"We showed up. We made an offer and we came to a price that was fair and within the market," Rick Medinis, executive vice president for NAI Robert Lynn in Dallas, tells GlobeSt.com. The 9.1-acre property at 8551 Esters Blvd., assessed at $5.1 million, was sold by the CB Richard Ellis team of Dave Anderson and Brian Graham on behalf of CalSTRS. Based on recent sales, comparable product is going for roughly $35 per sf.
Medinis says the buyer, Twin Lakes Investment LP, is planning to update the office and gut and redo the building's interior. He says the site search had been going on for awhile, but there were few single-tenant buildings that met the requirements. In the end, the decision was down to a build-to-suit or the Esters Boulevard building, according to Medinis. "There aren't a lot so when one comes along it's pretty dear," he says.
Medinis says the building was built in 1988, but its design was ahead of its time, with a two-story office and 30-foot clear height in the warehouse. "It was a real good fit for this group," he says.
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