07.11.07 - Pegasus, Westmount Team to Acquire 313,000 SF
COSTAR GROUP REALTY INFORMATION, INC.
Improvement is Underway for 2 Office Complexes in Richardson and Addison
Pegasus Ablon Properties and Westmount Realty Capital LLC partnered to
purchase two office properties in Richardson and Addison, TX, from
Triad Properties Corp. The Courtyard at Arapaho complex in Richardson
and the Atrium at Bent Tree in Addison already have improvement
programs underway.
The new partnership has renamed the Arapaho Road property Richardson
Commons. The 200,566-square-foot complex at 250-258 E. Arapaho Road
contains a two-story office building, as well as 44,582 square feet of
office/showroom space. It currently has space to accommodate users up
to 155,000 square feet. Dallas County values the property at $10.03
million or $50 per square foot.
The Atrium at Bent Tree property will be repositioned as a small tenant
building. This six-story, 112,698-square-foot building at 16775 Addison
Road was last renovated in 1997 and is currently 79% leased. It is
valued at $11.27 million or $100 per square foot.
Capstar Commercial Real Estate will lease and manage both of these properties.
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