GRAND PRAIRIE, TX-Within weeks of L-3 Communication Corp.'s renewal of 90,432 square feet, the building has sold to a California buyer through Auction.com. The 1980s building is 100% occupied by L-3 Communications, which uses the space for its simulator flight division.
Colliers International's David Glasscock and Greg Hoffman represented seller BG Office Properties Texas in the sale, while Glasscock teamed with Colliers colleague Greg Hoffman to manage the lease. Gary Horn with Mohr Capital represented the tenant, L-3 Communications, in renewing its space at 1908 110th St.
Though the Colliers team was unable to divulge many details of either lease or sale due to confidentiality agreements, a search online revealed that the L-3 Communications lease is in place through the end of May 2015. The Tarrant Appraisal District values the property at $4.2 million and indicates that the seller, which operates under the name CMLT 2008-LS1 BG Office Properties, is a special purpose entity of LNR Property LLC. Records also show that the asset sold to Boulder Net Lease Funds LLC in 2006 for approximately $4.2 million.
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