PLANO, TX-With 15 months invested into the play, KanAm Grund has taken full control of Denbury Resources Inc.’s class A headquarters complex in Legacy Business Park. The 102,600-sf Denbury Park II, like its twin, is fully leased to the oil and gas company for another 10 years.

Todd W. Savage, managing director for Holliday Fenoglio Fowler LP in Dallas, tells that the German fund was the highest bidder in the select group of buyers jockeying for Denbury Park II at 5160 Tennyson Pkwy. He says KanAm also was the logical choice since it had bought Denbury Park I at 5100 Tennyson Park in February 2007 from Sandler Southwest of Dallas.

KanAm wrested Denbury Park II from its developer, Koll Development Co. A confidentiality clause bars Savage from discussing the price although sources have confirmed that it traded for north of $200 per sf. Collin County has the 5.1-acre Denbury Park II assessed at $15.68 million or roughly $153 per sf. In contrast, the 7.5-acre Denbury Park I is assessed at $21.17 million or nearly $207 per sf, which most likely accurately reflects its 2007 sale price.

Koll’s building is a LEED-certified build-to-suit that came on line this year. Manish Bhatia and Gregory Moore, both with the fund’s US subsidiary, KanAm Grund America LP, concur in a press release that the acquisition is “a strategic addition to our portfolio” because it secures the asset for Denbury’s headquarters use.

“In the end, this was a true win-win for both parties involved,” Barry Brown, HFF senior managing director, says in the release. The HFF team included senior real estate analyst John Bourret.

KanAm Grund acquired Denbury Park II on behalf of the KanAm US-grundinvest Fonds, which also owns RadioShack Corp.’s headquarters building at 300 RadioShack Dr. in Downtown Fort Worth. The Frankfurt, Germany-based institutional fund, formed in 2001, also has offices in Munich and Atlanta.

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