PRG Coinvests in New Real Estate Equity Firm

Monday, August 1, 2005 - GRAPEVINE, TX - Dana Fricke, the former marketing principal for Realty Capital Partners Inc., organized one of the only region's female-owned and led equity investment companies. Fricke Real Estate Investments (FREI) is supported by an advisory board consisting of principals of PRG Realty Investors and another negotiated the acquisition. The top space taker is the headquarters for Precept Builders. The office space is quoted at $19 per sf for a five-year term with 50-cent bumps.

The assembly of mixed uses has "plenty of upside potential," says Mattox. "Among the options being considered is a continuity among all the tracts." But, the immediate plan is to address some deferred maintenance for the office building and garage.

Olympus acquired the properties in 1998 in a portfolio takeover. With $3.5 billion in three funds under management, Olympus has just one other asset in Uptown and that hold too is coming to a close as buyers are sought for the remaining condos at the 1999 McKinney Lofts, developed with locally based CLB Partners, says Greg Adair, a partner in Olympus. The 1909 Woodall Rogers sale, he says, was normal turnover of assets that resulted "in a transaction that most parties were pleased with."