Class A Medical Office Building Fields About $4M

The new owner had the Griego Medical Building at 2701 S. Hampton Rd. in Dallas "tied up" and then changed her mind, Larry Marks of Betz Commercial Brokerage Inc. in Houston tells GlobeSt.com, "When it became available again, she rushed back in," he says.

The Griego building, developed in 1997 by the Dallas-based Cirrus Group, is half leased to Texas Health Resources. And, the earliest that a lease rolls is 2008, Marks says, adding that the pacts are all triple net. He says the new owner, who has family in Dallas, intends to self-manage the holding. "It's a stabilized investment and a very nice deal," he says.

The seller is a revocable living trust, Phillip E. Frigon and Jean P. Frigon, who initially bought the building for about $3.8 million along with the Anne D. Peter trust of California to satisfy a 1031 Exchange. The flip brought within 10% of the $4.8-million ask, says Marks, who had six offers in six months of marketing the one-acre property on an all-cash basis.

The new owner secured a loan through a West Coast office of GMAC Mortgage Capital, according to Marks, who also brokered the building's 2003 sale. Kimberly Cleveland of Independent Title Co. in Houston was the closing agent.