Meadow Park Tower on North Central Expressway goes to Bradford Companies.
A high-profile North Dallas office tower has been acquired by a local commercial property firm.
The Meadow Park Tower is a 16-story high-rise at North Central Expressway and Meadow Road.
Built in 1987, the more than 260,000-square-foot office project was just acquired by Dallas’ Bradford Cos.
It’s the fourth recent sale along U.S. Highway 75 that was brokered by commercial property firm Colliers International.
“This has been a tremendous opportunity to transact on several notable properties in a rapidly changing submarket of the Dallas marketplace,” Colliers’ Creighton Stark said in a statement.
The new owner plans to spend $8 million to upgrade the office tower.
The building was sold by a Dallas investor that had owned the property since 2018. Terms of the sale were not disclosed.
“Bradford and its partners are excited about the acquisition and potential of Meadow Park Tower, which will ultimately be our new corporate headquarters,” Kevin Santaularia, CEO of the Dallas-based investment and brokerage firm, said in a statement. “Bradford is always looking for high-quality real estate investments across D-FW on a limited and selective basis.”
The Meadow Park Tower sale follows the recent purchase of the nearby Search Plaza on North Central Expressway, also handled by Colliers.
Office building sales in the Dallas area have surged in the last couple of months as investors have purchased buildings with the expectation of increased leasing activity in 2022.