X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVING, TX-Poynter-Scifres has sold another office building from its stock in an ongoing strategy to build, sell and maintain the reins for leasing and property management. The Arlington-based developer reportedly has broken a sales record in Valley Ranch with the hand-off of the [email protected] Trail.

“Neither us nor the appraiser could find a sales comp that was at or above our sales price,” says David Tuttle with Marcus & Millichap Real Estate Investment Brokerage Co. Though the final price is off limits, he did say the 10,077-sf, fully leased office building at 305 Cimarron Trail sold for considerably more than the $900,000 assessment by Dallas County. Given Valley Ranch’s dynamics, it’s highly likely that the sale surpassed $200 per sf.

The Tustin, CA buyer placed the first offer–full price–to win the nod before the listing could make it to the brokerage house’s website, Tuttle tells GlobeSt.com. The one-year-old, six-tenant building has “zero near-term rollover,” he says.

Tuttle says the buyer, who’s wheeling and dealing for several Texas properties, went the full distance to take the 1.1-acre deed because he has first-hand knowledge about master-planned development and the built-in security that comes with investing into a high barrier-to-entry location like Valley Ranch. “There aren’t many developable tracts along that part of MacArthur,” Tuttle says. “He understood the master-planned concept in Valley Ranch because Orange County is master-planned and the pricing that’s relative to that.”

Tuttle and Michael Lawrence, an adviser in Marcus & Millichap’s Newport Beach, CA office, represented the seller. Michael Woolbright, also part of the Newport Beach team, negotiated the buy side.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.