16 Oct 2017
United Development Company Purchases Dallas Office Building With a Reinvention Plan for the 48-year-old Property
Southlake, Texas – October 13, 2017 – United Development Company has purchased the three-building Park Forest office complex in Dallas at 3530 Forest and will resuscitate the 48-year-old property with a new $10 Million development.
United Development purchased the property, which consists of three buildings totaling 90,000 square feet on four acres, from the Miami, FL-based BRI 1815 3530, LLC. The office complex includes a three-story 70,000 square-foot building flanked by two 10,000 square-foot buildings.
Repurposing the Property
The $10 Million investment in the office park includes raising the two single-story buildings and repurposing this portion of the property into a retail climate-controlled Lone Star Self Storage facility. The new facility will open in the Fall of 2018 and offer 60,000 square-feet of climate-controlled storage on three levels. Lone Star Self Storage, a family owned and operated self-storage acquisition, development, and management company. LSSS has been in business since 1994 and currently owns 6 facilities in Plano, Lewisville, Garland, Rowlett, and Mesquite, TX.
The three-story Park Forest building will remain as is and some of the tenants in the soon to close low-rise buildings will relocate to the 80% occupied three-story building. Built in 1969, the building was recently renovated in 2015. Demolition on the two buildings is expected to start in January 2018.
Tom Strohbehn of Cushman & Wakefield represented the seller and United Development Company was represented by William B. Adams of Falcon Realty Advisors. The lender is Southwest Bank of Fort Worth, TX.