"The first offer stuck," David Tuttle of Marcus & Millichap in Dallas tells GlobeSt.com of the pass, with an 11.5% cap rate, from Dr. Neil Sternberg to Tribros Properties Ltd. of Boston. The 10,700-sf building at 2100 Virginia St. is one of three in the 1970s-era complex. The other two sold a few years ago, Tuttle says.
The asset, positioned on about an acre, has a roster with "a stable roll" of mostly medical tenants, many in place for 10 to 20 years, according to Tuttle. Sternberg's former office is the only vacancy in the building.
Tuttle says the listing could have easily secured "seven or eight" offers, given the positioning near Carrier Parkway, price and steady income stream. The first offer of all cash brought the hunt to a halt, with the deed going to an owner who owns more in Dallas-Fort Worth, but none in the immediate area.
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