Seller ITW Mortgage Investments II Inc., a Stamford, CT-managed fund, acquired the package in separate transactions in 2000 from affiliates of Austin-based Watch Omega Holdings Inc., according to Dallas County tax records. The Northway Plaza, Royal Park Tech and Valwood Business Center contain 10 buildings, the bulk of which sits in the Dallas County suburb of Farmers Branch.
"It was time to sell it," says William Tourtellotte, vice president for GMH Capital Partners in Newtown Square, PA. And, the package went to a Boston-based buyer that started picking off deeds in early December 2004 after a two-year lull.
Tourtellotte tells GlobeSt.com that more than 20 offers went on the table for the trio. "Cabot wasn't necessarily the high bidder, but we were adequately convinced they had done their homework," he says, "and could perform quickly." GMH account rep Shawn Lubic helped to close the deal.
The 131,147-sf Northway Plaza consists of six buildings in the 3100 and 3200 blocks of Belt Line Road in Farmers Branch. The single-story structures, built in 1974 on three acres, are 93% leased.
The three-acre Royal Park Tech contains two single-story buildings at 2270 and 2290 Springlake Rd. in Farmers Branch. The 60,661-sf duo also has a 93% occupancy.Valwood Business Center totals 110,831 sf in two buildings at 1313 and 1321 Valwood Pkwy. in Carrollton. The 7.8-acre asset, built in 1981, is 80% leased.
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