The REIT will make the close with a $45-million, 10-year firstmortgage with a 5.27% fixed-rate interest from the UK-headquarteredBarclays Capital Inc. and immediately flip a share to PNL, whichheadquarters in the 33-story tower at 2121 San Jacinto St. in theDallas CBD. When the deal closes, it will be the third major assetalong Ross Avenue this week to be tagged for a closing before themonth ends.

The PNL flip is still under negotiation as is the leasingcontract, Y. Dov Meyer, the chief investment officer for theToronto, Ontario-based IPC, tells GlobeSt.com. The buyer, whichmanages its assets, is interviewing brokerage houses for theleasing contract, a decision that will be made before the REITtakes the reins from Red River LP, an affiliate of the TexasTeachers Retirement System, and Farmington Casualty Co., part ofthe St. Paul Cos.

Meyer says "there is no one underlying reason" why thedeep-pocketed buyer has been unable to win a deal in its targetTexas markets of Dallas and Houston although it's made severalattempts in recent years in the $40 million and over bracket. Insome cases, he says the REIT's offer admittedly "just wasn'tcompetitive enough."