Marcus & Millichap Closes Sale of The Forum at Beltline Office Complex in Texas
- May 10, 2016
Addison, Texas—Marcus & Millichap recently arranged the sale of a three-building, 205,771-rentable-square-foot office complex in Addison. Built in 1983, The Forum at Beltline was 94 percent leased at the time of the sale.
Located at 4002, 4004 and 4006 Belt Line Road, the office complex is situated 1.5 miles west of the Dallas North Tollway, 2.4 miles north of Interstate 635 (the LBJ Freeway) and four miles south of the George Bush Turnpike, State Highway 190 and adjacent to the City of Addison Athletic Club, Brookhaven Country Club, Brookhaven Community College and the Les Lacs Linear Park. More than 3 million people live within 20 miles of the property.
“The property had previously been listed with another firm at a lower price,” said Ron Hebert, a vice president investments in Marcus & Millichap’s Dallas office, in prepared remarks. “We leveraged the power of the firm’s unique marketing platform to procure a crossover 1031-exchange buyer and achieve the financial goals of the seller.”
Hebert, along with Michael Lawrence, a senior vice president investments in the firm’s Newport Beach, Calif. office, represented the seller, a Delaware-based limited liability company. Tim Speck, first vice president & regional manager, is Marcus & Millichap’s broker of record in Texas.