Orlando investor buys former Fossil Inc. headquarters in Richardson

 

Dallas Business Journal

An Orlando, Fla.-based real estate investor CNL Commercial Real Estate Inc., along with joint venture partner CenterSquare Investment Management, has purchased the former headquarters for Fossil Inc. in Richardson.

 

Terms of the deal was not disclosed.

 

Fossil's former headquarters includes a 190,000-square-foot office building and a 130,000-square-foot warehouse building near Campbell Road, east of Interstate 75 in Richardson.

 

CNL plans to immediately convert the existing warehouse building into a 400-space covered parking facility, which increases the office building's parking ratio from three per thousand square feet to more than seven per thousand square feet. This gives CNL the ability to lease the space to a tenant seeking a high parking ratio, such as a call center.

 

The new ownership group also plans to renovate the existing single-tenant office building into a multi-tenant office building with new common areas.

 

"This will be a really cool adaptive reuse of an existing facility," said Jimmy Grisham, CNL's managing director, in a prepared statement.

 

"We are going to be one of the few large blocks of contiguous space in a rapidly growing market, and we will have the competitive advantages of large floor plates, high parking ratios and more than 400 covered parking spaces," he added.

 

The campus is located in close proximity to State Farm Insurance's regional hub, as well as a Raytheon's business unit that's relocating to Richardson from Garland.

 

In the past six months, CLN has acquired nearly $100 million of property in the southeast and Texas and plans to continue acquiring real estate.

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