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8/18/15
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Buchanan Street Partners, in a venture with CarVal Investors, recently purchased Richardson Office Center I & II, a 238.3k sf campus located in Richardson, TX. The property was sold by Principal Real Estate Investors.
Richardson Office Center is located at 3001 & 3101 E. President George Bush Hwy in Richardson. It is currently 90 percent occupied by high-credit tenants including Boeing, Genpact and Avnet. The property has excellent visibility from the President George Bush Turnpike and boasts a parking ratio of six parking spaces per 1,000 square feet. Buchanan Street plans to complete modest renovations to the two-building campus including painting the exterior of the buildings and lobby upgrades.
“The Far North Dallas submarket has been experiencing strong positive absorption and growth in rental rates causing a wider than normal price gap compared to Richardson,” said Matt Haugen, assistant vice president at Buchanan Street Partners. “Given that trend, the location was one of the main reasons we were attracted to the property. Companies in search of a better real estate value have moved to Richardson because of its affordability and projected growth.”
This is Buchanan Street’s second purchase in the greater Dallas area this year. Gary Carr and Robert Hill of CBRE represented the seller in the transaction. Buchanan Street represented itself in the deal. The price was not disclosed.
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