Bradford Brokers Sale of Freeway-Fronting Office Asset

DALLAS – Riya Travel & Tours Inc. has sold a small office asset to an all-cash buyer, capitalizing on its freeway frontage in a corridor where acquisition opportunities are relatively rare. 

Office Asset Sold 1503 W Airport Freeway Irving

The just-sold asset is a 4,800-sf building on 0.42 acres at 1503 W. Airport Freeway in Irving. The buyer, ASM Irving Offices LLC, is a property management company that intends to occupy the entire project. 

"At least 12,000 vehicles per day pass the building. Its location on 183 (Airport Freeway) certainly increased the value of this property," says Chris Kennedy, broker associate of Dallas-based Bradford Commercial Real Estate Services. He and Jason Finch, senior vice president, represented the seller. 

Riya has owned the freestanding building since 2015. The built-out corridor has no vacant land for development and few, if any, properties available for sale in the immediate area, according to Kennedy. 

"The buyer liked the location a lot due to the demographics," Kennedy says. 

ASM outbid two other offers to win the deed. Marla Valle of Encore Fine Properties represented the buyer in the transaction. 

Riya cut a short-term sale-leaseback with the buyer to gain time to relocate. The travel agency will soon be moving into 2,268 sf in MacArthur Plaza at 5525 N. MacArthur Blvd., also in Irving. 

"Like many other businesses, Riya has remote workers. It's downsizing because it just doesn't need as much space as it once did," Kennedy says. 

February 19, 2024

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