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4/29/15
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Coliseum Storage Associates LLC, a California limited liability company, purchased a 96.5k sf, single-tenant office building in the Dallas/Fort Worth area that is 100 percent leased by Avaya Inc. The terms of the sale were not released.
Built in 1998 on 6.8 acres, the two-story office building is located near the Dallas/Fort Worth International Airport at 1111 Freeport Pkwy, in Coppell with frontage on Interstate 635, the Lyndon B. Johnson Freeway.
Ron Hebert, vice president investments in Marcus & Millichap’s Dallas office, represented the seller, KP Dallas LLC. Steve Sauter, first vice president investments in the firm’s Palo Alto office, repped the buyer in the deal.
“The California-based 1031 exchange buyer recognized the value in this stabilized, institutional-quality asset,” says Hebert. “The relatively short lease term is offset by minimal management responsibilities and below-market rents, which put the property in position to provide an outstanding return.”
“A global leader in enterprise communications systems, Avaya Inc. has improved the property with the creation of a substantial data center,” adds Sauter.
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