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101,232-SF Office Sale Opens Exit Door

RICHARDSON, TX-Cadle Co. quietly passes a 79%-leased building to Beacon Acquisitions in an upside bet on the lead tenant's expansion. A $6.2-million loan backs the deal.

By Connie Gore | Updated on September 04, 2008

RICHARDSON, TX-In an off-market deal, the Cadle Co. of Newton Falls, OH, has sold its only Texas asset to Beacon Acquisitions Partners Inc. A $6.2-million loan cleared the way for the exchange of the 101,232-sf, class B office building.

The Ridgewood, NJ-based buyer has scooped up a two-story building at 2201 N. Central Expwy. in a value-add play to get its second office property in Greater Dallas. Keith Fisher, vice president of Stream Realty Partners LP in Dallas, tells GlobeSt.com that Beacon most likely is betting on the lead tenant, DeVry University, exercising its option for 5,800 sf, which is the 79%-leased building’s largest open block, as its primary vehicle for upside. DeVry leased 9,700 sf last year, relocating its Plano campus to the Richardson building.

Fisher says there is no near-term rollover in leases for the rest of the roster. Stream’s associate Tommy Nelson, part of the sales team, has held onto the leasing assignment with the ownership change. The quoted rate is $19 per sf, full service. The Stream team also included senior associate Ben Hautt.

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