Neither buyer, sellers nor the CB Richard Ellis Inc. investment sales team--Jack Fraker, Randy Baird and John Robinson--will discuss the sale, the status of the JV or the reason behind the sale. The Stamford, CT-based GE Real Estate and Dallas-headquartered Champion reportedly had the package widely marketed without an asking price. But, it's a safe bet that the JV realized some gain over the course of the hold.
The JV was launched with the $95-million acquisition from ING Clarion Partners of New York City, which acted on behalf of Dallas-based Lion Industrial Trust. The package is anchored by 1.2 million sf in seven buildings in the Stoneridge Business Park in South Dallas. The other portfolio pieces are a 350,000-sf structure at 230 Lies Rd. in Carol Stream, IL, a suburb of Chicago; 312,000-sf building at One Beeman Rd. in Northborough, MA, a Boston suburb; and about 860,000 sf in three buildings at 3960 Crowfarn Rd., 4221 Pilot Dr. and 2525 Horizon Rd. in Memphis.
GlobeSt.com also has confirmed that the Dallas package will continue to be managed and leased by the locally based Holt Lunsford Commercial, TA Associates' team on the ground for all of its North Texas properties. The Stoneridge package has 268,500 sf available for lease in its largest building, the 373,038-sf Stoneridge Business Park 9 at 8700 Autobahn Dr. The other buildings range from 40,450 sf to 270,490 sf; rents hover $9.75 per sf. According to Dallas County tax records, the buildings run the gamut from two to 11 tenants.
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