The Regal Row package was 80% occupied when talks began in October and dropped right before the closing, Lizzy Pappachen of Cushman & Wakefield of Texas Inc. tells GlobeSt.com about a deal that she orchestrated with a buyer who put the right price on the table. "I know others had made attempts with offers on the buildings," she says of 1430, 1440 and 1450 Regal Row, "but none as high as the one I got." But the C&W team, which included senior exec Tom Pearson, can't discuss the off-market price nor is the buy side giving out information about a trio assessed at close to $2 million. Jim Lake Cos. did float a 25-year loan with 25-year amortization with Inwood Bank in Dallas to complete a transaction that closed higher than the assessment, says Jamie Slagel, broker and analyst for the buyer, the general manager for an investment group.
Slagel says the transaction put needed office product into the 1.7-million-sf portfolio, primarily filled with industrial buildings with a large footprint in the Brookhollow and Trinity districts. "They are great buildings in a good location," she says of the class B buy. "It had more upside potential than a lot of office properties around."
Developed in 1984 by Trammell Crow Co., the now 75%-leased complex has six tenants, with one on a short-term lease. "Everyone else is farther out," Slagel says, adding that talks this week could produce a signing for several thousand sf. Jim Lake's Taylor Allday is managing and leasing the Regal Row properties with Slagel riding shotgun for leasing. The office space is on the market at $7.95 per sf double net.
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