DALLAS – In a sale and partial leaseback, the International Association of Venue Managers Inc. has turned over the deed to a hotly pursued 37,069-sf office building to one of its longtime headquarters tenants.
Buyer Voxai Solutions was one of five qualified offers making the "best and final" round for the two-story, multi-tenant office building at 635 Fritz Dr. in Coppell. The rapidly growing technology company is one of four headquarters tenants in the 4.4-acre project, situated midway between Dallas and Fort Worth and six miles northeast of DFW International Airport.
"The location is what makes the building so attractive. It's centrally located in the metroplex," says Erik Blais
, vice president of Dallas-based Bradford Commercial Real Estate Services. He and colleague Richmond Collinsworth
, first vice president, represented the seller, who received a high number of offers from investors and would-be owner/occupants from inside and outside Texas.
"It was a great opportunity for a user to buy this building," Collinsworth adds. "It's rare to have an office building of this size, quality and highly visible location come on the market."
The International Association of Venue Managers developed the headquarters building in 2000. It will remain the project's largest tenant, occupying 9,174 of first-floor space for the near term through the leaseback agreement. The international association, founded in 1924, has more than 500 active members, representing managers and senior executives of convention centers, arenas, exhibit halls, stadiums, performing arts centers, university complexes, amphitheaters and other public assembly venues.
At sale time, the class B office building was 86% leased. Some of the 5,390-sf vacancy will be absorbed by the new owner, who is planning to expand the 8,300-sf headquarters. The privately owned company specializes in technology solutions and managed services for the contact center industry. Ben Appleby of Paladin Partners represented the buyer of record, Tanam LLC.
Other headquarters tenants are First Texas Auto Credit and PathMaker Group, a security and identity management consultant. The building also is home to Eureka Ergonomic.
The office building is situated in the DFW Freeport submarket, providing easy access to all points north, east, south and west in the metroplex and beyond via the nearby TX 114 and 360 and President George Bush Turnpike.
"We had a ton of interest. It was a good time for IAVM to bring it to market," Blais says. "We were able to achieve 96% of our original guidance, which exceeded the seller's expectations."
January 24, 2019