Allen, Texas -- Citadel Partners completed the sale of three buildings at Allen Exchange in the newly completed three-building, 71,920-square-foot flex development. Located at the northeast corner of Exchange Parkway and U.S. Highway 75 in Allen, the project features space designed for office, medical and showroom users.
Developed by Gillett Commercial, the project is designed to meet the rising demand for modern, flexible commercial space along the U.S. 75 corridor. Citadel Partners Senior Advisor Katherine Pool and Partner Mac Morse worked with the developer from the start, leading the leasing and sales efforts for the project. Morse and Pool represented the seller in the three transactions.
“Activity at Allen Exchange was strong from the moment we broke ground to delivery, which speaks to the demand for high-quality, flexible space in this strategic location,” said Morse. “With three buildings sold and limited space remaining for lease, we anticipate continuing to connect users with opportunities that align with their business needs.”
The largest building, the 260 Exchange at 260 W. Exchange Pkwy., is 50,864 square feet and was recently acquired by Texas Star Pharmacy, a compounding pharmacy relocating from Plano. Jason Claunch with Catalyst Commercial represented the buyer. Situated on 3.6 acres of land, the building includes 44,069 square feet of flex space and 6,795 square feet of mezzanine office and showroom. Delivered in shell condition, the building features 28-foot clear heights, full sprinkler coverage and ample parking to support a large workforce.
The second building, the 220 Exchange, located at the northeast corner of Exchange Parkway and I-75 in Allen, is over 10,600 square feet and was purchased by Well Go USA Entertainment, a global distributor of action and independent films. The company relocated its headquarters from Plano to Allen and will ultimately fully occupy the building. Dave Peterson with NAI Robert Lynn represented the buyer.
The third building sold, 240 Exchange, located at the northeast corner of Exchange Parkway and I-75 in Allen, totals over 10,500 square feet. Clearstone Dental is leasing part of the building and Citadel Partners has been hired to lease out the remaining 7,500 square feet.
Each of the three buildings’ identities are highlighted with two separate storefront entrances, allowing for easy divisibility. The three buildings will be occupied by a mix of professionals, doctors and investors.
Morse said Gillett met a market need for new construction in out-of-the-ordinary sizes, relative to the “big box” warehouses currently being delivered. “It has been rewarding working with a developer who is helping fill a deficit in a city so committed to business,” he added.
“Gillett Commercial has once again proven the market’s appetite for versatile infill buildings delivered in shell condition. While flex space traditionally blends office with warehouse or production uses, we cast a wide net in marketing the project,” Pool said. “Ultimately, these buildings were acquired by three distinct businesses whose operations are far more diverse and office-oriented than the market might have expected. They were purchased by forward-thinking business owners who understand the benefits of owning their space.”
Allen Economic Development Corporation Executive Director/CEO Dan Bowman was a supportive and integral part of the project’s success, Pool added.
Allen is ideally located with easy access to Dallas, Richardson and Plano to the south as well as the numerous growing cities to the north.
About Citadel Partners
Citadel Partners is a real estate advisory firm providing creative real estate solutions through its office and industrial occupier and asset services industry verticals. With offices in Dallas and Fort Worth, Citadel Partners is fully equipped to serve local, regional, and national clients with its agile, highly responsive strategy-based services to improve clients’ profitability, productivity, and flexibility. Through its unique focus on business drivers, the Citadel Partners team knows how and where real estate can add value to clients’ brands, employees, and client base. For more information, visit Citadel Partners and follow Citadel Partners on Facebook, Instagram and LinkedIn.
