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CORPUS CHRISTI, TX-The most prominent office complex in the city, One Shoreline Plaza, has been sold to an investment group from Los Angeles. One Shoreline Properties Ltd. bought the 22- and 28-story office towers, totaling 363,302 sf of class A office space, out of foreclosure from GMAC Commercial Mortgage Co.

The property’s selling price was not disclosed, but an industry expert familiar with the property says similar assets in the city would sell for $50 per sf to $70 per sf. One Shoreline Plaza at 800 N. Shoreline Blvd. would come in at the higher end of the scale or more than $20 million, the source says.

One Shoreline Plaza, situated at the heart of the CBD with views of Corpus Christi Bay, received more than 10 offers, says Ralph Tullier, an investment sales broker with Trammell Crow Co.’s Houston office. He tells GlobeSt.com that would-be buyers were able to wrap their arms around the “unique” dynamics of Corpus Christi, which is a mix between a secondary and tertiary market with 7.6 million sf of office space and just 927,000 sf of class A product.

One Shoreline Plaza is about 80% occupied to a mix of national credit tenants. Locally based American Bank is the lead tenant with 38,739 sf on a term that expires in March 2015. Other tenants include Manti Resources Inc., the F.B.I., a US attorney general’s office and the Town Club of Corpus Christi. “The Who’s Who of Corpus Christi are in this building,” Tullier says.

Tullier adds the16-year-old One Shoreline Plaza offers a value-add opportunity with the lease-up of 76,000 sf of vacant space. The new owner has kept local firm Joe Adame & Associates Inc. in place to lease the asset while TCC stays on board as property manager.

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