Riya Travel & Tours Inc. has sold a small office building to an all-cash buyer, capitalizing on its freeway frontage in a corridor where acquisition opportunities are relatively rare.
The just-sold asset is a 4,800-sf building on 0.42 acres at 1503 W. Airport Freeway in Irving. The buyer,ASM Irving Offices LLC, is a property management company that intends to occupy the entire project.
“At least 12,000 vehicles per day pass the building. Its location on 183 (Airport Freeway) certainly increased the value of this property,” says Chris Kennedy, broker associate of Dallas-based Bradford Commercial Real Estate Services. He and Jason Finch, first vice president, represented the seller.
Riya has owned the freestanding building since 2015. The built-out corridor has no vacant land for development and few, if any, properties available for sale in the immediate area, according to Kennedy.
“The buyer liked the location a lot due to the demographics,” Kennedy says.
ASM outbid two other offers to win the deed. Marla Valle of Encore Fine Properties represented the buyer in the transaction.
Riya cut a short-term sale-leaseback with the buyer to gain time to relocate. The travel agency will soon be moving into 2,268 sf inMacArthur Plaza at 5525 N. MacArthur Blvd., also in Irving.
“Like many other businesses, Riya has remote workers. It’s downsizing because it just doesn’t need as much space as it once did,” Kennedy says.
NORTH TEXAS SALE
ASM Irving Offices LLC has acquired a 4,800-sf freestanding office building on 0.42 acres at 1503 W. Airport Freeway, Irving, from Riya Travel & Tours Inc. Chris Kennedy, broker associate of Bradford Commercial Real Estate Services, and Jason Finch, first vice president represented the seller. Marla Valle of Encore Fine Properties represented the buyer.
NORTH TEXAS LEASES
Texas Food Service LLC has renewed 4,000 sf of flex space in Park Forest Business Center, 10500 Metric Dr., Dallas. Jason Finch, first vice president of Bradford Commercial Real Estate Services, represented the landlord, Tyler Family Real Estate Investments LLC, in the direct deal.
Suds and Shiny LLC has leased 3,500 sf of office space in Las Colinas Tech Center Building 2, 2045 W. Walnut Hill Lane, Irving, from Las Colinas Industrial LLC. Jason Finch, first vice president of Bradford Commercial Real Estate Services, represented the landlord. Wes Cole of Rubicon Representation represented the tenant.
Veterinary Behavior Solutions has renewed 2,200 sf of office space in Trinity Mills Professional Park, 2765 E. Trinity Mills Rd., Carrollton. Jason Finch, first vice president of Bradford Commercial Real Estate Services, represented the landlord, VP 2761 Trinity Mills Rd LLC. Matt Perry-Miller of Laughlin Commercial Realty Group represented the tenant.
Texas First Bank has renewed 1,847 sf of office space in Arlington Downs Tower, 2225 E. Randol Mill Rd., Arlington. Erik Blais, senior vice president of Bradford Commercial Real Estate Services, and Richmond Collinsworth, senior vice president and managing partner, represented the landlord, Bradford ADT Partners LLC, in the direct deal.
Victory Spec Imports LLC has leased 1,810 sf of office/warehouse space in Assured Business Park, 10709 Tube Dr., Hurst, from Euless Industrial LLC. Jason Finch, first vice president of Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the landlord in the direct deal.
Bradford Commercial Real Estate Services/CORFAC International is a full-service real estate company based in Dallas with an annual transactions volume exceeding five million square feet. The company manages and leases more than 20 million square feet, valued at $300 million, in North Texas for its strategic partners.
