ALLEN, TX-A Boise, ID-based real estate and investment group, with $100 million of acquisitions in the pipeline, has bought its second Texas asset, zeroing in on a suburban office product that sold for more than $100 per sf.

DBSI Housing Inc., part of the DBSI Group of Cos. took a second deed, much like its first: a 70,200-sf, two-tenant building leased for the long term. The transaction went full circle in two months, with DBSI placing a contract within two weeks of 75 Cornerstone Crossing at 1300 N. Central Expressway in Allen hitting the market for $7.5 million.

Steve Williamson, senior vice president in Dallas for Transwestern Commercial Services, tells that DBSI was the highest offer–all cash–out of a couple dozen quickly placed for the class A, office/tech building leased to Fiber Systems International’s 50,000-sf headquarters and the Velocity Sports, 20,000 sf. Seller Cornerstone Development Corp., led by Fred Ganz, built the structure in 2001 on 5.5 acres at the intersection of Central Expressway and Exchange Parkway.

Williamson says he first met the DBSI team at a CCIM meeting in Dallas. Not long after Transwestern vice president Larry Jordan, the point man for the sale, also met the city’s newest player, which reportedly is holding several more contracts for Dallas/Fort Worth properties. With potential buys stacking up and an MO to manage and lease its own, the new kid on the block recently opened a Dallas office.

According to a midyear report, the group of inter-related companies has $100 million of acquisitions in various stages of negotiation, predominately west of the Mississippi River. In February, DBSI bought the Highlander Building, a 72,212-sf, class A building at 701 W. Highlander Blvd. in Arlington. The building is fully leased to GE Financial Assurance Holdings Inc. of Richmond, VA and the Birmingham, AL-based Compass Bank.

The DBSI Group owns or controls more than $500 million in assets. The DBSI Housing portfolio, valued at more than $350 million, is a mix of multifamily, retail and office properties. The management arm,DBSI Realty, oversees more than two million sf of commercial property in seven states. The group’s third main player is DBSI Securities Corp.

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