RICHARDSON, Texas – A local private investor has acquired the missing piece of an original five-building office park in North Dallas, closing an all-cash off-market transaction to restore the project to its full complement.
The just-bought 11,688-sf building at 1177 Rockingham Dr. in Richardson was severed from the original campus decades ago. The buyer, Arapaho Gardens LLC, has owned the remainder of the office complex since 2010.
"He's always wanted that building, but it wasn't for sale until a few months ago," says Paul Richter, vice president of Dallas-based Bradford Commercial Real Estate Services and the buyer's broker.
To reclaim the missing piece of the campus, the buyer has scooped up the empty building in as-is condition. Start to finish, the deal was closed within two months.
The acquisition has returned Arapaho Gardens, developed in 1979, to 49,606 sf of multitenant space, including the headquarters office of Golden Chick. Bradford leases and manages the 4.53-acre office park, situated at the corner of Arapaho Road and Rockingham Drive in a predominantly residential neighborhood. Amenities include a new fitness center and conference center.
"It's a true suburban office park," says Richter, the leasing broker. "Several tenants actually walk to work." LYZ Holdings LP is selling its Dallas-area commercial properties and recently vacated the building. Eric Goodwin of Champions DFW Commercial Realty LLC represented the seller.