New Buyer Kicks Off Portfolio With Class B Office Building

Matt Nine, president of Premier Realty Advisors in Dallas, tells GlobeSt.com that the single-story office building at 2998-3010 Stemmons Frwy. traded "relatively close" to the one-time asking price. Nine is teaming with investors in Fort Lauderdale, FL to acquire buildings either with schools in place or primed for an educational services' tenant. The just-bought building--leased to Sanford Brown Institute and the INS--is the first deed to roll into the portfolio, which will be managed by Premier Realty Advisors.

Todd Noonan with Dallas-based Stream Realty Partners LP says the 11-year owner, the Lena A. Clark Annuity Trust of Wichita, KS, primarily is a retail investor, that opted to retool the freeway-fronting, class B building into office use after two stores closed their doors in 2000. It was brought to market after Noonan landed the Sanford Brown Institute in 2001 and the INS in 2002. The 2.7-acre asset, fronting the Interstate 35E service road, has sold with the space locked down for the long term, says the seller's broker.

"We knew about it and we liked the location," Nine says, adding the quasi-off-market deal closed with financing from the Connecticut-headquartered RBS Greenwich Capital Markets Inc.'s Chicago office. He says the investment group, made up of executives from the educational sector, is scouting for buildings nationwide in the 30,000-sf to 60,000-sf category for the specialty investment play.