Flex Office Building Pulls About $3M

The flex office building is positioned on nearly 5.2 acres at 1415 Halsey Way in a corridor of industrial and flex office space. The local seller collected close to the $3.2-million ask despite the long haul on the market, Philip Cox with Marcus & Millichap Real Estate Brokerage Co.'s Dallas office tells GlobeSt.com. "It was hard finding a buyer who wanted to pick up all the land," he says.

The California trust tucked away the deed with a 75% loan-to-value financing arranged by David Eberstein with Marcus & Millichap Capital Corp.'s Dallas office. Eberstein bundled a 10-year loan with a 5.4% fixed-rate interest and 30-year amortization with Artesian Mortgage Capital of Issaqua, WA. He says the next leases to roll don't come due until late 2007.

Cox says the new owner hired Hopkins Commercial Real Estate of Dallas to manage the asset, which is refueling the portfolio after selling a commercial property in San Francisco. William Schofield with Marcus & Millichap's San Francisco office represented the buy side.