Beer Wells Buys 80,000-SF Beckett Publications Building

The new owner is braced for the two-story structure at 15850 N. Dallas Parkway to go multi-tenant at the end of Beckett's triple-net lease term although a full-building corporate headquarters tenant isn't being ruled out as yet, says Lyle Blackwood with Dallas' Beer Wells. Meanwhile, plans also are afoot for 1.5 acres of extra developable land, which could support up to 850,000 sf. The acreage is zoned for a hotel, retail and office, but a healthcare facility also could rise on the site, he adds.

The office building is positioned on 6.4 acres, tucked among high rises at the Keller Springs exit of the Dallas tollway. "We think it's a landmark location," Blackwood says.

The property was developed in 1993 for Beckett's headquarters building. The publishing company was sold earlier this year, setting up a fall offering for the real estate by Comerica Bank, trustee of the Beckett Children's Special Trusts No. 1.

Leigh Richter, vice president with the Joe Foster Co. in Dallas, launched a nationwide marketing blitz with a prospectus that included a multi-tenant strategy and no minimum asking price. Office buildings in the immediate area are fetching $100 per sf, on average. "We exceeded that," she tells GlobeSt.com. "We were very pleased."

D. Randall Potts of Harvest Real Estate Cos. in Dallas, teaming with Blackwood to secure the win, says the local investment group looked at the building before the marketing campaign, but had to wait nearly a year before it could stake its claim. "They stepped up and did what they'd said they'd do, very quickly," he says. "It's a first-class garden building."

Richter says the sale closed 30 days after Comerica settled on the buyer. The deal's sweet spot is it came with a "year to run on a triple-net deal to figure out what they're going to do," she points out. The seller's team included Joe Foster's executive vice president Mikel Reynolds and associate Brad Bridgewater.

The acquisition is Beer Well's fourth in the Platinum Corridor in the past 18 months. "It's a very advantageous place to be," Blackwood says, hinting another deed in the neighborhood could roll into the portfolio in the first quarter.