behalf.
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