ALLEN, Texas – With market dynamics on the upswing, a group of tenant-in-common investors has sold the fully leased, 70,145-sf 75 Cornerstone Crossing in northeast Dallas to a 1031 Exchange buyer from Austin.
The office/warehouse property at 1300 N. Central Expressway in Allen had been on the market 1.5 years, but at sale time Bradford Commercial Real Estate Services was holding two back-up offers as well as the contract.
"The market is getting hot because there are fewer investment opportunities out there," says Susan Singer, Bradford's executive vice president. She co-brokered the sale with Leigh C. Richter,
" senior vice president and the property's longtime asset manager.
The buyer is Davis/Parmer Investments LP; the seller is Cornerstone Crossing TIC Owners, the majority of whom hail from California. Jamie White Commercial Real Estate of Fort Worth represented the buyer.
The class B building, developed in 2001, is situated on 5.5 acres at the corner of North Central Expressway and Exchange Parkway. Amphenol Fiber Systems occupies 49,865 sf and Cosmic Jump leases 20,080 sf. Both tenants are in place for the long term. Dallas-based Bradford will continue to lease and manage the property.
It's a high visibility asset with quality construction. Allen is a booming market offering holiday inn discounts
," Richter says, "and it's a good quality asset that should maintain its position in the marketplace for years to come."
December 23, 2014