The Griego Medical Office Building, on the market for about a year, got an adrenalin shot with a tenant signing in November that attracted three offers after 2003 got under way, Larry Marks of Betz Commercial Brokerage Inc. in Houston tells GlobeSt.com. The buyers are two revocable living trusts, Phillip E. Frigon and Jean P. Frigon and Anne D. Peter, private family investment groups from Kansas and California. Marks negotiated the transaction for the Dallas-based seller, CIR-Hampton LP while Duane Lewis of Landmark Real Estate in Manhattan handled talks for the buyers.
Cirrus acquired the property, then a 10,000-sf building on about an acre, in 1997. It added another 10,200 sf and secured a division of Texas Health Systems as its lead tenant for 51% of the office space. Marks says no leases are due to expire until 2007, with the lead in place under a 10-year contract. The intent from the onset, he adds, was to redevelop, lease and sell.
The fully leased asset had no underlying debt, according to Marks. The private trusts weren't applying a 1031 Exchange to the acquisition, but did win the title because "it was the highest bid as well as the fact that they said they could close in 30 days," the broker says. And, they did.
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