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Buyers are willing to pay a lower cap rate for quality product, which means a higher price per foot, because they can take advantage of the rollover in vacancies, and raise rents. The building sold for $5,500,000, which represents a multiple of 18 times rent roll and a price per foot of $531. We like the fundamentals of the Dallas industrial market and feel this is a real value on a price per foot basis. |
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