The El Segundo, CA-based Red Sea Group developed the 82,500-sf,two-story, value-office project in 1999 on a 4.5-acre tract at thecorner of Addison and Keller Springs roads. The new owner of 16200Addison Rd. is Chicago-based Perth United LP, which has othercommercial assets in nearby Richardson and Garland.

Mitch Kralis, executive vice president for Red Sea Group, sayslocal broker Troy Wicker of Wicker & Associates brought thedeal to him during the owner's drive to renew some tenants andbring in some new ones. Kralis tells GlobeSt.com that the 12-tenantAddison Plaza was on the market awhile ago, but "it neverapproached the level we sold it for because we had a couple tenantsin limbo."

As locally based Capstar Commercial Real Estate Services did itswork, Perth's offer went on the table. "We cleaned it up so thepurchaser of the real estate would feel like they got a good deal,"Kralis explains. "We got a fair price from an extremely qualifiedbuyer. There's some good upside for the buyer in taking advantageof going from a tenant-driven market to a level playing field."