Behringer Harvard Opportunity REIT I Agrees to Sell Frisco Square
October 12, 2017 | James Sprow | Blue Vault
On October 11, 2017, Behringer Harvard Opportunity REIT I, Inc. entered into an agreement to sell the mixed-use community commonly known as Frisco Square located in the City of Frisco, Collin County, Texas, to Frisco Square Acquisition, LLC, an unaffiliated third party, for a contractual sales price of $55.0 million. The buyer made a nonrefundable earnest money deposit of $750,000 in connection with the execution of the agreement. Closing is subject to due diligence by the buyer and other customary closing conditions and is contemplated to occur during the fourth quarter of 2017.
Frisco Square is one of 20 properties owned by the nontraded REIT. The REIT owns a 47% interest in 11 properties in the Czech Republic and seven properties in Poland. It also owns Northpoint Central, an office building in Houston, Texas.
On August 26, 2016, in connection with an evaluation of strategic alternatives available to the company and the possible execution of a liquidity event, the board of directors unanimously approved a plan for the sale of all of REIT assets and its dissolution and recommended that the Plan of Liquidation be submitted to its stockholders for approval. On January 30, 2017, the REIT’s stockholders approved the Plan of Liquidation.
In August the REIT sold The Lodge and Spa at Cordillera, a full-service hotel with 56 rooms in Edwards, Colorado for $10.6 million. In Q2 2017 the REIT sold three properties for an approximate cumulative sales price of $166.8 million.
On February 10, 2017, the REIT engaged an affiliate of the Lightstone Group, LSG-BH I Advisor LLC, to provide advisory services. The external advisor is responsible for managing day-to-day affairs and for services related to the sale of the REIT’s assets.
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