GlobeSt.com EXCLUSIVE: 250,000-SF Stemmons Cornerstone Sells

Stemmons Cornerstone Crossing attracted 15 full-price offers, Webb Sowden, principal of locally based Realty America Group, tells GlobeSt.com. He explains Argus Realty Investors LP of San Juan Capistrano came out on top after the local sellers "got comfortable with the execution. Argus convinced us that they were the furthest along in the tenants-in-common arena and had the available equity to fund the acquisition."

The portfolio, all "true core assets," went from listing to closing in less than 75 days. "They had a significant amount of money and went significantly hard relatively quickly," Sowden says, noting debt was placed with New York Life Insurance Co. The fractionalized 1031 Exchange buyer also got a first right of refusal to eight acres abutting the 16-acre development at 9755 and 9761 Clifford Dr.

Sowden says the just-sold holding delivered "healthy prices that traded in the sub-9% cap rate" for partners Fred Gans, Scott Renphrey and Walter McElroy. He says the portfolio was split because "we felt the highest and best prices could be realized by separating the buildings."

With the deal done, Realty America is now looking for a buyer for a 39,609-sf structure at 9787 Clifford Dr., leased solely to Motor Coach Industries of Mexico. Sowden predicts a buyer will be in hand within months, with the partnership likely to pick up another $4 million from the disposition. In addition to Sowden, Realty America Group principal Jeffrey C. Berry and investment officer Mart Martindale are handling the disposition.

The 136,000-sf Building I at 9761 Clifford Dr. is fully leased, with Jus-Made, a commercial supplier of juice mixes, as the lead tenant. The 114,000-sf Building II at 9755 Clifford Dr., which is 80% occupied, has BKM of Texas, a manufacturer of custom office furniture, as its top space taker. The larger building delivered in 2000 and the other one in 2002. Michele Hudson of locally based Henry S. Miller Commercial holds the leasing assignment.