Bill Cawley, chairman and CEO for GVA Cawley, tells GlobeSt.com that the buying partnership assumed a loan with roughly seven years left on the term and made up the difference with hard cash to get a 75% vacant, two-building campus developed in 1999 at 16301 Quorum Dr. He says negotiations with the seller, a partnership led by local developer Jack McJunkin, took nearly seven months.
According to information on the North Texas Data Exchange, Parkside Corporate Centre was first marketed for $12.62 million or $129.87 per sf and then the price lowered to $11.55 million or $118.77 per sf. Conine Realty Advisors Inc. of Plano had the listing.Cawley says his team zeroed in on the deal after it went off the market. "We were doing the leasing for it. We ended up against one other interested party," he says.
Parkside Corporate Centre holds the 24,641-sf headquarters of Motel 6 Operating LP, which is the only tenant left in the structure. When the asset first hit the market, it had Furniture Marketing Group in 22,740 sf and Dilena in 20,000 sf.
"The capital construction of the partnership, not Jack, but his partners couldn't make deals," Cawley says. "We've got the capital and we're going to lease it up." GVA Cawley's managing partner John Conger and director Mike Pierre are masterminding the leasing campaign.
The 49,830-sf and 49,030-sf office buildings sit on 5.2 acres just off the Dallas North Tollway and behind the well-known headquarters landmark for Mary Kay Inc. "We love the asset and we like the submarket," Cawley says.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.