HOUSTON, TX, December 16, 2009
/24-7PressRelease/ -- The Richland Companies announced today, the acquisition of Gateway South. Gateway South becomes the fourth property in Richland's Dallas/Ft. Worth portfolio totaling 313,272 square feet of owned and managed commercial real estate property in the Dallas/Ft. Worth market. It marks Richland's thirtieth property nationally comprising almost 2 million square feet of owned and managed commercial real estate property and further solidifies The Richland Companies commitment to invest in high quality, well-located properties across the Southwestern United States. Richland will assume management responsibilities at the property, as it does with its entire portfolio.
"It was a natural fit given its proximity to Gateway West II, another property in our inventory" says Edna Meyer-Nelson, President and CEO of The Richland Companies.
The property is located in the heart of Las Colinas bounded by Gateway Drive and Commerce Drive. Gateway South is a single-story office/flex 78,195 square foot building sitting on 5.02 acres and maintains a 100% occupancy rate to a prominent host of tenants including: C3 Premedia Solutions, Numantra LP, LESCO Distributing, PremRock Drywall Services, Billor Marchine Tool Service, Federal Home Loan Bank, Pearson Education, Warner Construction, and JDC Enterprises, Inc. Michelle Kirsch, Vice President Acquisitions and Property Sales of Richland Investments, brokered the deal and represented The Richland Companies. Kirsch is based out of Richland's Dallas office.
Other properties owned by Richland in the Dallas/Ft. Worth market include Gateway West II, Royal Freeport, and Royal Jestar. "Dallas/Ft. Worth is a key market in our investment strategy and we will continue adding additional assets to our portfolio as we find premium properties in prime locations throughout the Dallas/Ft. Worth market as well as across the Southwestern United States," says Meyer-Nelson.
High-resolution photos available upon request.
About The Richland Companies
Recently named #19 in Houston Business Journal's largest Houston Commercial Real Estate Property Owners, The Richland Companies is a privately owned real estate investment, management, brokerage, leasing, mortgage, and tenant representation firm that specializes in the acquisition and management of commercial real estate properties. The Richland Companies' portfolio includes 30 properties in four states throughout the Southwestern United States, representing almost 2 million square feet of commercially owned retail, industrial, office, office-warehouse, and office flex space, with assets valued in excess of $250 million dollars. Headquartered in Houston, Texas with offices in Dallas and San Antonio, The Richland Companies is comprised of Richland Investments, Richland Asset and Property Management, Richland Properties, Richland Land Development, Richland Leasing Services, Richland Brokerage, Richland Tenant Representation, and Richland Mortgage. For additional information on The Richland Companies, please visit http://www.richlandpremier.com.
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