Wednesday, November 18, 2009

Private investors buy Abrams Road building

A Dallas-based private investor group has purchased Comerica Bank Building, a 72,000-square-foot office property at 6510 Abrams Road in Dallas.

The purchase price was not disclosed. The property is appraised at $2.55 million on the Dallas Central Appraisal District tax roll.

Craig Lewin and Patrick Giles, investment specialists in Marcus & Millichap Real Estate Investment Service's Dallas office, represented the seller, Miranda Parters, a Dallas-based private investor partnership that had owned the building since 1992.

The building is about 55% occupied, with Comerica on the ground floor and assorted smaller businesses including insurance offices, accountants and lawyers spread throughout, Lewin said. More than 30 tenants occupy the building, he said.

Seven buyers made offers on the building during the six months it was on the market, Giles said. The sale closed Oct. 30.

The sale is one of only a handful of multi-tenant office buildings 10,000 square feet or larger to trade in the Dallas area this year, Giles said. More than 200 buildings in that category change hands in the area in a typical year, but the recession and lack of lender financing have put the kibosh on commercial property sales this year, he said.

Despite the slow market, the sale is the second for Lewin and Giles in recent weeks. Last month, the duo sold La Sierra Medical Office, a 58,500-square-foot office building at 5445 La Sierra Drive. They represented Miranda Partners in that sale as well.

"The market is definitely not picking up, but we've been able to find ways to move product," Giles said. "There's not a lot of debt (financing) available, but there's a ton of equity, and I think it's just about matching up the right buyer with the right piece of real estate."

The building was constructed in 1980 and sits on 2.7 acres north of Northwest Highway on Abrams Road.

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