Bisnow Scoop: Stemmons Valwood Flex Sale
Bisnow has learned exclusively that a private investment group has purchased the 43k SF Valley View Commerce Center for an undiclosed price. (So if it was on your kid's Christmas wishlist, it's time to start lowering expectations.)
Our source is the seller's rep, EDGE Realty Capital Markets VP Wilson Stafford (right, snapped this morning), who teamed with principal Brandon Beeson. Public records show the seller as 1861 Valley View Investors and the property appraised at $2.3M. TheÃ multi-tenant office/showroom (at 1861 Valley View Ln in Farmers Branch) isÃ in the Stemmons Valwood submarket, which consists of predominantly older properties competing for price-conscious tenants, Wilson says, and few buildings in the area offer tenants frontage on a major thoroughfare. (Standing out amongst older entities? It's the same reason we only speed date at seniors housing events.)
Wilson, by the way, repped Wells Fargo in 2011 when it bought the property out of foreclosure. The time was right for the private investment group to sell after stabilizing the property and because of cap rate compression, he tells us. The property--50% leased then--is now 85% leased with three tenants (and two just renewed for five years, while the largest still has eight years to go). Bonuses: great frontage and identity, plus a 6:1,000 parking ratio. Wilson will be hitting the road this weekend, heading not over the forest or through the woods, but down I-45 to visit his family in Houston.