Less than a week after Admiral Capital Group acquired the newly delivered, 249,564-square-foot Fourteen555 office building in Addison, TX, the buyer turned around and sold it again. Well, actually, the buyer sold the land beneath the building at 14555 Dallas Pkwy. to Woodbranch Investments Corp.

Admiral, in the meantime, will continue to own and operate the building, through a 99-year-lease from the Houston-based Woodbranch. New York Life Real Estate Investors, on behalf of New York Life Insurance Co., provided the ground-lease finance for the transaction.

Selling land beneath a building helps the investor capitalize the purchase, while spreading the cost of land lease payments over several years, according to real estate brokers.

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