ALLEN, TX-Days after acquiring the 320,000-square-foot General Motors Technology Center in Austin, Gladstone Commercial Corp. closed on the 115,200-square-foot Allen Office Center in the far north Dallas suburb of Allen, TX. The Virginia-based REIT paid just over $15 million for the 100% leased asset.

The seller of the asset at 808 S. Central Expwy. (US 75) was listed as LSREF2 Windmill REO LLC, an entity of Hudson Advisors LLC, based in Dallas. Seller brokers Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE were unable to say much about the transaction due to confidentiality agreements. They did, however, tell GlobeSt.com that the building was not a distressed asset and is 100% occupied.

“Investors were attracted to this asset due to its exceptional location within the Allen-McKinney office submarket, along the frontage road of US 75 at Bethany Drive. Allen's supply-constrained office market features direct asking rents that have increased for the past six consecutive quarters,” says Mackey, in a release. “Allen Office Center is also home to two quality, credit-worthy, publicly traded companies – Frontier Communications Corporation, Allen's fifth largest employer; and Micron Technology.” The two-story Allen Office Center was built in 1998 and has 57,600-square-foot floorplates.