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REIT Becomes Replacement Buyer During Pandemic for Dallas-Area Office Building

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Maxus Realty Trust Buys Home of Video Game Developer's Corporate Headquarters

 

A real estate investment trust has stepped up to become the replacement buyer on a Dallas-area office building after the original deal fell apart amid the pandemic.

Maxus Realty Trust, based in North Kansas City, Missouri, recently closed on The Tower at Frisco Square, a five-story, 174,147-square-foot office building at 5757 Main St. in Frisco, a fast-growing suburban city of Dallas-Fort Worth, the nation's fourth largest metropolitan area with more than 7.5 million residents. Terms of the deal were undisclosed, but the deal was in the marketed price range of $280 per square foot to $290 per square foot.

The office building is anchored with the headquarters of Gearbox Software, a video game development firm behind video game series such as Halo and Brothers in Arms. In April, Gearbox, in partnership with Marla Studios, announced it plans to bring its Brothers in Arms series, based on World War II, to television. The video game developer occupies about 57% of the building through March 2026, with nearly 100,000 square feet of office space.

"At a time when it looked like the deal wasn't going to trade, we were able to pivot and readjust our buyer pool," said Creighton Stark, an executive vice president of Colliers International, in an interview. "It's really hats off to my team, we performed well and were able to push the deal across the goal line. It was excellent execution all around."

Stark, along with Chris Boyd of Colliers International's Dallas office, represented the seller, Dallas-based Encore Enterprises in the deal.

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Creighton Stark

Executive Vice President

Dallas

Creighton Stark is an executive vice president with the Capital Markets group of North Texas. With more than 22 years of experience in commercial real estate, Creighton oversees the institutional investment sales and re-capitalization of office properties.

Creighton has the reputation as a leading investment advisor, with extensive experience in almost every aspect of office capital markets. He has well-established working relationships with several major institutional clients including New York Life, Lincoln Financial Group, UBS, TriGate Capital, Angelo Gordon, CrossHarbor Capital and many others.

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Chris Boyd

Senior Vice President

Dallas

Chris provides a unique and powerful perspective to the Capital Markets advisory team given his ownership perspective of investments and acquisitions of 20 plus years, by working extensively on institutional and private equity transactions in the Dallas-Fort Worth commercial real estate market, as well other major markets such as Chicago, Houston, San Antonio and Austin. Prior to joining Colliers in 2016, he was the Director of Acquisitions for a capital investment firm, and during his career, has acquired, overseen or advised on $3.5 Billion of nationwide investment properties. Chris has handled institutional portfolios with an estimated worth of $100 million to $500 million including all major commercial property types including office, industrial, hotel and hospitality properties and distressed debt in conjunction with principals, equity and debt capital partners.

Chris provides an institutional foundation, private equity/entrepreneurial experience, deep local market knowledge, and a true ownership perspective to clients’ acquisition, asset management and disposition objectives. His previous roles with Cawley Partners, UBS, Behringer, First Industrial Realty Trust, investment startups and Joint Venture sponsors, plus their respective debt and equity partners, are utilized for optimal client business plan executions.

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