Richardson Office Tower Sells To Out-Of-State Investor
A 300K SF office building in Richardson has traded hands as buyers and sellers alike hunt for data points.
Franklin Street Properties sold Collins Crossing, an 11-story tower located at 1500 N. Greenville Ave., to Nebraska-based Goldenrod Cos. and local firm Reserve Capital Partners for an undisclosed price.
Goldenrod plans to turn the building into a mixed-use development with retail and apartments, Southwest Regional President John Zogg told the Dallas Morning News. An adjacent 3.5 acres of land zoned for multifamily was included in the sale.
“There are great tenants in the building, and we’re really excited to get it,” he said. “We are going to spend some money on improvements. Most of our capital is going to go to cosmetic improvements to the building.”
DFW office sales have been limited as of late. Financing hurdles and rising vacancies continue to keep the asset type out of favor with investors.
About $2B worth of office properties, or roughly 12% of the city’s total investment volume, traded hands in 2023, according to MSCI Real Assets.
Collins Crossing is the third Richardson office building Newmark has helped sell over the past four months, Vice Chairman Gary Carr said in a statement. One of those transactions, the 2.2M SF CityLine property, was one of last year's largest office trades.
Collins Crossing was 85% leased at the time of the sale.
