Goldenrod snags Richardson office building, expands DFW portfolio
Property is 85% leased and includes tenants like Dell and ARGO
Goldenrod Companies is still on a spending spree in Dallas-Fort Worth.
The Nebraska-based firm bought the 11-story Collins Crossing office building, at 1500 North Greenville Avenue, in Richardson, the Dallas Morning News reported. Terms of the deal were not disclosed.
The seller, Franklin Street Properties, had owned it since 2003. Newark Group’s Gary Carr, Robert Hill and Chris Murphy represented Franklin Street in the transaction.
Built in 1999, the property is 85 percent leased, and its tenants include Dell, software company ARGO and chip firm Nexperia. The average office occupancy rate in Dallas-Fort Worth is about 79 percent, according to a fourth quarter report by Cushman & Wakefield.
John Zogg, Goldenrod’s Southwest regional president, called the acquisition “one of the best office deals I’ve seen,” citing the building’s strong tenant roster and desirable location.
“We are going to spend some money on improvements,” Zogg told the outlet. “Most of our capital is going to go to cosmetic improvements to the building.”
The purchase includes 3.5 acres of adjacent land zoned for potential apartment construction, prompting Goldenrod to hire an architect to explore its potential uses. The firm also plans to add retail and open space to the office building.
The Collins Crossing acquisition marks one of the first office building trades in North Texas this year, the outlet said. Office sales in the region have plunged in recent years amid the remote-work era, high interest rates and wary lenders making it tough to obtain adequate financing.
Goldenrod, founded by former NFL player Zach Wiegert, remains bullish on DFW. Last year, the firm bought nearly 90 properties near Singleton Boulevard in West Dallas, amassing over 35 acres of vacant lots and existing buildings. Furthermore, Goldenrod will soon start construction on a $400 million mixed-use project in Fort Worth’s Cultural District.