The three class B buildings in this Dallas suburb attracted a great deal of attention, according to CB Richard Ellis executive vice president Gary Carr, who represented GE Capital in the transaction. He tells GlobeSt.com that part of the portfolio's attraction was simply a factor of increased investor interest in quality assets. The location didn't hurt either; all three buildings are close to the Dallas North Tollway.
The other reason for the potential buyer interest, Carr comments, was because GE Capital provided seller financing. "That made a big difference in the product's attraction," he says, adding that Trigate got the nod because of its track record and reputation.
The 65%-leased portfolio hit the market last spring and at the time, it was believed the asset could attract $22 million. Carr, who worked with CB's executive vice president Russell Ingrum and first vice president Eric Mackey, declined to discuss the sales price, citing confidentiality. The Dallas Central Appraisal District values the 1980s buildings at $20.5 million.
Equastone of San Diego bought the portfolio in 2006 from CMD Realty Advisors for approximately $82 per square foot as a value-add play. However, the economy hit Equastone hard, and it defaulted on the portfolio's loan. GE Capital took possession of the buildings this past year.
The portfolio consists of the 158,650-square-foot, eight-story Landmark at 14800 Landmark Blvd.; the 74,125-square-foot, six-story Emerald Plaza at 14900 Landmark Blvd. and an 86,646-square-foot, five-story building at 14850 Quorum Dr. All three buildings are in the Quorum office park.
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