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FARMERS BRANCH, TX-A local businessman, specializing in employers’ compensation claims, has paid close to the $1.3-million ask for an 18,312-sf office building. The North Dallas deal has closed just as the seller, Honeywell International Inc., relocated the team to another corporate-owned building in Richardson.

Buying as Building Equity LLC, Larry Freeman, president of Employer’s Comp Associates, has spent the past year looking for a small office building to make the move from tenant to owner, according to his broker, Jack Moravcik, senior vice president for Swearingen Realty Group LLC in Dallas. “It just happened there was not a lot on the market that fit the criteria,” he tells GlobeSt.com. A year-end move-in has been penciled to coincide with Freeman’s lease expiration in the Graymark Building at 16801 Addison Rd., the claims’ office location for 10 years.

Moravcik says the 34-year-old building, situated on 1.5 acres in Metropolitan Business Park, won the buyer’s nod because it is fully air-conditioned, has 3:1,000-sf parking ratio and is positioned in the Spring Valley-Midway roads area, home to many of the firm’s employees. Finish-out has yet to begin. “We just got the keys,” the buyer’s broker acknowledges. The building, as it now stands, has 17,520 sf of office area and 792 sf of warehouse space with two grade-level doors.

Allen Gump, executive vice president in Dallas for Colliers International Inc., says the Honeywell building spent six months on the market. “There were a lot looking, but not a lot of offers,” he adds. Nonetheless, the sale rang up close to the ask, he confirms.

The seller of record is Honeywell’s Minneapolis-based real estate arm. Gump teamed with Amy Rhome in Colliers’ Chicago office to sell the holding.

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