A Florida-based investor has purchased a large business park in the Telecom Corridor.
Adler Kawa Real Estate Advisors has bought the 9-building Cardinal Park on Plano Road in Richardson.
The 30-acre business park contains 545,000 square feet of space in buildings constructed in the late 1990s.
The office and industrial buildings are almost 90 percent leased to tenants including Yahoo!, CVS/Caremark, Inogen, Simplex Grinnell (Tyco) and Anritsu.
Cardinal Park was previously owned by a private fund managed by Wayzata Investment Partners LLC.
Once again, our team at AKREA identified an opportunity to acquire a high-quality asset with strong in-place cash flow for a price point below replacement cost,” Matthew L. Adler, President and CEO of Adler Kawa, said in a statement. “The properties we’ve acquired to date are performing at or above expectations and we believe Cardinal Park will continue that trend, thanks in large part to Dallas’ favorable economic and demographic outlook.”
Stream Realty Partners’ Jamie Jennings and James Mantzuranis brokered the sale.
Adler Kawa previously purchased the 144,000 square foot Vista Point North business complex in Dallas.
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