Flipping Properties

KDC closed its most recent Carmax-style deal in the acquisition of the 460k SF former Fossil HQ. What that means: it bought three of Fossil's buildings in exchange for the watchmaker's lease of the former Blue Cross Blue Shield HQ at 901 Central.

Here's KDC SVP John Brownlee, whom we snapped last March at 901 Central. John tells us he thinks the Fossil site could be redeveloped (in another KDC deal) similar to the former EDS complex, which is now The Campus at Legacy. KDC assumed Blue Cross Blue Shield?s existing lease obligation at 901 Central when they developed the brand-new 1M SF HQ campus in Richardson for the insurance company. It opened in February 2010.

The Fossil offices at 2280 N Greenville and 2323 N Central with the adjacent Class-A warehouse at 2155 Campbell Creek being studied for several different uses, including the potential  conversion to a data center, John says. KDC plans to unveil its redevelopment plans once the Fossil buildings are vacated in the fall. The location will become more accessible, too, as Galatyn Parkway will be extended west directly into the site, John says. The Fossil site also has extra land for as much as 500k SF of new development at Fall Creek.

We told you last March when KDC leased the former Blue Cross Blue Shield 535k SF space to Fossil Partners at the two-building 901 Central property (on 26 acres). Fossil will consolidate employees from its three locations once the interior renovations are done this fall. Perhaps a leather-scented Scentsy candle would make a nice housewarming gift.