"Neither us nor the appraiser could find a sales comp that was at or above our sales price," says David Tuttle with Marcus & Millichap Real Estate Investment Brokerage Co. Though the final price is off limits, he did say the 10,077-sf, fully leased office building at 305 Cimarron Trail sold for considerably more than the $900,000 assessment by Dallas County. Given Valley Ranch's dynamics, it's highly likely that the sale surpassed $200 per sf.
The Tustin, CA buyer placed the first offer--full price--to win the nod before the listing could make it to the brokerage house's website, Tuttle tells GlobeSt.com. The one-year-old, six-tenant building has "zero near-term rollover," he says.
Tuttle says the buyer, who's wheeling and dealing for several Texas properties, went the full distance to take the 1.1-acre deed because he has first-hand knowledge about master-planned development and the built-in security that comes with investing into a high barrier-to-entry location like Valley Ranch. "There aren't many developable tracts along that part of MacArthur," Tuttle says. "He understood the master-planned concept in Valley Ranch because Orange County is master-planned and the pricing that's relative to that."
Tuttle and Michael Lawrence, an adviser in Marcus & Millichap's Newport Beach, CA office, represented the seller. Michael Woolbright, also part of the Newport Beach team, negotiated the buy side.
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