PRG Realty declined comment as did the Transwestern Commercial Services Inc. team, which is closing in on a sale for Credit Suisse First Boston and its Miami-based servicing agent, Lennar Partners Inc. What couldn't be confirmed is if the hard money went on the line yesterday, as scheduled, to secure the deal for the 11880-910 Greenville Ave. block.
Forest Green, like many of its neighbors, is battling to overcome vacancy issues that arose during several years of construction for a five-level freeway project. As a result, the complex is 50% leased to service provider-type companies.
With the highway construction wrapped up, activity has picked up in terms of leasing and sales, LBJ Corridor brokers have been reporting. "All the buildings in this submarket are trading," one insider says. "And the buyers are all looking for the upside to come with the completion of the High Five."
The centerpiece of the value-add deal, which is sure to command a renovation, is a 101,388-sf, six-story tower at 11910 Greenville Ave. The 21-year-old building, with a $14.50 per sf quoted rate, has 67,080 sf sitting empty. The tower, sitting on three acres, is assessed at $6.14 million by Dallas County.
The other Forest Green's structures were built in 1982 on 6.9 acres. The four-building complex is assessed at $2.59 million. Rents range from $8 per sf to $12 per sf. The single-story buildings go from 24,160 sf to 27,436 sf, each with open blocks ranging from 6,021 sf to 8,237 sf.
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