FARMERS BRANCH, Texas Maxim Integrated Products Inc. has disposed of a fully leased multi-tenant flex building in North Dallas to a private investor from Miami.
The six-tenant building at 14540 E. Beltwood Parkway in Farmers Branch, Texas, has changed hands in a 30-day look and 30-day close. The diverse tenant roster includes Cornerstone Assembly Church and the North Dallas Fencers Club.
"It's an older building that is going to need some TLC," says Leigh C. Richter, senior vice president of Dallas-based Bradford Commercial Real Estate Services. "He bought it as strictly an investment."
The flex building, positioned on 1.3 acres, was developed in 1979 as were several of the 13 buildings that Maxim brought to market last fall. The piecemeal sales began after the California-based company relocated its research and development division to a 138,000-sf class A office building constructed on 18.5 acres of its original 45-acre campus, located just north of LBJ Freeway and within blocks of the North Dallas Tollway.
Richter has disposed of all but three listings in the portfolio, one of which is under contract. The East Beltwood property had been listed for sale prior to Maxim's decision to bundle the properties as a portfolio, creating the opportunity to buy one, several or all 13.
"I think this one was overlooked by investors because they were focused on the larger and newer buildings," Richter explains. "It's a good little property. I really thought it would have attracted more interest than it did."
The buyer, 14540 E. Beltwood Parkway LLC, had spotted the property in an online listing, called Richter and started negotiating even before he toured it. Rick Callahan of Callahan Properties was subsequently retained to complete the transaction on the buyer's behalf.
July 29, 2013