IRVING, Texas – A San Antonio-based investment group has acquired the 65,460-sf Story Business Center in an off market sale, using 1031 Exchange funds to snap up its second industrial flex property in the Las Colinas submarket.
Sequin Court Plaza LP's newest holding is a fully leased project set on nearly four acres at 3010 Story Rd. W. in Irving. Jason Finch, market director of Dallas-based Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the buyer in the direct deal.
"The buyer was targeting the Las Colinas area because of its location and quality of buildings," says Finch, who introduced Bradford's longtime client to the acquisition opportunity.
The seller is Americo Story LP, which owned the complex about three years. The just-sold project is strategically positioned on the east side of Dallas/Fort Worth International Airport, putting it on the doorstep of freeways running north, east, south and west.
Prior to the off market sale, Finch and Spain had been leasing Story Business Center. Their lease-up immediately triggered Americo's exit strategy.
"I knew the buyer had 1031 Exchange funds to invest, liked Las Colinas and wanted to buy industrial so I reached out to him," Finch says. The deed changed hands 60 days later.
Story Business Center, completed in 1986 and renovated in 2008, is leased to a cross-section of professional services for diverse commercial sectors. Its largest tenant is Tire Profiles, which leases 16,377 sf for its headquarters and design teams.
"The buyer has just increased its DFW stake by more than 60%," Finch says.