Nebraska-based Goldenrod Companies has acquired an 11-story office tower in a North Texas area known as the Innovation Quarter.
“The building is 85% leased to tenants including Dell, software company ARGO, and chip firm Nexperia,” Goldenrod announced. “The building’s tenants and the location of the building made this a very attractive buy for Goldenrod. ”
The company bought the building for an undisclosed price from Franklin Street Properties of Massachusetts through Newmark Reserve Capital. Goldenrod plans to “spend some money” on the property, with “most of it” going toward capital improvements. The acquisition includes 3.5 acres of adjacent property zoned for multifamily construction.
“We are hiring an architect to work on that,” Goldenrod’s John Zogg said in the announcement. “We will add retail and open space to add to the experience of the office building.”
Goldenrod called the purchase one of the first office sales of the year.
“Our team is proud to have advised our client in the disposition of one of Richardson’s top-performing office assets,” Newmark vice chairman Robert Hill said in a news release. “The Collins Crossing sale marks Newmark’s third office transaction in Richardson over the past four months.”
The 300,887-square-foot building on North Greenville Avenue features “first-class amenities,” a deli, a fitness center, and a tenant conference center.
The Richardson Innovation Quarter is a 1,200-acre urban hub that is home to corporate research and development, tech start-ups, designers, educators, nonprofit organizations, education institutions, and students. The IQ boasts more than 19,000 workers and over 1,000 businesses.
