DALLAS-In a 62-day turn, a Southern California buyer has taken over the 93,087-sf Greyhound Lines Inc. headquarters in North Dallas from a Farmington, NM investor coming off a six-year hold. The master-leased HQ changed hands for more than $10 million, blending a debt assumption and 1031 Exchange funds.

The seller’s $7.4-million note, with significant time left on the pre-payable penalty, is held by Wells Fargo Bank, Ronald Hebert with Marcus & Millichap in Dallas tells GlobeSt.com. The closing price is closely guarded, but he did say the class B office building at 15110 N. Dallas Parkway sold at an 8.6% cap rate and went for more than the $10.4-million assessment.

The buyer used proceeds from a multifamily property in Southern California to acquire his first Texas property, getting a tenant with a master lease through 2012. “It’s an absolute triple net lease,” says Hebert, who steered the sale along with Michael Lawrence in Marcus & Millichap’s Newport Beach, CA office. In turn, the bus company subleases retail space to Bank of America, rooftop cell phone towers to AT&T Wireless and billboard space.

Hebert says Greyhound’s name on the lease presented an obstacle for some would-be buyers, but in the end there were seven lined up to take the three-acre deed from Clayton Investment Co. The SoCal buyer had the highest offer on the table.

“Greyhound’s credit has improved in the past few years since its bankruptcy,” Hebert says. The tenant’s revenues were about $1.2 billion last year.

The structure was built in 1983 as a multi-tenant office building. Greyhound moved in during the late 1980s and kept expanding until it got the entire building for the 1,100-member local workforce. David Cheeseman with Marcus & Millichap in Newport Beach negotiated the buy side.

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