Sun Life Assurance Wins Parkway Centre I

The four-story asset, situated on 4.29 acres at 2901 Dallas Parkway, was developed in 1997 by Collinternational Inc., an affiliate of Dallas-based International Capital Inc., and local developer Randy Heady. The German investment partnership, with Collinternational as the managing partner, has owned the 90%-leased building since 1998.

Martina Crevecoeur, vice president of acquisitions and dispositions for International Capital, tells GlobeSt.com that numerous principals from the selective marketing put in offers, driving a best and final with three in the running. Sun Assurance, she says, wasn't the highest offer "but obviously because of who they are, we felt more confident with them and confident of their ability to close." She and International Capital president Christiane Hepfer took the sale full circle within 100 days.

Interphase Corp. and Richmond Title Services are the lead tenants for the 14-company roster. Crevecoeur says all leases that would have rolled this year were put to bed before the closing, including a recent 10,000-sf expansion by Richmond Title to double its size with the space evenly split on the first and fourth floors. Interphase fills 22,228 sf on the second floor. "We did quite a bit of lease-up last year," she says. With the ownership change, Holt Lunsford Commercial in Dallas is taking over leasing and management.

Collinternational, in separate joint venture packaging, owns three other properties in the area. Like Parkway Centre I, all were planned as seven- to nine-year holds. "They're not at the end of their partnership life," Crevecoeur explains, "but Parkway is. This is a seller's market and we needed to take advantage of that."

Heady, who developed the 550,000-sf office complex, still owns Parkway Centre IV. Two sister buildings are owned by Denver-based AmeriVest Properties Inc., which has Trammell Crow Co. leading a portfolio liquidation.