Friday, February 06, 2015

Austin investor buys Allen office and warehouse building

75 Cornerstone Crossing, 1300 N
Austin investor buys Allen office and warehouse building
An Austin-based investment firm, Davis/Parmer Investments L.P., has bought an office and warehouse building on North Central Expressway in Allen for an undisclosed sum.

The buyer purchased the 70,145-square-foot building, known as Cornerstone Crossing, at 1300 N. Central Expressway in Allen after it had been on the market for a year-and-a-half.

75 Cornerstone Crossing, 1300 N
The 14-year-old building sits on 5.5. acres at the corner of North Central Expressway and Exchange Parkway in Allen. The long-term tenants include Amphenol Fiber Systems and Cosmic Jump.

The deal reflects the growing demand for investment property in North Texas, saidSusan Singer, an executive vice president at Dallas-based Bradford Commercial Real Estate Services.

Along with the Austin offer, the tenant-in-common group of investors that sold the property had two back-up offers on the contract for selling group Cornerstone Crossing TIC Owners. The majority of the owners in the group are from California.

"The market is getting hot because there are fewer investment opportunities out there," said Singer, who co-brokered the deal with Leigh Richter, a senior vice president of Bradford and the property's longtime asset manager.

Jamie White Commercial Real Estate of Fort Worth represented the buyer in the deal.

The 14-year-old building sits on 5.5. acres at the corner of North Central Expressway and Exchange Parkway in Allen. The long-term tenants include Amphenol Fiber Systems and Cosmic Jump. Bradford Commercial will continue to lease and manage the property.

Richter said the high-quality building should maintain its position in the marketplace for years to come.


Candace Carlisle, Dallas Business Journal