FARMERS BRANCH, Texas Maxim Integrated Products Inc. has closed out the disposition of a 13-building portfolio on its original 45-acre campus in North Dallas.
Leigh C. Richter, senior vice president of Bradford Commercial Real Estate Services, has just sold the last two properties: 14401 and 14403 W. Beltwood Parkway. The disposition began in August 2012 after the seller relocated to a 138,000-sf class A office building that it had built on 18.5 acres of its Farmers Branch campus. The single- and two-story brick buildings were developed in the 1970s and 1980s for Dallas Semiconductor Corp., which Maxim acquired in 2001.
At the closing table, the buyer, Hard Six Holdings Beltwood LLC, immediately flipped the larger building, totaling 26,530 sf, to RestorX of Texas. Currently, there is one tenant occupying 25% of the office space. The other property a 22,520-sf structure at 14401 W. Beltwood is vacant and will be held as an investment by the Dallas-based buyer.
"The portfolio sale moved along very quickly. We've systematically worked through each of the properties," Richter says. "Most have been user sales. Proudly, we've never had a contract drop."
Richter credits the expediency of the disposition to the pricing, the seller's willingness to work with prospective buyers and the location. "This campus is a hidden gem for small owner-occupied properties, particularly with the completion of LBJ Freeway's widening and upgrades," Richter says.
LBJ Freeway is just south of the campus; the Dallas North Tollway is east; and Interstate 35 and George Bush Toll Road are close by the 40-year-old master-planned business park developed by the now-defunct Beltwood Cos. The 13 buildings, totaling 252,359 sf, range from 3,600 sf to 26,530 sf.
Hard Six put the last two assets under contract several months ago, working diligently to sever the pair for the immediate flip at the closing table. Mark Miller and Chad Albert of NAI Robert Lynn Co. represented the buyer.
“The 22,520-sf building that will be retained by Hard Six Holdings will be on the market for lease and is capable of being split from 7,000 sf to 15,000," Albert says. "The buyer currently is under construction on revitalizing the exterior facade in addition to making other interior make-ready improvements to the facility."
December 8, 2014