87.1 F
Fort Worth
Saturday, September 26, 2020
- Advertisements -
Real Estate Coppell office building in sale/partial leaseback transaction

Coppell office building in sale/partial leaseback transaction

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

In a sale and partial leaseback, the International Association of Venue Managers Inc. has turned over the deed to a hotly pursued 37,069-square foot 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,” said 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 percent leased. Some of the 5,390-square foot vacancy will be absorbed by the new owner, who is planning to expand the 8,300-square foot 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, near 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 said. “We were able to achieve 96 percent of our original guidance, which exceeded the seller’s expectations.”

- Advertisements -
- Advertisements -

Latest News

Shaddock continues growth with acquisiton of Utah title insurance agency

Plano-based Shaddock National Holdings on Sept. 25 continued its series of acquisitions by adding US Title, the largest privately held title insurance...

The Turney Group is now with ULTERRE-Christie’s International Real Estate

Walker Turney has announced formation of The Turney Group – the newest real estate group within ULTERRE, the...

Longtime Fort Worth brokerage joins Berkshire Hathaway HomeServices

Longtime Fort Worth independent brokerage, Alexander Chandler Realty, will join Berkshire Hathaway HomeServices, part of the HSF Affiliates LLC family of real...

New Master-Plan 1,000 home community set for Northlake

Taylor Morrison has announced The Ridge at Northlake, a new master-planned community located near Northlake in Denton County...

US homes sales rise 2.4% in August

By MATT OTT AP Business WriterSILVER SPRING, Md. (AP) — Sales of existing homes rose 2.4% in August to its highest level...