Dale Veenker acquired the 32-unit holding at 3301 Conflans Rd. in Irving with a reverse 1031 Exchange from Charles and Louis Blaylock of Dallas, who developed the 3.3-acre park in 1973, sold it and then bought it back in 1991, says Garrett E. Sherman, owner of Investment Real Estate Sales in Dallas. He and Jan Littlejohn of the locally based Littlejohn Real Estate co-brokered the transaction. Lisa Hart with LandAmerica Commonwealth Title of Dallas handled the closing.
Sherman tells GlobeSt.com that Veenker will sell land in Irving for the next leg of the exchange. The new owner took control of the four-building Conflans Business Park with a 15-year, self-liquidating loan at prime plus 2% from Inwood Bank in Dallas, according to Sherman. The reverse 1031 Exchange was set up by First Nationwide Exchange LLC, also in Dallas. The sale closed with a 9% pro forma cap rate.
Most tenants are tied to one-year leases, Sherman says, adding the new owner will "continue with that program." The roster includes a landscape contractor, upholsterer, a custom circuit board manufacturer, a product distributor, bio lab, and roofing contractor. Each unit averages 1,960 sf, a mix of showroom, office and industrial area in buildings near Irving Mall and the south entrance of Dallas/Fort Worth International Airport.
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