DBSI Takes Second Class A Office Deed in North Arlington

DBSI, the tenants-in-common buyer from Meridian, ID, picked off its second building in the immediate vicinity with its surety of close for 1701 E. Lamar Blvd. in Arlington. "Part of it was that we felt they were one of the most qualified buyers," David Tuttle with the Dallas office of Marcus & Millichap tells GlobeSt.com. "They had performed in the market...and we engaged them early on." Key to the decision to sell to DBSI is Poynter-Scifres' contract to continue managing the asset.

Built in 1999, the Offices@Brookhollow sits on nearly 4.7 acres with a hard-corner positioning at a high-traffic intersection. Nursefinders Inc., a medical staffing firm, and Tenaska Inc., an energy marketing company, are the lead tenants in the 98.7%-leased building, which has 11 tenants on the roster. Tuttle says there is some minor roll in leases before the year ends, but "it's a solid property."

According to Tuttle, DBSI paid all-cash for a free-and-clear asset and intends to parcel it out to 1031 Exchange buyers on the back end now that the title's been transferred. DBSI spent $180 million nationwide last year and is looking to spend more than $1 billion this year. Mike Lawrence in Marcus & Millichap's Newport Beach office worked the North Arlington sale with Tuttle, the selling agent.