Behringer Harvard announced today that it has sold an office building in the dynamic Uptown submarket of Dallas. Behringer Harvard Short-Term Opportunity Fund I LP bought the five-story office building at 1909 Woodall Rodgers Freeway, along with an adjacent seven-lane bank drive-through facility and a 1.6 acre development site, in February 2004. As previously reported, the development site was sold in a stand-alone transaction in April 2005.
"This transaction further demonstrates the fund's ability to create value over the short-term," said Robert M. Behringer, chairman and CEO of Behringer Harvard. "We're pleased that this sale will soon provide us with
a second opportunity to provide an early capital distribution to investors in this fund"
Located in the fashionable Uptown district just north of the central business district (CBD), the property is adjacent to the area slated for construction of Woodall Rodgers Park, a five-acre urban green space that
will connect Uptown, the Dallas CBD and the Arts District.
Behringer Harvard Short-Term Opportunity Fund I LP is a publicly registered fund with a defined holding period of three to five years. It was among the first programs offered by Behringer Harvard. When the fund
closed to new investment in February 2005, investments in it were about $109 million. Offering proceeds were invested in seven wholly owned properties and five properties owned through investments in partnerships
and joint ventures. The fund's asset portfolio includes office buildings, a retail center, a suburban call center, and land planned for condominium and residential developments.
Source: Behringer Harvard