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KanAm Passes RadioShack HQ to College for $238M

FORT WORTH-The German fund sells the 900,000-sf Downtown campus to Tarrant County College District in a surprise move for the region.

By Connie Gore | Updated on June 25, 2008

FORT WORTH-In a surprising move for the region, KanAm Grund has sold the 900,000-sf RadioShack Corp.’s Downtown headquarters to Tarrant County College District. RadioShack has reassigned its lease, minus the mineral rights, to the community college, holding onto roughly 400,000 sf through June 2011 and an option for a piece of the real estate through June 2013.

The all-cash deal is being reported at $238 million. The Frankfurt, Germany-based fund acquired the 18.7-acre campus at 300 RadioShack Dr. in December 2005, with RadioShack in place with a 20-year lease.

“Our lease agreement with TCC will enable us to greatly reduce our on-going occupancy costs while allowing us to remain in our current headquarters,” Julian Day, RadioShack’s chairman and CEO, says in today’s press release. “We’re pleased the 500,000 square feet of space we were either not using or underutilizing will help a leading Tarrant County educational institution create a positive new dimension for the downtown business community.”

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