L.A. Group Uses 1031 Funds for First Texas Buy

For $1.1 million, Kester Properties LLC got a new single-story office building at 3024 Hebron Parkway and a new seven-year lease with its sole occupant, Republic Title Co., Lindsay Allen, associate with Grubb & Ellis Co.'s Dallas office, tells GlobeSt.com. "They wanted to come here so they could get more for their money," she says. "It was a good purchase for them because of the location, price per sf and Republic as the tenant."

Allen says Republic Title just moved into the newly delivered structure, developed by Stacy Standridge of Marsh Partners Ltd. in Dallas. The building sits on a half-acre tract near the corner of Marsh Lane and Hebron Parkway, flanked by established retail and under-construction office condos.

Allen says Kester Properties was deploying funds from an office building sale in the Los Angeles area. The rest of the gain, she says, will be reinvested in California. The Grubb & Ellis negotiating team was led by Tom Clarke, senior vice president, and included Mike Friedman, also a senior vice president, and Will Evans, vice president.