RICHARDSON, TX-A Maryland-based special servicer has retained Dallas-based Colliers International Asset Services to market its 147,280-square-foot flex portfolio. Available for lease are the 64,535-square-foot Spring Creek Business Center and the 82,745-square-foot Campbell Square II.

Kevin Brookmole, executive vice president of project leasing with Colliers’ Dallas office says both assets came on line during the 1980s and 1990s as office warehouse buildings. These days, “you have different situations with these properties,” notes Brookmole, who is working with Colliers managing director of asset services Scott McGarity to fill and stabilize the assets. “Campbell Square is more of a pure office play. Spring Creek is more mixed; we have semi-retails in there, medical tenants and office tenants.”

Brookmole goes on to say that the owner’s main goal is to get the properties leased up and stabilized, though an offer to buy won’t be turned away. “The owner is pretty flexible in what needs to be done,” he tells GlobeSt.com, adding that the owner will do what it takes to reach stabilization.

McGarity says the properties are currently being examined with an eye toward fix-up. Some deferred maintenance issues are popping up. “We’re looking at landscaping, sprinkler systems and roofs and will make some improvements,” he comments. “We’re getting ready to work on the 2012 budget, but we’re not seeing anything major that needs repair.”

Even with repairs, aggressive marketing and owners dedicated to investing what is needed to get the assets filled, stabilization won't necessarily be a slam-dunk. Brookmole acknowledges there could be significant roll in Campbell Square within the next six to 12 months. Campbell Square II, at 1810-1840 N. Greenville Ave., consists of four buildings on seven acres and has a vacancy of 26,311 square feet.

Spring Creek Business Center, at 1778 N. Plano Rd. will, in the meantime, experience some roll within the next six months. The three-building complex, situated on five acres, has 16,230 square feet vacant.  Brookmole tells GlobeSt.com that, based on vacancies and anticipated roll, it will take about 18 months for the portfolio to be fully stabilized.

Added to the roll issue and current vacancies is competition. “There’s a ton of flex product in Richardson. A property has to be really well-positioned in the market to succeed.” Both properties, he goes on to say, are well-positioned, not to mention well-located.

Campbell Square II is located close to Central Expressway, one of the main arteries slicing through Dallas and its northern suburbs. In addition, Brookmole notes, egress and ingress is excellent, as are the nearby amenities (such as restaurants and small shops) that are within walking distance of the property. Spring Creek Business Center is also close to amenities on Plano Rd., a main road in Richardson.

Brookmole and McGarity are optimistic that both properties will do well. “We’re bullish on this submarket and confident this will be leased up,” McGarity adds. “The owners are extremely responsive and are quick decision-makers. They don’t mess around.”