Crescent has put a gag order on all sides of the deal, but thestreet still has some insight to offer: some historical, some partof the record and some anecdotal. Local sources say the buyer isInternational Capital Partners of Scottsdale, AZ.
According to its press release, the Fort Worth-based REIT reaped$12.47 million for its 90% share, which amounts to the equitypercentage that Crescent kicked into the 22-acre spec project. TheDallas-based Champion, providing 10% of the equity, is developerand general partner of the two-building project at 4801 SouthwestPkwy.
The REIT's early back-out yielded a $3-million net income gain,minus promoted interests and taxes, according to the release. Thegain will be included in FFO, as adjusted, in its second-quarterreport ending June 30, 2007.
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