$16M Buys Class A Office Park With Six Extra Acres

The Los Angles-based group was up against a dozen others in a yearlong push to sell 121 Corporate Park for Commonfund and TIG Real Estate Services, says Jack Crews, senior vice president and director for Dallas-based Trammell Crow Co. He says the transaction took awhile to close because the extra land rolled in and out of the offering.

The Wilton, CT-headquartered Commonfund, advised by Michael Everly in CB Richard Ellis Inc.'s Los Angeles office, put up the equity for Dallas-based TIG's development of the suburban office park along Canyon Drive, positioned about two miles north of DFW International Airport's north entrance. The buildings, ranging from 26,800 sf to 57,000 sf, have eight tenants, including Verizon Communications Inc., which leases the space to supplement its corporate-owned, 250,000-sf regional address right across the street.

"We liked the deal because it had some value-add opportunity with that land," Brandon Delf, Cohen's senior vice president, tells GlobeSt.com. He says the buyer is weighing all options, including spec development, but first wants to see what Principal Financial Group Inc. of Des Moines has in store for its nearby property.

Delf says there is a significant roll in leases over the next three years. "That's part of the reason we thought it was attractive," he says, adding the single-story buildings at 601, 651, 701 and 751 Canyon Dr. were bought on behalf of a couple of Cohen's long-term clients. TIG will continue to lease and manage 121 Corporate Park, which carries a quoted rate of $11.50 per sf net.

Crews, Commonfund's broker, says the asset was sold because it was time. "It fit the pattern to develop, stabilize and sell," he says. "There was no other motive other than that." Tom C. Smolik, TIG's senior vice president, represented the development partnership, 121 Canyon Office LP.