A San Antonio-based investment group has acquired the 65,460-square-foot Story Business Center in an off-market transaction, using 1031 exchange funds to snap up its second industrial flex property in DFW’s Las Colinas submarket. Sequin Court Plaza LP’s newest holding is a fully leased project set on nearly four acres at 3010 Story Road. W. in Irving, Texas. Jason Finch, market director of Dallas-based Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the buyer in the direct deal. “The buyer was targeting the Las Colinas area because of its location and quality of buildings,” said Finch, who introduced Bradford’s longtime client to the acquisition opportunity. The seller is Americo Story LP, which owned the complex about three years. The just-sold project is strategically positioned on the east side of Dallas-Fort Worth International Airport, putting it on the doorstep of freeways running north, east, south and west. Prior to the sale, Finch and Spain had been leasing Story Business Center. Their lease-up immediately triggered Americo’s exit strategy. “I knew the buyer had 1031 exchange funds to invest, liked Las Colinas and wanted to buy industrial so I reached out to him,” Finch said. The deed changed hands 60 days later. Story Business Center, completed in 1986 and renovated in 2008, is leased to a cross-section of professional services for diverse commercial sectors. Its largest tenant is Tire Profiles, which leases 16,377 square feet for its headquarters and design teams. Sequin Court also owns the 103,054-square-foot Las Colinas Distribution Center 4 and 5, a Bradford-leased and managed project situated less than one mile from Story Business Center. “The buyer has just increased its DFW stake by more than 60 percent,” Finch said.

JLL’s capital markets team handled the sale of the 225-unit Broadstone Crossing Apartments in Austin. JLL worked on behalf of the seller to complete the sale to the buyer, Langdon Street Capital. “This is our second multi-housing acquisition in six months and we’re closing in on 500 units,” said Matthew Steinberg, director of acquisitions at Langdon Street Capital. “We plan on continuing to build our portfolio in a market that we believe has exponential growth.” Broadstone Crossing was built in 2006 and totals 225 units across 13 buildings. Prior ownership had renovated a portion of units’ interiors and made minor exterior improvements across the property. The property features a full suite of amenities including an on-site dog park, fitness center and pool. Broadstone Crossing is located at 12430 Metric Boulevard near Austin’s most prominent submarkets, including The Domain, touted as Austin’s “Second Downtown.” The property is also proximate to the North Burnet-Gateway and Parmer Tech Corridors, which are key economic and employment drivers to the area. The JLL capital markets team representing the seller was led by senior managing director Sean Sorrell and senior directors Joe Dowdle and Ryan McBride.