Judson M. Clements, a director in Dallas for Holliday Fenoglio Fowler LP, says the two-building complex at 4209 and 4129 S. Industrial Dr. attracted six bona fide offers, crediting the Boston-based buyer's win to quality, reputation and competitive pricing. "AEW did a great job in a tough market and was flexible," says Clements, who teamed with HFF associate director Robby Rieke.
AEW acquired the asset for its value-add fund, AEW Value Investors II LP. The fund was launched a little more than one year ago to find properties with upside in redevelopment, repositioning and re-leasing as well as selective development.
Clements says Southpark 3 and 4 fit into the fund's investment parameters although both buildings are in good shape. "There's a little upside. Some of the existing rents are below market," Clements tells GlobeSt.com. As for the acreage that came with the deal, he says "AEW doesn't have immediate plans, but there could be a development there in the future."
The GE-advised fund acquired the 13-year-old, two-building complex two years ago. It is now 89% leased. Tenants include Whitley Printing Co., BlueLinx Corp., Crawford Electric Supply Co. and Austin Tele-Services LLC.
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