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ADDISON, TX-The owner of Medieval Castle Times has swapped the deed for a 65,025-sf warehouse after the restaurateur exercised a purchase option when the lease came up for renewal. The decision trickled into a 1031 exchange for an industrial listing that had been on the market one year.

Remington Partners Inc. of Dallas moved to buy a FedEx-leased build-to-suit at 4901 Airport Parkway within five days of the dinner theater owner opting to buy its location along Market Center Boulevard, Thomas Clarke, senior vice president for Grubb & Ellis Co. in Dallas, tells GlobeSt.com. The Medieval Castle Times operator was faced with renewing a 10-year lease for a 60,000-sf, 15-year-old build-to-suit when he made the decision to buy. “They exercised that option so the investor traded into the FedEx facility,” he says, adding the replacement deal went full circle in 45 days.

The FedEx structure was built in 1995. The Memphis-based company has nine years left on its current lease, according to Clarke, who teamed with Grubb & Ellis associate Lindsay Allen to package the play. The duo had been marketing FedEx’s 6.9-acre mail-sorting facility for $6.5 million at a 7% cap rate. Clarke says the yearlong marketing for a triple net-leased, investment-grade deal was due to the local seller, HRC Ranch Ltd., holding firm to the price.

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