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DALLAS-Twenty-five investors from coast to coast put in an offer on a 1.2-million-sf, class A industrial portfolio in Dallas-Fort Worth. The end result is “the market participants afforded pricing in excess of $40 million,” one of the seller’s brokers tells GlobeSt.com.

The Chicago-based RREEF America LLC was the seller, collecting the check from New York City-based Teachers Insurance & Annuity Association. RREEF’s broker Randy Baird, a senior director for Cushman & Wakefield of Texas Inc. in Dallas, likens the brisk bidding for the premier package, with just 50,000 sf vacant, to the heyday of 1997-98. The sale clearly shows prices for quality product haven’t dropped that much from a trading period perceived by many to be a peak year, he explains.

The package’s quality is exemplified by its competition nationwide. There is, says Baird, “a dearth of quality industrial property on the market nationally” in core markets, but still the seven-building, warehouse/distribution package in Grapevine, Fort Worth, Grand Prairie, Carrollton and Farmers Branch cornered a wager from “almost every major pension fund adviser and industrial REIT from across the nation.

“The ability to get the deal done at the end of the day,” says Baird, coupled with the bid put TIAA at the closing table to cut RREEF’s DFW holdings to 15 million sf. There was no starting price and no reason provided by the seller as to why the seven buildings were targeted for disposition, according to Baird.

Half of the portfolio, on the average, was built in 1984 and the balance in 1996. The properties are 1701 Vantage Dr. in Carrollton, 423,708 sf; 2250 William D. Tate Ave. in Grapevine, 241,950 sf; 4500 Cambridge Rd. in Fort Worth, 216,000 sf; 1910 Crown Dr. in Farmers Branch, 98,521 sf; 10515-10537 Miller Rd. in Garland, 44,776 sf; and 3025 and 3075 N. Great Southwest Parkway in Grand Prairie, each with 64,800 sf. Only the Fort Worth property has space available. And only the Grapevine structure is single-tenant occupied. It is leased for the long term as the national headquarters and distribution site for Gamestop.com.

In addition to Baird, the Cushman & Wakefield team consisted of Jack Fraker, executive director, and Angelina Wright. TIAA’s acquisitions officer, Scott Kempton, handled its side of the negotiations.

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