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PLANO, TX-A 1031 exchange buyer from Malibu, CA has taken title to the 63,063-sf Chisholm Place for close to the $5.97-million ask. In closing the deal, the seller holds onto leasing and management reins for the 92%-leased asset.

The class B building at 400 Chisholm Place was sold by Merit Chisholm 17 LP, with Dallas-based Merit Properties as a lead player during the 11-year investment period. “It’s a really good property in a really great market so it got a lot of interest,” says Bill Graham, senior investment adviser for Sperry Van Ness in Dallas. “And, we were selling it around an 8% cap rate.” He tells GlobeSt.com that the listing rallied hundreds of inquiries and six solid offers with the contract going down within 50 days of the marketing run.

The California investor, Lawrence Fishman, set up a limited liability company, Beethoven Chisholm Place LLC, to get the deal across the finish line. The down side is the 29-tenant base has a relatively high number of lease rollovers coming in the near term, according to Graham. “We are confident most of those tenants will stay and confident the rates are rising in that submarket,” he adds.

Guy Barre of Real Pro in Pacific Palisades, CA represented Fishman, who’s getting a ready-to-go investment. Chisholm Place was built in 1982 on a 3.49-acre tract that’s since evolved into a prime location, with frontage along Central Expressway in one of the region’s fastest-growing tiers.

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