Illinois Mutual Sells 51,951 SF Office Building
IRVING, Texas In an off-market deal, Illinois Mutual Life Insurance Co. has sold a 51,951-sf, two-story office building in DFW Freeport Business Park to Capital Commercial Investments Inc.
Leigh Richter, senior vice president of Bradford Commercial Real Estate Services, represented the seller of 8615 Freeport Parkway in Irving. Roger Shipp, the buyer's in-house broker, sourced and negotiated the transaction.
Shipp contacted Illinois Mutual about the acquisition opportunity just as it was weighing options for the 18%-leased building, which it acquired in December 2009 in a deed-in-lieu-of transaction. With the sale, the new owner is planning to extensively renovate the 28-year-old structure, which sits on a 3.45-acre tract. Bernard Deaton, executive vice president and managing partner of Dallas-based Bradford, has retained the leasing assignment.
The 550-acre DFW Freeport Business Park, strategically situated between Texas 114 and Interstate 635, is just minutes from the passenger terminals of Dallas/Fort Worth International Airport. The park contains 7.5 million sf of office space, 2.9 million sf of distribution space and 2.8 million sf of flex space.
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