The off-market sale to Dalfen America Corp. of Montreal closedwith a $21-million loan from Prudential Mortgage Capital Co. ofNewark. The three-year, interest-only financing cleared at afloating rate of 300 basis points over the 30-day Libor index,kicking off at 4.25%. The two-building asset, with parking garage,sits on 6.8 acres along Preston Road, a prominent positioning amidoffice and high-end residential properties in the Far North Dallassubmarket.

Randy Fleisher, a managing director in Dallas for Houston-basedLJ Melody & Co., says Prudential was one of few lenders in linefor the deal. "It was a challenging placement because of the softoffice market in Dallas," he tells GlobeSt.com about a sale thatwent full circle in 90 days.

Sources say the Canadian buyer's value-add upside lies in the70.3% occupancy for a high-profile property in good condition, butwith definite leasing exposure on the horizon. Key tenants areWashington Mutual, National Envelope Corp. and FujitsuMicroelectronics.