DALLAS-A San Francisco investment group is in play to acquire the $115-million note for the 1.2-million-sf Infomart, GlobeSt.com has learned. Sources expect the note, which is in maturity default, to change hands in "the next month or so."
GMAC Commercial Holding Capital Corp. started courting select capital circles in July with Infomart's four-year-old note, which came due in May. It's uncertain if the new lender will be working out a deal with the borrower.
The high-tech landmark at 1950 N. Stemmons Freeway was bought in September 1999 by Nexcomm Capital Partners, led by Ahmed Badeeb, a Jeddah, Saudi Arabia-based businessman. But, word is that it's not so much Nexcomm as its behind-the-scene partners who want out from under the deal.
Sources say GMAC's team for the disposition of distressed properties put the offer before a large number of investors. But as would be expected, only a few have the combined expertise in telecom or specialty properties and the capital needed to buy them.
The 1.2-million-sf building and 400,000-sf parking garage sit on 18.4 acres, allowing plenty of extra land for additional development. One insider says the San Francisco group isn't planning any immediate addition to the asset, but isn't ruling out the prospect. "People see the value," the source says.
The Infomart, one of the city's most recognizable structures, is 76% occupied. Of the existing 50 tenants, the top space taker is the former Wyndham International Inc., which has another two years left on its 150,000-sf lease.
According to the North Texas Commercial Association of Realtors' database, the 22-year-old, class A high rise has 292,977 sf empty. The office space is on the market for $16.50 per sf to $19.50 per sf, triple net, but high-tech companies that require the elite infrastructure are paying as much as $25 per sf triple net. The Infomart, assessed at nearly $73.6 million by Dallas County, sits on two electrical grids offering an unparalleled redundancy for its tenants because when power source goes down, the second one automatically kicks in. As a result, the building directory contains 15 fiber providers, a specialty tenant demanding best-of-breed electrical backup.
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