Todd Noonan, senior associate for Stream Realty Partners LP in Irving, tells GlobeSt.com that the asset at 1910 and 1930 Pendleton Dr. in Garland first went to the leasing market after American Title Co. exited about two years ago. Then early last year, the seller, Eastgate Investors Ltd. of nearby Carrollton, pushed the button to sell the 25,440-sf asset with a longstanding presence as a single-tenant property.
Noonan says the buyer, RDT Enterprises Inc. of Rockwall, plans to retool the class B buildings for multi-tenant use. "The buyer is doing the right thing with it," he says of the 1.8-acre tract with LBJ Freeway visibility and nestled in the heart of a district with numerous training schools and few traditional office buildings.
An ironclad confidentiality agreement has the selling price under wraps, but the 30-year-old building and land are assessed at $600,000. Given the dynamics of the financials and the length of time on the market, it's a safe bet that the buyer got a good discount off the ask.
Noonan bargained on behalf of the seller, who acquired the holding in January 1986. The buyer's broker was Jim Allen of Allen Realty Services in Richardson.
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