null - Commercial Real Estate News Releases | Avison Young News
Commercial real estate news releases from Avison Young
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Avison Young brokers sale of a 115,200 sf office building to an owner user in Allen, TX
January 24, 2023
Dallas, TX – Avison Young has brokered the sale of Allen Office Center, a 115,200-square-foot (sf) office building located at 805 S. Central Expressway in Allen, TX. The two-story property was largely vacant at the time of sale but will soon be the corporate headquarters for an entity of the buyer, Sol-Ark which sells a line of solar-generating and energy-storage technology products for homes and businesses.
Avison Young Senior Vice Presidents Susan Gwin Burks, John Bowles, Bruce Butler and Philip Boren as well as Clint Madison and Rodney Helm of Cushman & Wakefield represented the seller, Gladstone Commercial. The buyer, Toruk LLC was represented by Matt Middendorf of Middendorf Commercial Real Estate.
The purchase and subsequent relocation of Sol-Ark offices from Plano to Allen takes the largest vacant office building off the market and improves the submarket’s overall occupancy rate.
“Gladstone Commercial offered the property for sale as part of its capital recycling program as it continues to focus on industrial real estate. The transaction was a winning situation for both parties involved as we were able to maximize the value of the asset for our client while delivering the best opportunity for the owner/user in the market,” stated Gwin Burks.
“In a down market cycle, this transaction exemplifies success for the City of Allen as it is gaining a corporate user in the emerging solar energy sector as well as one with favorable job creation and growth for the community,” added Bowles.
Butler noted, “Allen Office Center was an optimal fit for the Sol-Ark operations. It offered the necessary expansion space and provided an excellent working environment in a market with abundant amenities. The highly educated and skilled labor force in the Allen area was important to Sol-Ark and aligns with their talent recruitment needs.”
Built in 1998, the property is located 30 miles from downtown Dallas and on the southeast corner of Bethany Road and North Central Expressway (I-75). It has more than 250 restaurants and three major shopping centers within a five-mile radius.