The San Clemente, CA-based Argus Realty was one of four would-bebuyers who made the best and final for Billingsley Co.'s prizedoffice park. Argus' class A portfolio sits on 50 of the park's 300acres, which are planned for five million sf of office space.

J Drever, Argus' senior vice president of acquisitions for theCentral US, tells GlobeSt.com there is no presale agreement inplace for any other construction although the park was marketedwith a joint-venture component for another 450,000 sf of class Aoffice space. "We did this deal on a handshake," he says. "If wecan be the best and highest purchaser for other buildings theydevelop, we will take them, but there is no agreement to dothat."

Drever says several loans were defeased so that Argus couldstructure its own debt. He says Chicago-based LaSalle Bank provideda 10-year loan for $103 million at 6% fixed-rate interest andBillingsley also took a preferred equity stake on a portion ofArgus' investment.