Ashwood American Properties Inc. closed out the partnership with the class A sale: the 97,889-sf Republic Place at 555 Republic Dr. in far north Dallas. It took several weeks before brokers could discuss the deal, which ended with the highest offer winning control of a five-story building that's 94% leased to 30 tenants.
"The lease roll is minimal for the first three years," Darrin Roberts, vice president for CB Richard Ellis in Dallas, tells GlobeSt.com. An executive suite operator is the lead tenant in a full floor with 18,028 sf and Minneapolis-based Target Corp.'s regional office fills 12,285 sf. And, both have 10 years left on their pacts, he adds.
The Ashwood partners bought Republic Place in May 2002 from Edison, NJ-headquartered Mack-Cali Realty Corp. in its Texas exit. Richard Rensi, a CBRE first vice president, will handle leasing and Jackie Walker, senior manager of real estate, will oversee the asset. Roberts teamed with CBRE executive vice president Gary Carr to sell the 23-year-old building. And completing the brokerage house's control of the deal, CBRE/Melody loan production officer Randy Fleisher and senior analyst Jason Piering arranged acquisition financing.
Roberts says the deal took 100 days start to finish. "It was well received. There were more than a dozen offers, largely private capital investors and some TIC interest," he says. The location was one of the chief dealmakers: 4.3 acres close to Central Expressway and flanked by flex office and much larger office buildings.
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