DALLAS MORNING NEWS
By: Steve Brown, Real Estate Editor
A Dallas investment group has purchased two office buildings one in Richardson and another in Addison.
Pegasus Ablon Properties and Westmount Realty Capital teamed up to acquire the properties.
The largest of the buys is the two-building complex Courtyard at Arapaho, 250 E. Arapaho Road in Richardson. The project contains more than 200,000 square feet in one-story and two-story buildings.
The buildings, which will be renamed Richardson Commons, have room for a tenant requiring 155,000 square feet.
“This is truly a unique option in a market that has a very limited supply for high-quality large blocks of space,” Michael Ablon of Pegasus Ablon Properties said.
The partners also purchased the Atrium at Bent Tree, 16775 Addison Road in Addison a six-story building with 112,698 square feet of space.
“Both were built in the mid-1980s and still are highly desirable buildings in their respective areas,” Mr. Ablon said.
Capstar Commercial Real Estate has been selected to lease and manage both properties, which will be renovated.
Westmount Realty Capital has property investments throughout the Dallas area.
Pegasus Ablon Properties was recently formed by Mr. Ablon, who previously was with the Retail Connection.
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