$2.5M Loan Seeds Suburban Office Complex Sale

FLOWER MOUND, TX-Proceeds from a 1031 Exchange and a $2.5-million loan have rolled a class A, six-building suburban office project into the portfolio of a private investor from California.

The purchase of the 92%-occupied Sagebrush complex, situated at 2601-13 Sagebrush Dr. in Flower Mound, was funded by La Jolla Bank, with Dallas loan officer Sean P. Bushe steering the transaction. He tells GlobeSt.com that the 15-year loan, with a 6% interest, had a 75% loan-to-value ratio in a deal that went from beginning to end in just 45 days. The seller of record is Sagebrush Development Partners Ltd. of Dallas.

Bushe says the Los Altos buyer turned around proceeds from the sale of the Westwood Apartments in San Antonio, using Original Westwood LP as the buying entity for the 28,614-sf Denton County office development. The complex, sitting on 3.7 acres, was built in 2001. The buyer owns five other garden-style office properties in the Mid Cities, according to Bushe. Scott Henderson of Coldwell Banker Commercial DFW brokered the sale.