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FORT WORTH-In a surprising move for the region, KanAm Grund has sold the 900,000-sf RadioShack Corp.’s Downtown headquarters to Tarrant County College District. RadioShack has reassigned its lease, minus the mineral rights, to the community college, holding onto roughly 400,000 sf through June 2011 and an option for a piece of the real estate through June 2013.

The all-cash deal is being reported at $238 million. The Frankfurt, Germany-based fund acquired the 18.7-acre campus at 300 RadioShack Dr. in December 2005, with RadioShack in place with a 20-year lease.

“Our lease agreement with TCC will enable us to greatly reduce our on-going occupancy costs while allowing us to remain in our current headquarters,” Julian Day, RadioShack’s chairman and CEO, says in today’s press release. “We’re pleased the 500,000 square feet of space we were either not using or underutilizing will help a leading Tarrant County educational institution create a positive new dimension for the downtown business community.”

One newswire service has reported that the buyer plans to undertake an $80-million renovation this year. The first classes will be held in September 2009.

In today’s SEC filing, RadioShack reported that the sale contract went down May 8 for the five-building campus and kept under wraps for due diligence, which ended May 28. The deal closed with a $2.25-million wire transfer and $235 million in cold cash. An additional $850,000 is earmarked for an option property.

The just-sold real estate consists of the West Fork Building, Clear Fork Building, control center and data center. RadioShack will continue to control the data center, freeing up a minimum of 4,000 sf for the new owner’s use, according to the SEC filing. The deal also guarantees RadioShack will have a minimum of 1,510 parking spaces available for its use in the garage until classes begin, at which time new terms will be struck.

Chicago-based Jones Lang LaSalle and Champion Partners of Dallas represented the buyer. The buyer’s brokers are earning a $3-million broker’s fee. KanAm used its in-house team to negotiate the deal.

Tarrant County College District has spent several years gaming out a new campus. GlobeSt.com was unable to confirm by press time the impact on the proposal, but a local newspaper is reporting that the college’s board has dropped its plan to build on the north side of Trinity River, eliminating a controversial pedestrian bridge leading to four buildings to be built on the southern side of its tract. The local newspaper says the college has indicated it intends to forge ahead on the four new buildings.

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