Orlando-based CNL Commercial Real Estate, Inc. announced this week that it had acquired what was formerly the Fossil Watch Headquarters at 2280 N. Greenville Ave. in Richardson, Texas. CNL purchased the property through a joint venture investment with CenterSquare Investment Management; terms of the deal, representation or a sale price were not disclosed. KDC sold the property to the CNL-CenterSquare joint venture after it originally acquired the asset when Fossil relocated to a larger location in 2011.
"This will be a really cool adaptive reuse of an existing facility," said Jimmy Grisham, managing director of CNL Commercial Real Estate. "We are going to be one of the few large blocks of contiguous space in a rapidly growing market, and will have the competitive advantages of large floor plates, high parking ratios and more than 400 covered parking spaces."
"This investment aligns with CenterSquare's objective of partnering with best in class local operators that have the vision and market experience to develop asset-specific business plans that create significant value enhancement upon execution. We certainly believe we have the right team members in place across the board to achieve the desired results," added Jeffrey Reder, senior vice president for CenterSquare Investment Management.
Originally built in 1994 and expanded in 2001, the 190,000-square-foot, 2-story office building and adjoining 130,000-square-foot warehouse property is located in close proximity to State Farm Insurance's regional hub, as well as a Raytheon's business unit that's relocating to Richardson from Garland. According to a Dallas Business Journal report, CNL plans to immediately convert the existing warehouse building into a 400-space covered parking facility, which increases the office building's parking ratio from three per thousand square feet to more than seven per thousand square feet. This gives CNL the ability to lease the space to a tenant seeking a high parking ratio, such as a call center.
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