DALLAS--Gladstone Commercial Corp. is making the push into Dallas/Fort Worth, not to mention other Texas markets.

The McLean, VA.-based REIT has added to its DFW portfolio with the announcement that it has purchased 250 East Arapaho, a two-story, 155,984-square-foot, single-tenant office building in Richardson for an undisclosed amount at an average cap rate of 8.26 percent from Peloton Capital Partners LLC. CBRE represented the seller.

“We view the Texas economy as strong,” Buzz Cooper, senior managing director at Gladstone Commercial Corp., told GlobeSt.com.

Two years ago, the REIT acquired 717 Parmer in Austin. The 320,000-square-foot facility was leased in its entirety to GM for the company's IT Innovation Center.

While Cooper says the REIT has historically been interested in single-tenant properties that have retained tenants for seven or more years, it is also beginning to look at assets that have multi-tenant capabilities and current tenancy.

In Richardson, the property is located in the Telecom Corridor, with direct access to North Central Expressway, President George Bush Turnpike and LBJ Freeway, and an above-market parking ratio of 7.31/1,000.

The building's tenant operates the nation's largest Medicare exchange and is wholly-owned by leading global professional services firm Towers Watson & Co. Their lease runs through October 2024.

With the acquisition, Gladstone now owns seven properties in DFW. Among others, it owns the former Sara Lee bakery in Dallas; the National Archives Center, south of Fort Worth; a number of Crème de la Crème day care centers; and a multi-tenant asset in Allen.

Says Cooper about this transaction: “The seller and CBRE were great to deal with, and we look forward to expanding the relationships.”