COSTAR GROUP REALTY INFORMATION, INC.
Improvement is Underway for 2 Office Complexes in Richardson and Addison
Pegasus Ablon Properties and Westmount Realty Capital LLC partnered to purchase two office properties in Richardson and Addison, TX, from Triad Properties Corp. The Courtyard at Arapaho complex in Richardson and the Atrium at Bent Tree in Addison already have improvement programs underway.
The new partnership has renamed the Arapaho Road property Richardson Commons. The 200,566-square-foot complex at 250-258 E. Arapaho Road contains a two-story office building, as well as 44,582 square feet of office/showroom space. It currently has space to accommodate users up to 155,000 square feet. Dallas County values the property at $10.03 million or $50 per square foot.
The Atrium at Bent Tree property will be repositioned as a small tenant building. This six-story, 112,698-square-foot building at 16775 Addison Road was last renovated in 1997 and is currently 79% leased. It is valued at $11.27 million or $100 per square foot.
Capstar Commercial Real Estate will lease and manage both of these properties.
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