Tonti Properties, up against nine offers, claimed the deed in anall-cash sweep two weeks after placing its contract, Mark Freeman,vice president with Transwestern in Dallas, tells GlobeSt.com.Although he can't discuss the selling price, he did say the deed to1110 E. Branch Hollow Dr. went to the highest offer on the table inthe best and final after a four-month marketing. Based on theoffering, the full ask equates to a 7% cap rate.

"We knew when we took the listing that the adjacent owner wouldbe a logical buyer for it," says Freeman, who teamed withTranswestern vice president Armand Charbonneau to sell the90%-leased holding for a private investment group with its generalpartner in Dallas. The seller of record, Branch Hollow JV, hadowned the asset nearly a decade, parting with it because it was"the end of the holding period," Freeman says.

In buying the 25-building, 6.74-acre Branch Hollow, the newowner not only took down the rest of the block, but got an extra7.29 acres with 1.5 developable acres and the balance as adesignated flood plain. Freeman says the extra land was boughtprimarily as a buffer for Tonti's investment and a strategy tomarry Branch Hollow Townhomes to its neighbor, the 95%-leased,160-unit Rosemeade Townhomes at 3830 Old Denton Rd.