--Commercial real estate firm to reposition high-demand, five-building property in popular submarket to Campbell Creek Pavilion--
DALLAS (June 29, 2016) – Foundry Commercial, a full-service real estate services and investment firm, along with capital partner ICM Realty Group, is excited to announce the acquisition of Campbell Creek Business Park; a five-building, single-story creative office park in the Dallas-Fort Worth submarket of Richardson, Texas.
Foundry Commercial, with its ever growing presence across the Southeast and Texas, boasts a fully integrated development and investment platform and views Campbell Creek as a prime location and rare availability in an increasingly crowded marketplace. Recent population and job growth in Dallas-Fort Worth, the key drivers of demand for office space, have grown at three times the national average over the past decade, yet there is currently little speculative office development underway in the popular submarket of Richardson. This deficit has resulted in submarket rents growing nine percent since the last quarter of 2015, and over six percent so far this year.
Campbell Creek, which includes large floor plates and above-market parking ratios, is a unique asset and solution in a market that has been historically underserved in terms of office space.
“Our market expertise and recent experience has allowed us to identify a very specific need in the Dallas-Fort Worth area, especially in Richardson,” said Jimmy Grisham, managing director at Foundry Commercial. “We, along with our partner ICM Realty Group, are thrilled to be bringing this asset to tenants who are in need of a space that provides them with the ability to offer employees more accessibility and comfort and close proximity to the amenities of Richardson.”
As the owner of the asset, Foundry Commercial and ICM Realty Group will conduct a series of landscape, hardscape and building improvements in addition to a rebranding of the asset to reflect more of the creative office tenants occupying Campbell Creek, which will enhance the attractiveness and value of the property. The asset will be transitioning to its new name, Campbell Creek Pavilion, in the coming months. The owners desired a new name that better described and matched the quality of the tenant base and the property.
“This acquisition helps ICM expand its presence in the Sunbelt region and enter into Dallas, one of the fastest growing markets in the US” said Bruce Timm, ICM’s CEO. “We have had a long term, successful relationship with the principals of Foundry Commercial. We are excited to continue that with Campbell Creek.”
“This continues ICM’s goal of investing in markets with strong job growth and desirable real estate fundamentals. Campbell Creek is in an excellent location with a solid tenant profile” added Spencer Patton, ICM Managing Director responsible for the acquisition and asset management of the property.
ICM Realty Group made the investment on behalf of ICM’s (VII) U.S. Core Plus Realty Trust, a fully discretionary private equity fund focused on acquiring and developing office, retail and medical office properties.
Campbell Creek is the second major office property asset that Foundry Commercial has purchased in Richardson in the last 12 months. Last year Foundry Commercial purchased and renovated 2280 Greenville Avenue and subsequently leased the entire building to Geico on a long term lease.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 255 employees and more than 40 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than $500 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management led buyout. For more information, visit www.foundrycommercial.com
About ICM Realty Group
Founded in 2003, ICM Realty Group is a fully integrated real estate investment firm that focuses on the United States and Canadian commercial real estate markets. From its offices in Calgary, Atlanta, San Francisco, Minneapolis and Munich, ICM’s core objective is to provide institutional and high net worth clients with customized services in the areas of direct real estate investment, asset/portfolio management, property management and transaction advisory services. ICM has a proven track record in structuring and managing cross-border investment vehicles including real estate investment funds, private placements and real estate syndications. For more information on ICM, please visit our website at www.icmgroup.ca.