Bracebridge Corp., a subsidiary of Bank of America, sold the Hallmark Center, a 553,799-square-foot complex in Addison, TX, to Select Income REIT (NYSE: SIR
) for $105 million or $190 per square foot. The buyer funded the acquisition by using cash on hand and borrowings under its revolving credit facility.
BoA, which fully occupies the two buildings, inked a leaseback deal for the North Dallas Parkway campus, which is about 14 miles north of downtown Dallas. Delivered in 1977 and 1997, the two-story Hallmark Center I measures 280,799 square feet of office space and the three-story Hallmark Center II features 280,799 square feet.
Newton, MA-based SIR is a real estate investment trust that owns 260 properties primarily net leased to single tenants.
Bracebridge was a real estate entity of MBNA Corp. before MBNA’s merger with BoA seven years ago.
See CoStar COMPS #2650021for more information.