Buyer, seller and the CB Richard Ellis Inc. investment sales team--Jack Fraker, Randy Baird and John Robinson--are mum about the trade of 1221 S. Belt Line Rd. and 1234 Lakeshore Dr., 32.8 acres of prime land and high-end flex space that attracted bids from investors near and far. Some offers, predominately from local developers who know the terrain, were placed just for the land while others, like the San Francisco-based Rreef, put in dibs for the whole shebang. In recent days, Rreef put out word on its website about the deal which, if the sources have pegged it right, brought $20 million to $22.8 million for the seller, who bought the land in 1999. The developed site is assessed at $14.9 million by Dallas County.
Michaels Stores Inc. is the sole tenant in the 105,600-sf building at 1221 S. Belt Line Rd. while seven tenants take up 82,000 sf of the 135,200-sf structure along Lakeshore Drive. The multi-tenant building's roster includes Kraft Foods Inc., Pulte Homes of Texas and Kajima Construction Services.
The Houston-based Transwestern Investment Services team of John Fulton and Todd Jones will continue to lease and manage the asset, according to a TCS spokeswoman. Beyond that, no more is being said about the property, but it's a certainty that some leases are about to roll given its age. The 53,200 sf on the market is quoted at $8 per sf net, according to a Dallas database. The space has been empty since the Chicago-based investment arm returned the asset to TCS to lease and manage in July 2003. At that time, a marketing blitz was leveled to fill the still-empty shell space with an opening quote of $9 per sf net and an $18 per sf finish-out allowance.
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