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Distress-ing Deals

Dallas-Ft. Worth
Distress-ing Deals
CBRE's Todd Casper and Russell Ingrum
In search of the rare woolly distress deal, we actually found four. A CBRE team of Dallas and Houston brokers repped special servicer Midland Loan Services in selling a portfolio that was foreclosed in January. Our Houston reporter met with Todd Casper and Russell Ingrum, who found a buyer for Houston's 101k SF 6300 West Loop South. Locally, CBRE's Eric MackeyJonathan Napper, and Gary Carr  marketed the 237k SF Liberty Bank Building and 85k SF Bank of Texas Building (both in Hurst) and 177k SF Meadow Park Central IV & V. Jonathan tells us a local mid-cities buyer bought the two assets in Hurst, and Meadow Park Central sold to a private capital group out of California.
Distress-ing Deals
Interest in distressed properties is this high. Russell likes to say he can put two identical properties on the market, but if he labels one "distressed," it'll get more offers and higher pricing. Most lenders today are holding onto foreclosed properties, Russell says, but Midland wanted to hand over this portfolio because it had a number of unknowns and all four properties were damaged and needed significant capital improvements.