Investor Admiral Capital resells the land under its new Addison office building.

Admiral Capital bought the Addison office project then resold the land.

Investors who just purchased an Addison office have already sold the deal – not the building, but the land under it.

New York-based Admiral Capital Group last week purchased the new Fourteen555 project – a 249,564-square-foot office building on the Dallas North Tollway.

The building was completed last year by developer Cawley Partners and is 95% leased to tenants including Occidental Chemical.

After closing the purchase, Admiral Capital, in turn, resold the land under the building to Woodbranch Investments Corp.

Admiral will continue to own and operate the building on a 99-year lease from Woodbranch Investments.

The investor in a similar transaction flipped the land under two Collin County buildings it purchased earlier this year to real estate investment trust Safehold Inc

It’s a way for the investor to capitalize the purchase and spread the cost over years of land lease payments, real estate brokers say.

New York Life Real Estate Investors, on behalf of New York Life Insurance Co., provided the ground lease financing for the latest Addison deal.

“We are pleased to provide this long-term financing which represents an attractive risk-adjusted return given the look-through value of the property,” Leslie Cassingham, Senior Director in New York Life Real Estate Investors’ Southwest Regional Office, said in a statement.

New York Life says it has done similar transactions with Woodbranch Investments.

Woodbranch is a private, Houston-based investment firm.

For more information on Houston office spaceHouston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at: www.houstonrealtyadvisors.com  Thank you for your interest.

 

 

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