The Richland Companies Acquires Gateway South in Dallas/Ft. Worth
Gateway South Marks the Thirtieth Property Added to Richland’s Portfolio
(Houston, TX – December 14, 2009) 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.
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