Scoring the Lyndon Plaza win for the investor was Sary Benzvi, a one-year associate with Dallas-based Weitzman Group's investment properties group who's turned his competitive focus from the basketball court as a 2002 assistant coach for the Dallas Mavericks to commercial real estate. Benzvi, who speaks Mandarin Chinese, says the seller had plan in front of nine brokerage companies in Dallas/Fort Worth, but the former coach turned a trip to Japan with his son's Little League team into a win for the class B listing after making a telephone call and talking the same language, particularly when it came to the marketing strategy.
Benzvi did a full-court press from Internet to traditional marketing, beginning in September 2003 with an asking price of $4.8 million for an office complex and parking garage with a Dallas Central Appraisal District assessment of $3.3 million. Benzvi won't talk about the final price, but did say it went for less than the ask.
Benzvi says Boxer Property wasn't the top bidder of the seven serious offers on the table, but won the seller's nod with the ability for a quick close. "Boxer was a motivated buyer with a good background and offered the quickest close," Benzvi tells GlobeSt.com. "Boxer will bring a lot of energy to the building. They have the leasing power that smaller companies do not."
The seller, who acquired the 6.9-acre holding in 1991, let it go due to the soft leasing market and the distance between him and the property, Benzvi says. The 19-year-old complex consists of 38,388-sf twins at 10925 and 10935 Estate Lane and a 75,698-sf building at 10945 Estate Lane. American Banker, previously GE-Zurich Warranty, is the largest tenant, occupying the entire 10935 Estate Lane.
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