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LEWISVILLE, TX-Vintage Interests LP has staked a new claim in the metroplex, getting an 84,800-sf vacant building for less than half of the replacement cost. The flex office building has sold for $36 per sf.

The Dallas-based investment group, led by managing partner Rusty Perry, picked up the play for 1725 Lakepointe Dr. in the 160-acre Waters Ridge Park after another would-be buyer’s contract fell out. “We were able to step in and close it quickly,” Perry tells GlobeSt.com.

Perry says the search is on for a single-tenant or “two or three” users for the one-time Motorola Corp.’s build-to-suit on 5.6 acres. Rick Medinis and John Lancaster with NAI Robert Lynn in Dallas have been hired to lease the single-story building, which had been subleased until July 2006. Months later, KeyCorp Real Estate Capital, a division of the Cleveland-based KeyBank, took the asset back as a deed in lieu of instead of foreclosing on the limited partnership from Kansas City, MO.

“The seller never attempted to lease the building, preferring to simply move it off their books as quickly as possible,” Perry explains. “The bank needed a quick close, and our ability to move fast and close all-cash gave us an advantage over the competition.” KeyCorp had CB Richard Ellis’ Dallas team of Josh McArtor, Jonathan Bryan and Ruth Woodling in charge of the sale. Brandon Chavoya with Holliday Fenoglio Fowler LP in Dallas arranged financing.

Perry says the quoted rate will vary with the finish-out, but it most likely will be in $6 per sf to $7 per sf category. He says there have been several tours since word went out “there was going to be a new owner who’s ready to make deals.”

The repositioning plan calls for cosmetic upgrades to the nine-year-old building although “it’s in great physical shape,” Perry says. The key to the value add is it’s one of the few smaller flex office buildings in the park: laid out with 40% office finish and 90% air-conditioned space. “We feel like it’s the only option in Waters Ridge Park that can offer a true office/warehouse environment,” he adds.

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