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Principal Capital Scores Another Buy; More Coming

RICHARDSON, TX-The same investment team that bought Midtown's Phoenix has roped the class A Richardson Office Center II. Four more properties are being eyed for clients of Principal Capital Real Estate Investors of Des Moines.

By Connie Gore | Updated on August 15, 2001

RICHARDSON, TX-Principal Life Insurance Co. has acquired the 120,000-sf Richardson Office Center II in Richardson’s ever-popular Telecom Corridor. It marks the second Dallas-area buy for a client and it’s not going to be the last, says Principal Capital Real Estate Investors of Des Moines.

The Des Moines investment team has secured the class A building on the insurance company’s behalf. No one’s talking price, but the fully leased status and positioning in one of the most highly sought high-tech addresses make it a premier buy. The seller of record is Cardinal Shilo 190 II Inc., a Texas corporation.

“It was a good match for the client,” Mark Hanrahan, a principal in Principal Capital Real Estate, tells GlobeSt.com. It’s the second match that the Des Moines investment company has made in recent weeks, closing on the 449-unit Phoenix in Dallas’ Midtown. “Long term, we think the growth prospects are good in Dallas,” says Hanrahan. He’s not pinpointing a closing date, but does say that three or four more properties, primarily multifamily projects, are being eyed for acquisitions.

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