The Ridgewood, NJ-based buyer has scooped up a two-storybuilding at 2201 N. Central Expwy. in a value-add play to get itssecond office property in Greater Dallas. Keith Fisher, vicepresident of Stream Realty Partners LP in Dallas, tells GlobeSt.comthat Beacon most likely is betting on the lead tenant, DeVryUniversity, exercising its option for 5,800 sf, which is the79%-leased building's largest open block, as its primary vehiclefor upside. DeVry leased 9,700 sf last year, relocating its Planocampus to the Richardson building.

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

Beacon's new buy was developed in 1967 on a 7.1-acre tract andunderwent an extensive renovation in 2006-07. Cadle acquired thebuilding in August 2003 in a portfolio buy, according to Fisher."It was a value-add, but there was nothing compelling them [Cadle]to get it out the door," he adds.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.