John Carona Of Associa Acquires Office Properties In Richardson From EQT Exeter
2301 North Greenville Avenue & 1300 East Lookout Drive
Building Size
520,000 SF
Asset Type
Office
Closing
Jul 1, 2024
AI
The transaction involved the sale of two office properties located at 2301 North Greenville Avenue and 1300 Lookout Drive in Richardson, featuring a total square footage of 260,000. The properties were acquired by Associa, which will serve as its North Texas headquarters, from EQT Exeter.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Buyer: John Carona - Associa
- Seller: EQT Exeter
- Buyer's Representative: Clint Wallis - Associa
- Seller's Representative: Al Paniagua - Swearingen Realty Group
This transaction marks a strategic expansion for Associa in North Texas, consolidating its operations with the purchase of these neighboring office properties. The brokerage teams assisting both parties were led by Clint Wallis representing Associa and Al Paniagua on behalf of EQT Exeter.
Richardson Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93