California Investor Snaps Up Richardson Office
Fully leased building is near the Bush Turnpike.
A California investor has purchased a Telecom Corridor office building.
Dallas-based Pillar Commercial sold the 2703 Telecom Parkway building near Bush Turnpike and east of U.S. Highway 75.
The single-story office complex contains 121,420 square feet of space and was purchased by Goldenberg & Associates Inc. of Piedmont, Calif.
“This building received multiple offers well above the expected trade price,” Creighton Stark, executive vice president of Colliers International, said in a statement. “We seamlessly closed in the midst of the worst pandemic our country has ever experienced, as well as the worst financial dip in over three decades.
“We assured a successful transaction throughout all of these major headwinds by setting the stage properly upfront, allowing our client to overachieve their objective.”
Colliers’ Stark and Chris Boyd brokered the sale.
The building is fully leased to tenants that include the headquarters of general contractor Hill & Wilkinson.
Terms of the transaction were not disclosed. The building is valued for taxes at more than $10 million.
Pillar Commercial purchased the building in early 2019.
At the same time the Dallas investor was selling the Richardson building, it was acquiring another office center near Addison Airport in Addison.