The El Segundo, CA-based Red Sea Group developed the 82,500-sf, two-story, value-office project in 1999 on a 4.5-acre tract at the corner of Addison and Keller Springs roads. The new owner of 16200 Addison Rd. is Chicago-based Perth United LP, which has other commercial assets in nearby Richardson and Garland.

Mitch Kralis, executive vice president for Red Sea Group, says local broker Troy Wicker of Wicker & Associates brought the deal to him during the owner's drive to renew some tenants and bring in some new ones. Kralis tells GlobeSt.com that the 12-tenant Addison Plaza was on the market awhile ago, but "it never approached the level we sold it for because we had a couple tenants in limbo."

As locally based Capstar Commercial Real Estate Services did its work, Perth's offer went on the table. "We cleaned it up so the purchaser of the real estate would feel like they got a good deal," Kralis explains. "We got a fair price from an extremely qualified buyer. There's some good upside for the buyer in taking advantage of going from a tenant-driven market to a level playing field."