Bracebridge Corporation, a real estate entity of MBNA Corporation before MBNA'S merger with Bank of America, sold the Hallmark Center in Addison, TX to Select Income REIT for $105 million, or $190 per square foot, this month. Bracebridge, an operating subsidiary of Bank of America, sold the property in a sale-leaseback deal with Newton, MA-based Select Income, which owns 260 properties primarily net leased to single tenants. Select Income funded the purchase using cash on hand and borrowings under it's revolving credit facility, according to a CoStar report. Terms of the deal were not disclosed, and any broker involvement is unknown.
Hallmark Center at 16001 Dallas Parkway in Addison features two buildings: Hallmark Center I, delivered in 1977, is a two-story office building with 280,799 square feet. Designed by Corgan Associates Inc., the adjacent three-story Hallmark Center II was delivered in 1997 and features 280,799 square feet. Bank of America fully occupies the two buildings.
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