X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVING, TX-Wells Real Estate Investment Trust II Inc., buying in North Texas for the first time in three years, has won a single-tenant, net-leased property with Verizon Communications in the driver’s seat. Sources say the property sold for “north of $30 million.”

“It’s right up our sweet spot, a good property with a quality tenant in place,” says a corporate spokesman for the Atlanta-based Wells. The 253,498-sf, class A MacArthur Ridge I at 919 Hidden Ridge did a 30-day run on the market without an ask.

“We had substantial interest. We thought people would be aggressive with Verizon’s credit,” Todd Savage with Holliday Fenoglio Fowler LP in Dallas tells GlobeSt.com, “and they were.” Wells took the deed with the highest offer on the table for the New York City-based seller, Proman International Inc., confirms Savage, who partnered with HFF’s Jeff Stone to sell the six-story office building and 1,042-space parking garage.

Verizon Corporate Services Group Inc. is housed in the seven-year-old building, positioned on 6.5 acres near its corporate campus in Las Colinas. According to marketing material, the triple net lease, locked in at $16.30 per sf, expires June 20, 2008. The renewal option for one to five years has a starting rate of $19.98 per sf triple net.

Proman bought the build-to-suit two years after Opus Corp. delivered it. Since then, Verizon has customized the space with high-level security and redundant electrical systems to add considerable value to the property.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.