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[IMGCAP(1)]COPPELL, TX-Transpacific Development Co., marking its second off-market purchase in 45 days in the metroplex, has snapped up a 115,000-sf flex office building with Charles Schwab & Co. Inc. as the long-time single tenant. The buyer has laid down roughly $15.5 million for the 7.1-acre development.

“It’s fully leased and in good shape. It’s a nice property with a good tenant who will pay the rent for a long time,” says Thomas Irish, president of Transpacific Development in Torrance, CA. The newest purchase, 217 Wrangler Dr. sits just a half mile southeast of Transpacific’s earlier off-market buy, the 463,200-sf, two-building campus at 500 and 510 Airline Dr., which was completed in 1995 as MJDesigns headquarters and distribution center.

“It was just coincidence. We had dealt with both sellers before,” Irish tells GlobeSt.com. “In each case, we were able to buy off market from two sellers, just a couple of weeks apart and both in Coppell.” The purchases and one made earlier this year in AllianceTexas pushes the company’s 2007 investment in the metroplex to roughly $60 million and 1.8 million sf, according to Irish. “I’d be happy to double or triple our assets there in the next couple of years,” he says.

Transpacific Development’s acquisition focus primarily is industrial and flex, but will chase office in some circumstances. Irish says the San Francisco-based Charles Schwab’s six-year-old build-to-suit is a good example. “It’s a one-off, single tenant, good credit that fits our appetite quite nicely,” he explains.

Irish says the 217 Wrangler Dr. transaction went full circle in 90 days with seller, Magoon Estate Ltd. of Honolulu. [IMGCAP(2)]The Airline Drive deal was discussed for more than one year before FA Texas Arlington Ltd., a subsidiary of Ablah Enterprises Inc. of Wichita, KS, decided to sell after buying the empty asset in 2001 for more than $16 million and leasing it up before turning it loose.

The Charles Schwab-leased property is located in the Coppell Business Center while the Airline Drive buildings, situated on 36.6 acres with room to expand, are in Park West Commerce Center. Irish says the upside of the projected long-term holds lies in the Dallas market’s third-place ranking as a US distribution hub and two locations close to the Dallas/Fort Worth International Airport.

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