DALLAS – EBO Marketing Inc., developer of Sandy Lake Office Park, has sold the class A suburban project to a local accounting firm after walking back its original plan to part with just one of its two buildings.
The multi-tenant office buildings, totaling 9,224 sf, are situated on one acre at 1507 and 1529 E. Sandy Lake Rd. in Coppell. They were 75% leased at sale time.
Richmond Collinsworth, first vice president of Bradford Commercial Real Estate Services, and Jared Laake, vice president, represented the seller, who developed the office park in 2010 and has used part of the space as its headquarters from the onset.
"As the developer, EBO Marketing has an intrinsic attachment to Sandy Lake Office Park. After deep deliberations, the seller concluded it made sense to the keep the project together," Laake says.
Sandy Lake Office Park will continue as an owner-user project. The buyer of record, JV Empire LLC, is setting up shop in 1,500 sf at 1507 E. Sandy Lake Rd., which previously was occupied by the seller. In turn, EBO Marketing is moving into 2,250 sf in the adjacent building through a short-term sale-leaseback.
JV Empire had been searching the Coppell market for a site to lease. "Finding less than 2,500 sf and building signage on a prominent road doesn't exist in this area," Collinsworth says. "This is an analytical buyer who recognized the merit of acquiring a building and accruing equity versus paying a landlord."
The Bradford team's marketing attracted six solid offers because of Sandy Lake Office Park's high visibility, freeway proximity and construction quality. The project is readily accessible to Interstate 35 E and President George Bush Turnpike and minutes from Dallas/Fort Worth International Airport. Phillip Maxwell of Glacier Commercial Realty LP represented the buyer.
"This buyer really wanted both buildings for the synergy and economies of scale," Collinsworth adds.