L.A. Exchange Buyer Applies $25M to Dallas Deal

Buyer LALPI/Shaw LLC, part of Transactional Financial Corp. in Los Angeles, took its first deed in Texas with the class A acquisition of Primedia Workplace Learning at 4101 International Parkway in Carrollton, Ron M. Pelleg, an independent broker from L.A., tells GlobeSt.com. The affiliate of New York City-based Primedia Inc. has 10 years left on the lease for a 14.8-acre property developed in 1998.

The $25-million sale was in escrow less than 30 days, Pelleg confides. "It was a motivated buyer, a motivated seller," he says, "so they did what they needed to do to get the deal done."

Pelleg was helping the buyer find replacement properties when he came across the CB Richard Ellis Inc. listing held by Russell Ingrum and Gary Carr in Dallas. Neither CBRE broker was available for comment on the transaction. The seller of record is Kenyon Carrollton LLC of Los Angeles. A Primedia contact in New York City says the ownership change won't have any impact on the company's only location in Texas.

Pelleg says the buyer only used part of the proceeds from the 700-unit sale in Venice, CA for the Texas purchase in a "walk right in and collect the rent" strategy being used to build the net-lease portfolio. Although there's more capital to spend, he says the International Business Park property is the only one in Texas on the list.

The 205,000-sf building is assessed at $16.9 million, according to Dallas Central Appraisal District. Though no one can say for sure, the sale could be the first office building to change hands on the open market in the six-year history of the 300-acre business park, designed with mini-campuses and corporate-like amenities that have attracted several single-tenant, net-lease build-to-suits.