NORTH RICHLAND HILLS,TX-The Gaedeke Group has paid $6.5 million to buy out its investment partner’s stake in the Richland Corporate Centre. This gives the Dallas-based company full control of the 139,175-sf office property it had jointly owned with Blue Capital for more than 10 years.

The buyout of the nine-story tower and three-story garden-style office complex at 9001 and 9003 Airport Freeway in North Richland Hills will allow the Gaedeke Group to construct a third office tower on the site, a company official tells GlobeSt.com.

Glenn Lickstein, Gaedeke’s chief financial officer, says the firm has spoken to architects about developing a 240,000-sf office building on the site but is awaiting a solid commitment from an anchor tenant before moving forward with the plan.

The property, along with an adjoining parcel of land, was acquired in September 1994 by Richland Centre Associates, LP, the investment partnership between Gaedeke Group and Blue Capital, an international investment group, Lickstein says. When the joint venture agreement expired, Gaedeke bought out its partner’s 50% interest in the two-building corporate center and the adjoining acreage, he says.

The buildings, connected by a three-level, above-grade parking garage, are more than 80% occupied by tenants that include Nationwide Mutual Insurance, Liggett Group, LLC, and Cypress Software Systems, LP. The class A property, which rents for between $15 per sf to $15.50 per sf for the garden-style office property and $16 per sf to $17 per sf for the office tower, will continue to be managed by the Gaedeke Group under the ownership entity of Gaedeke Holdings II, Ltd.

The Gaedeke Group currently owns or manages a four-million-sf office portfolio in 11 US markets including Arizona, Florida, Tennessee, Texas and the District of Columbia.

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