Franklin Street Properties has sold Collins Crossing, a 300,000 square foot office building located at 1500 North Greenville Avenue in Richardson. The buyers are Nebraska-based Goldenrod Cos. and Reserve Capital Partners. The transaction amount remains undisclosed. Goldenrod Cos. plans to convert the tower into a mixed-use development, incorporating retail and apartments. Additionally, adjacent land zoned for multifamily use will be included in the development. This sale is significant as it comes amid limited DFW office sales due to financing challenges and rising vacancies.

Summary of transaction details

• Property Type: Office
• Transaction Amount: Undisclosed
• Market: Richardson
• Square Footage: 300,000
• Buyer: John Zogg - Goldenrod Cos. ; Reserve Capital Partners
• Seller: George J. Carter - Franklin Street Properties
• Broker: Gary Carr - Newmark

The sale of Collins Crossing involved key individuals and companies. John Zogg, representing Goldenrod Cos. and Reserve Capital Partners, acted as the buyer. The seller was George J. Carter of Franklin Street Properties. Gary Carr, from Newmark, served as the broker in the deal. With Goldenrod Cos.'s plans to transform the property into a mixed-use development, this transaction demonstrates their strategy for growth and diversification in the Richardson market amidst the challenging office sales climate.