Dallas Morning News
September 9, 2021
By Steve Brown
Four-building office center houses Michael’s Stores headquarters and Honda operations.
A California investor has acquired a large Las Colinas business campus.
The Royal Ridge office center has more than a half million square feet of commercial space in four buildings located on John Carpenter Freeway in Irving.
Investor Menlo Equities just acquired the property from Florida real estate firm Accesso Partners which owned the buildings since 2012.
Tenants in the buildings include retailer Michael’s Stores and automaker Honda.
“We are excited to be acquiring Royal Ridge as the complex is an attractive destination for corporate users with occupancy rates in excess of 945 since they were built over 20 years ago,” Max Sanford, Partner at Menlo Equities, said in a statement. “We plan on making targeted upgrades to Royal Ridge I and II to continue and enhance their appeal to corporate users.”
The buildings were constructed between 1998 and 2000.
The previous owners made improvements to the properties before signing a headquarters lease with Michael’s.
“We are proud of the significant value we’ve created at Royal Ridge, and are pleased to transfer ownership of this property to a highly respected owner-operator in Menlo Equities,” John Rivard, Chief Investment Officer for Accesso, said in a statement. “Through strategic capital improvements, we have created a desirable flagship in the Irving market.
“This has allowed us to attract and retain credit-worthy brands such as Michaels Stores, which relocated its headquarters to our campus last year, and Honda, which expanded to nearly 100,000 square feet at the property earlier this year,” he said.
Todd Savage and Andrew Levy of Jones Lang LaSalle marketed the buildings for sale.
New owner Menlo Equities has been in business since 1994 and owns office and industrial buildings in markets across the country.
The investor has three office properties in Austin.