The just-sold asset is a 34,188-sf, three-story structure set on two acres at 1410 N. Westridge Circle in Irving. The seller has three acres remaining to develop a second phase.
"It's a high-quality, energy-efficient design specifically built to attract a corporate user," says Erik Blais, senior vice president of Dallas-based Bradford Commercial Real Estate Services.
Blais and Bradford colleagues Richmond Collinsworth, senior vice president and managing partner, and Jared Laake, vice president, represented the seller. Stephen Gebren of Gebren Consulting Services acted as the seller's consultant and has worked with T2V for more than four years in developing Westridge Park and other projects.
Bradford was seeking a tenant for the T2V project when GLDC Trust and JDC Trust made a run at acquiring it. Logan May, market director of locally based NAI Robert Lynn, represented the trusts.
"It was a compelling offer in both terms and price, which we believe was a key factor in the decision to change course from trying to find a tenant in the post-Covid landscape to selling it outright," Blais says.
The Class A spec Building, Westridge Park's Phase 1, was developed with EB-5 financing. The development is situated close to DFW International Airport and offers easy access to Interstate 635/LBJ Freeway, TX 121 and the George Bush Turnpike/TX 161.
"We started with the thought of making a unique office building on the highest point around overlooking the surrounding 161/114 corridor," Gebren says. "It's an iconic design and building that's been waiting for the right occupant."
T2V is planning a second high-quality office project, totaling 88,000 sf, on its remaining land. The four-story design will include a fitness center, conference room, on-site food service, tenant lounge and parking structure. "Phase I was built on spec. Phase II will be built on the strength of the market," Blais says.